US construction spending jumped more than expected in April to a third consecutive record high as rising mortgage interest rates spurred a rush to build, a government report showed today.
Construction spending rose 1.3 per cent to a seasonally adjusted annual $970.39 billion rate in April from a revised $957.63 billion pace in March, the Commerce Department said.
Analysts polled by Reuters had expected a much smaller 0.4 per cent increase.
Some economists said the figure could lead to upward revisions in the pace of first-quarter economic growth, which Commerce estimated last week at 4.4 per cent.
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The department's final gross domestic product estimate is due on June 25.