US construction spending increased 0.7% MoM in January, well above the 0.3% MoM expected increase.

• Residential construction increased 1.3% MoM led by private residential construction spending up 1.3% MoM while public residential construction was up a softer 0.2% MoM.
• Nonresidential construction saw a softer gain of 0.3% MoM, balanced by private nonresidential construction up 0.4% MoM and public residential construction up 0.2% MoM.
• Total office spending growth was -0.3% MoM while total commercial spending growth was a strong 1.1% MoM.
• Amusement & recreation construction spending saw another strong increase of 1.3% MoM with the annual rate now up to 14.2% YoY.