(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 value 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.
To contact the reporter on this story: Vince Golle in Washington at vgolle@bloomberg.net
To contact the editor responsible for this story: Scott Lanman at slanman@bloomberg.net
