Led by government spending, U.S. construction rises to nine-month high in February

U.S. construction spending rose 1% in February, following an upwardly revised 2.5% surge in January, the Commerce Department said in a report today. The value of all construction put in place during February increased to a seasonally adjusted $1.32 trillion, the highest level since May 2018, the report said. Homebuilding rose 0.7% to $540.9 billion, while government spending jumped 3.8% to $303 billion. “The numbers are clearly better than expected, and they included fantastic upward revisions to January,” said Christopher Low, chief economist with FTN Financial in New York.

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