U.S. construction spending beat expectations, increase was broad-based

U.S. construction spending, for a change, beat expectations and this time, by a long shot. Total spending grew 2.2% in April, the biggest monthly gain since May 2012 and the third increase in a row (March's 0.6% decline was erased to show a 0.5% increase, and February is no longer unchanged, but +0.6%). 

The latest increase was broad-based, as spending in the private (+1.8%) and public (+3.3%) sectors lent their support. Good news for Q2, says BMO Capital Markets