US construction spending rises more than expected in January

US construction spending rose more than expected in January, according to the latest figures from the Commerce Department.

Spending increased by 1.5% on the month to a seasonally-adjusted rate of $1.14bn, compared to economists’ expectations for a 0.4% rise.

On the year, January saw a 10.4% increase in construction spending.

Residential spending was virtually flat in January and 7.6% higher on the year, while non-residential spending was up 2.5% on the month and 12.3% on the year.