We see slippage in retail construction as a function of increases in energy costs, which cuts into discretionary spending.

They seem to be managing demand out of China better these days. With steel, (China has) gone from importing to exporting.

The way it will likely play out is, they'll start with (rebuilding) infrastructure, to non-residential and then residential.

Overall, their entry into the market will do wonderful things. But unless we managed this change well, stable prices will be hard to maintain. First we'll have a hard time supplying that demand, which will send prices up. Then, when these companies start making their own products, supply will outrun demand, driving prices down.

We have a remarkably resilient economy. It's taken hits from a hurricane, and increased oil prices, yet seems to still keep going. We've had pressures that heat up and pressures that slow down the economy and consequently, we've ended up with a nice, consistent level.

We attribute the upturn in the '90s to a generally more conservative attitude throughout the country and increasing interest in religion.