P.M. BRIEFING : Construction Spending Up 1.8%
Construction spending increased 1.8% in January, the government said today, as unseasonably warm weather provided the biggest gain in more than a year.
The Commerce Department said residential, non-residential and government construction spending totaled a seasonally adjusted annual rate of $424 billion in January, up from December’s 0.1% decline and the largest advance since a 2.3% gain in December, 1988.
Total spending in December, which was the fourth coldest on record, was revised upward from the 0.6% decline originally reported last month.
January was the warmest since the government began keeping records 96 years ago.
The January spending was boosted by jumps of 5.9% in non-residential building and a 2.9% gain in residential construction.
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