U.S. Construction Spending Rises in January

Construction spending in the United States increased by 1.7% during January, as building new homes continues to rise, data by the U.S. Department of Commerce showed on Monday.

Spending on residential construction projects grew by 2.5% in January, while single-family home projects rose 3%.

Last week, data showed that new home sales increased by 4.3% to a seasonally adjusted annual rate of 923,000 units in January.

Housing starts decreased by 6% to a seasonally adjusted annual rate of 1.58 million units in January.

Meanwhile, building permits rose by 10.4% to a rate of 1.881 million units.