US January construction spending +1.7% vs +0.7% expected

January 2021 US construction spending data

• Prior was +1.0%
• Residential rose 2.5% m/m
• Non-residential fell +0.9% mm
• Private +1.7% m/m
• Public +1.7%m/m

I think this boom is a bit overlooked. Residential construction spending was up 22.0% y/y in January and there's no sign whatsoever of an end to the boom in the month-over-month numbers.