Construction spending up slightly in September
Total residential spending on increased 0.9 percent, rising 0.1 percent above the level seen in September 2010 while remaining a whopping 66.25 percent below the peak level of spending seen in 2006.
This chart shows the home prices of total private residential construction put in place anually since 2004. After peaking in 2006, prices dropped sharply from 2006 to 2009 and have yet to recover.
SoldAtTheTop
Today, the U.S. Census Bureau released their latest read of construction spending showing near-cycle low levels of spending in September for residential construction while indicating a slight improvement for both single family residential and total non-residential spending.
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'SoldAtTheTop' is not a pessimist by nature but a true skeptic and realist who prefers solid and sustained evidence of fundamental economic recovery to 'Goldilocks,' 'Green Shoots,' 'Mustard Seeds,' and wholesale speculation.
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On a month-to-month basis, total residential spending increased 0.9% rising 0.1% above the level seen in September 2010 while remaining a whopping 66.25% below the peak level seen in 2006.
Single family construction spending increased 0.5% since August but fell 0.1% since September 2010 and whopping 77.22% below it's peak in 2006.
Non-residential construction spending increased 0.28% since August climbing 5.91% since September 2010 remaining a whopping 35.84% below the peak level reached in October 2008.
The following charts (click for larger dynamic versions) show private residential construction spending, private residential single family construction spending and private non-residential construction spending broken out and plotted since 1993 along with the year-over-year, month-to-month and peak percent change to each since 1994 and 2000 – 2005.
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