Economists are getting a jump on the 2004 New Years celebration. Most industry forecasts call for total construction volume next year to remain near record levels with a slightly different mix as the depressed industrial, office and commercial building markets begin to rebound just as moderately higher interest rates slow housing.
Miraculously, these forecasts were followed by a long list of good statistics, not the least being announcements that the U.S. gross domestic product grew at an astounding annual rate of 7.2% in the third quarter. Manufacturing activity also hit a 20-year record and employment started rising.