US spending on construction projects rises 1.7% in January

SILVER SPRING, Md. (AP) — Spending on U.S. construction projects rose 1.7% in January as new home building continues to lift the sector. The Commerce Department reported Monday that last month’s increase followed small revised gains in December and November. Spending on residential construction rose 2.5% in January, with single family home projects up 3%. Despite an economy that’s been battered for nearly a year because of the coronavirus pandemic, historically low interest rates and city dwellers seeking more space in the suburbs and beyond has boosted the housing market. Spending on government projects rose 1.7%.