U.S. Construction Outlays Rise Most Since 2018 in Broad Advance

(Bloomberg) -- Spending on U.S. construction projects jumped in January by the most in nearly two years, helped by favorable weather and lower borrowing costs.

The of construction put in place increased 1.8%, the most since February 2018, to a record $1.37 trillion annualized rate, Commerce Department data showed on Monday. Private residential construction climbed 2.1%, the most in five months, while outlays for non-residential projects rose 0.8%.

The pickup in home construction may indicate residential spending will add to first-quarter gross domestic product after boosting growth at the end of 2019.

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