The Commerce Department has reported that the total value of building projects underway came reached a seasonally adjusted $910.6 billion in September, representing a 1.3 percent jump from the previous
month. The $910.6 billion level was an all-time monthly high and the 1.3 percent increase exceeded analysts' expectations for a more modest advance of around 0.4 percent.
Spending by private builders on housing projects rose by 1.4 percent in September to a rate of $471.4 billion, the highest monthly level on record. Although housing activity is expected to slow in the current quarter, home sales are expected to reach record highs for all of
2003.