U.S. construction spending surges in January

WASHINGTON ― Construction spending in the U.S. jumped by 1.8% in January, the U.S. Commerce Department announced this week. Reaching an annual rate of $1.37 trillion, the growth exceeded the expectations of analysts, who projected a 0.9% hike in spending. In the residential sector, construction outlays rose 2% as warmer weather and lower interest rates stimulated home sales and builders. December’s estimate was revised upward from a 0.2% decline to an increase by the same percentage.