Business news briefs for May 3, 2004

Monday, May 3, 2004 | 11:02 a.m.

Construction spending surges

WASHINGTON -- Spending on construction projects around the country surged in March, registering the best month on record, new evidence that the economic recovery is building upon a solid foundation.

The Commerce Department reported today that the value of buildings put in place jumped by 1.5 percent in March from February to a seasonally adjusted annual rate of $944.1 billion, the highest level on record.

The performance was three times bigger than the 0.5 percent increase that some economists were calling for. The report also provided further evidence that the construction and housing markets in the United States are in good shape. The value of residential projects being worked on by private builders hit an annual rate of $507.2 billion in March, also an all-time monthly high.

In a second report, the Institute for Supply Management said today its manufacturing index registered 62.4 in April, compared with a reading of 62.5 in March.

Lake Mead Hospital's owner posts increase in profit

FRANKLIN, Tenn. -- IASIS Healthcare Corp., parent company of Lake Mead Hospital in North Las Vegas, announced today an 8 percent increase in profit for the company's second quarter, which ended March 31.

Net income rose to $11.9 million from $10.9 million in the year-ago quarter. Net revenue increased to $355.5 million from $271.4 million a year ago.

Franklin, Tenn.-based IASIS purchased Lake Mead from financially troubled Tenet Healthcare Corp. on Feb. 1 and is upgrading the hospital's services and equipment.