The Commerce
Department informed on Tuesday that the U.S. construction spending rose by 0.7
per cent m-o-m in February, following a downwardly revised 0.5 per cent m-o-m drop in January. This represented
the strongest increase in construction since October 2024 (+1.6 per cent m-o-m).
Economists had anticipated construction spending to advance by 0.3 per cent m-o-m in February.
According to
the report, spending on private construction increased by 0.9 per cent m-o-m in February, underpinned by a 1.3 per cent m-o-m surge in residential spending and a 0.4
per cent m-o-m gain in non-residential spending.
The public
construction outlays went up 0.2 per cent m-o-m, as both
residential and non-residential spending rose by 0.2 per cent m-o-m.
On a y-o-y
basis, construction spending jumped 2.9 per cent in February.