'82 like'81 , but with a stronger finish

By H.C.A. Hunter Director-Sales & Marketing Lumber & Plywood Division St. Regis

'IPTIMISM

1982 is hard to come by after the depressing market conditions experienced during the current year.

We expect the Federal Reserve Board policies to comeunderheavy political pressures during the winter months as business casualties grow.

That, combined with the strong back-log of housing demand, should bring the industry back to more normal activity by the end of 1982. The West should be in the forefront of this recovery.

However, our traditional American ingenuity will be sorely tested in the financial sector as home buyers seek viable mortgage arrangements.

New home construction will plaY a diminishing role in wood consumPtion as strong remodeling and repair activity help pick up the slack. We also see a resurgence in factory built units featuring less living area but in- novative design. The West should also continue to be a leader in nonresidential light construction activity providing opportunities for idle home contractors.

The entire building products-home construction industry is undergoing a significant change in direction with the near future most likelY to be a period of unsatisfied housing demand. The money arena holds the key to the future for all of us and without aggressive leadership by the saving and loan institutions we can

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Story at a Glance

Entire industry undergoing a signif icant change in direclion money arena holds the key. West will lead return to nor' mal more wafer board, treated wood, and wood combination products.