US construction spending likely showed modest gain in January

MarketsAssociated Press

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.

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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.