U.S. construction spending jumps 1.8%

Spending on U.S. construction projects surged 1.8% in January at a annual rate of $1.37 trillion, the Commerce Department said Monday. Economists polled by MarketWatch had expected growth of 0.9%. Residential construction outlays climbed 2% in January, as lower interest rates have given a boost to home sales and home builders. Warmer weather also helped. Investment in nonresidential projects rose 1.6% and spending on public construction projects rose 2.6%. In December, construction spending was revised up to show a 0.2% increase instead of a 0.2% decline as previously reported.