The U.S. Commerce Department released construction spending data on Tuesday. Construction spending in the U.S. rose 1.5% in January, exceeding expectations for a 0.4% gain, after a 0.6% increase in December. December's figure was revised up from a 0.1% rise.

The increase was mainly driven by a rise in private and public spending. Total private construction spending was up 0.5% in January, public spending climbed 4.4%.

Spending on private residential construction was flat in January, while spending on private non-residential construction projects increased 2.5%.