Today, the U.S. Census Bureau released their latest read of construction spending showing an overall decline from last month with total residential and non-residential construction spending declining as single family spending improved while all measures remained at near-cycle lows.
On a month-to-month basis, total residential spending declined 1.58% from June but rose 17.47% above the level seen in July 2011 while remaining a whopping 60.88% below the peak level seen in 2006.
Single family construction spending climbed 1.45% since June rising 20.55% since July 2011 but remained a whopping 72.91% below it's peak in 2006.
Non-residential construction spending declined 0.88% since June but climbed 8.65% above the level seen in July 2011 and remained a whopping 31.01% below the peak level reached in October 2008.
The above chart shows private residential construction spending along with the year-over-year, month-to-month and peak percent change since 1994 and 2000 – 2005.