In January, U.S. construction spending increased by the most in nearly two years.
The Commerce Department reported that sharp increases in public and private projects pushed construction spending up 1.8 percent to $1.369 trillion. Total construction spending in January rose 6.8 percent compared to the same month a year earlier, Commerce said. The record spending included a 1.5 percent increase in private construction projects, which was the highest since February 2018. Residential construction is being boosted by interest rates, which are at record lows.
