Ahead of the Bell: US construction spending

US construction spending likely showed modest gain in January

Associated Press
US construction spending down 1.1 percent in January
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In this Wednesday, Feb. 18, 2015 photo, carpenter Joe Tominc cuts wood for a post on a home under construction in Pepper Pike, Ohio. The Commerce Department reports on U.S. construction spending in January on Monday, March 2, 2015. (AP Photo/Tony Dejak)

WASHINGTON (AP) -- The Commerce Department reports on U.S. construction spending in January. The report will be issued Monday at 10 a.m. Eastern.

CONSTRUCTION UP: The expectation is that construction spending rose 0.3 percent in January, according to a survey of economists by data firm FactSet.

FURTHER GAINS: In December, construction spending posted a 0.4 percent gain as building activity increased for new homes and government-backed highways.

For all of 2014, total construction spending increased 5.6 percent to $961 billion. That was just slightly lower than the 5.7 increase in 2013.

Over the course of 2014, spending on offices, power plants, factories and hotels and motels climbed significantly, a potential sign of broader economic growth in 2015.

The solid gains helped boost job growth in the construction industry, which added nearly 3 million jobs in 2014, the most since 1999.

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