In last year's September cost issue, ENR reported there initially would be a severe economic shock in the wake of the terrorist attacks on the U.S., but the economy would rebound by the first half of 2002. Right on cue, Federal Reserve Board Chairman Alan Greenspan testified before Congress on March 7 that "an economic expansion is well under way." If true, the recession would be one of the shortest and mildest on record.
It may be several months before statistics verify or disprove Greenspan's optimism. However, price trends for several materials already are in the recovery mode. Prices for wood products, gypsum wallboard, PVC pipe and structural steel all appear to be firming after a long period of decline and stagnation.