There's a big 33iI" ahead

By William T. Robison President American Plywood Association

F ONCEnNING next year, there

V isn't anyone who really knows for sure what is going to happen! Every forecast is conditional on a number of big "ifs," but APA believes there are grounds for pro-

-- jecting a modest ' panel market recovery in the sec- ond halfof 1991.

Our best esti9 & mate for l99l at

; this time is a

& modest recoverv

*: ,;iffi mooest recovery beginning in the second half, permitting production of 27.3 billion sq. ft. This is based in large part on the assumption that the Fed will lower in- terest rates to stimulate recoverv about midyear.

We expect only a gradual improvement in new residential construction in 1991. Housing starts will continue weak until interest rates soften and the basic real estate climate improves. The current S & L problems, which have put a damper