November construction spending shows weak expansion
Residential spending increased 2.01 percent from October but remained 63.97 percent below the peak level seen in 2006
This chart shows the yearly value, in millions, of construction spending put in place since 2004. Since the housing market's collapse after the 2006 peak, spending has been slow to recover.
SoldAtTheTop
Today, the U.S. Census Bureau released their latest read of construction spending showing near-cycle low levels of spending in November for residential construction while indicating a slight improvement for 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 2.01% from October and rose 2.70% above the level seen in November 2010 while remaining a whopping 63.97% below the peak level seen in 2006.
Single family construction spending increased 1.52% since October and rose 2.42% since November 2010 but remained a whopping 76.82% below it's peak in 2006.
Non-residential construction spending increased 0.4% since October climbing 4.46% above the level seen in November 2010 but remained a whopping 34.66% 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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