U.S. construction spending sets new record

Investment in U.S. construction rose by 1.7 percent in January, according to the U.S. Commerce Department. The total value of $1.52 trillion is the highest since the indicator was first recorded in 2002. December’s figure meanwhile was revised from one percent up to 1.1 percent. In a Reuters poll, economists had forecast a 0.8 percent increase in construction spending for the month. Investment in residential construction rose by 2.5 percent, following a 3.8 percent increase in December.