Construction spending hits record high in January
Reuters
Published Mar 01, 2021 10:30AM ET
WASHINGTON (Reuters) - U.S. construction spending surged to a record high in January, boosted by strong private and public outlays.
The Commerce Department said on Monday that construction spending increased 1.7% to $1.521 trillion, the highest level since the government started tracking the series in 2002. Data for December was revised slightly higher to show construction outlays rising 1.1% instead of 1.0% as previously reported.
Economists polled by Reuters had forecast construction spending would increase 0.8% in January. Construction spending accelerated 5.8% on a year-on-year basis in January. Construction spending accounts for about 4% of gross domestic product.
Spending on private construction projects increased 1.7%, lifted by investment in single-family homebuilding amid cheaper mortgages and a pandemic-driven migration to suburbs and low-density areas. That followed a 1.5% advance in December.
Spending on residential projects rose 2.5% after surging 3.8% in December. Outlays on nonresidential construction like gas and oil well drilling rose 0.4%.
Spending on public construction projects increased 1.7%. State and local government outlays gained 1.3%, while federal government spending soared 6.8%.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.