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Construction spending surges to all-time high in August

Friday, Oct. 1, 2004 | 9:26 a.m.

WASHINGTON -- Construction spending surged in August to the highest level on record, fresh evidence that the housing market is helping move the economy ahead.

The Commerce Department reported today that the value of buildings put in place clocked in at a seasonally adjusted annual rate of $1.02 trillion, a record high. That represented a 0.8 percent increase in August from July's level.

The strength exhibited in August in part reflected a strong showing in residential projects by private builders, which hit a record high.

The 0.8 percent advance was twice as big as the 0.4 percent increase economists were forecasting.

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