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Construction Spending Records Biggest Gain in Two Years

The Commerce Department said spending surged following a decline in March

U.S. construction spending rebounded more than expected in April as investment in private construction projects notched its biggest gain since 2012, offsetting a drop in public outlays.

The Commerce Department said on Friday construction spending surged 1.8 percent, the largest increase since January 2016, after an un-revised 1.7 percent decline in March.

Economists polled by Reuters had forecast construction spending rebounding 0.8 percent in April. Construction spending accelerated 7.6 percent on a year-on-year basis.

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