U.S. construction spending surged in January, with investment in public projects rising to a more than eight-year high, which could boost economic growth estimates for the first quarter.
The Commerce Department said on Wednesday that construction spending jumped 1.3 percent, the largest increase since last April, after a revised 0.8 percent drop in December.
Construction spending increased 0.3 percent on a year-on-year basis in January. The release of the January report was delayed by a five-week partial shutdown of the government that ended on Jan. 25. The February construction spending report will be published on April 1 as scheduled. Spending on federal government construction projects increased 4.2 percent to the highest level since October 2017 after plunging 1.9 percent in December. Investment in state and local government construction projects jumped 4.9 percent to a 9-1/2-year high after falling 1.0 percent in the prior month.
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