Construction spending jumps in February
The value of new construction in the United States rose to $879.4 billion in February from a downwardly revised $869.7 billion in January, the Commerce Department said. The rate of increase was the highest since a matching pace in February 2001.
Private residential construction rose 3.5% in February. This increase is the largest acceleration in activity since April 1996.
Nonresidential construction fell by 3% in February.