U.S. Construction Spending Increases

---

U.S. construction spending bounced back in February, boosted by a 1.3 percent increase in private construction projects from the previous month.

Total construction spending increased 1.2 percent, topping forecasts, to an annual rate of $885.1 billion, according to the latest Commerce Department data. Construction spending had dropped 2.1 percent the previous month.

Private residential projects reported a 2.2 percent increase in spending, the highest level since late 2008, according to Reuters. Construction spending is expected to continue to grow this year, fueled by home building and a stronger economy.

In February, U.S. homebuilders requested permits for future construction at the fastest pace in 4 1/2 years, U.S.A. Today reports. Construction of single-family homes accelerated at the fastest pace since 2008.