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Construction spending increases 1.5% in January
Construction spending rose 1.5% in January to a seasonally adjusted annual rate of $1.14 billion, the Commerce Department reported Tuesday. Economists surveyed by MarketWatch had forecast a 0.2% rise. December data was revised up slightly and January’s tally was 10.4% higher than year-ago levels. Residential spending was flat in January, but 7.6% higher compared to a year ago. Nonresidential spending was 2.5% higher for the month, and 12.3% higher for the year.