Construction Spending Jumps 1.5% In January On Nonresidential Gains
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U.S. construction spending jumped 1.5 percent in January over an already 8-year high reached in December. Total spending rose to $1.14 trillion, a 10.4-percent improvement over January 2015, according to preliminary data from the Commerce Department.
The jump came thanks to a 2.5-percent increase in nonresidential spending to $702 billion. The largest monthly nonresidential gains in terms of percentage came from highway and street, up 14.6 percent to $111 billion; conservation and development, up 10 percent to $7.6 billion; and lodging, up 6.3 percent $24 billion.