Construction Spending Beats Expectations Rising 1.2%
This beat expectations for a 1 percent rise. And compares with a 2.1 percent decline in January.
Total residential spending was up 2 percent. Private residential construction was up 2.2 percent on the month and 20.1 percent on the year.
Meanwhile, public residential spending tumbled 4.9 percent on the month, and was down 11.7 percent on the year.
Investors watch this number because it offers insights into the housing market and therefore, into homebuilder stocks.
It is also a good gauge of the overall health of the economy, because businesses and governments invest in new infrastructure when they are feeling confident about the economy.
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