US construction spending rise in January beat estimates

By Ovunc Kutlu

ANKARA (AA) - US construction spending rose in January above market estimates, according to Commerce Department data released Tuesday.

Construction spending, one of the major indicators of well-being in the construction sector, showed a monthly gain of 1.3% to almost $1.68 trillion in January.

The market expectation for construction spending was to show an annual gain of 0.2% last month.

The figure for December 2021 was also revised upwards to $1.65 billion – a 0.8% increase from the month before.

On an annual basis, the January figure is 8.2% higher than the same month a year ago, when it stood at almost $1.55 billion.