Construction Spending, ISM Manufacturing Index Rise

Construction spending rose in January, led by private building, the Commerce Department reported March 3.

Outlays for projects increased 0.1% in January to a seasonally adjusted annual rate of $943.1 billion, Commerce said.

Spending on private construction grew 0.5%, with a 1.1% rise for residential projects and a 0.2% decrease for nonresidential ones. Public construction spending dropped 0.8%.

In another March 3 report, the Institute for Supply Management said manufacturing activity saw its ninth straight monthly gain in February.

ISM’s manufacturing index grew to 53.2%, a 1.9 percentage point increase over January. Figures above 50 indicate expansion, while those below 50 show contraction.

Fourteen of the 18 manufacturing industries ISM tracks showed increases in February, the group said.