The Commerce Department announced on Monday that construction spending climbed 1.8 percent m-o-m in January 2020 after a revised 0.2 percent m-o-m gain in December 2019 (originally a 0.2 percent m-o-m drop). This was the biggest monthly advance in construction spending since February 2018.

Economists had forecast construction spending increasing 0.7 percent m-o-m in January.

According to the report, spending on private construction surged 1.5 percent m-o-m, while investment in public construction jumped 2.6 percent m-o-m, the most since April 2018.

On a y-o-y basis, construction spending rose 6.8 percent in January, the highest annual increase since February 2017.