Washington, DC, March 1—-Construction spending increased 0.7 percent in January to a record $1.047 trillion annual rate, according to the Commerce Department.
Spending in December was revised up was revised to a 1.2 percent increase, to an annual rate of $1.040 trillion, from the originally reported 1.1 percent increase.
Economists had forecast an increase of 0.4 percent in January.
Overall residential spending rose 0.5 percent in January.
Private nonresidential spending hit a record high and climbed 1.2 percent in the month.
Public construction spending increased 0.8 percent to a record $241.56 billion rate in January.
Spending increases in sectors including commercial, educational, and highway and street offset declines in office, health care, public safety and amusement and recreation.
