Construction Spending Up 0.9%

Construction spending rose a modest 0.9% in January as a healthy gain in new home and apartment building offset weakness in factory construction, the Commerce Department said today.

Construction of homes and apartments climbed 1% to an annual rate of $152.8 billion while non-residential building fell by 1%. Spending on construction had risen by 2.6% in December. In dollar terms, construction spending in January totaled $357.3 billion at a seasonally adjusted annual rate.