Construction Spending Rises Unexpectedly

Washington, DC, March 3, 2014 -- Construction spending in the U.S. rose 0.1% in January to a seasonally adjusted annual rate of $943.1 billion, according to the Commerce Department.

Economists had expected a 0.4% decrease in January.

Private-construction spending rose 0.5%, with a 1.1% increase for residential projects and a 0.2% decline for nonresidential projects.

Public spending fell 0.8% in January.