It's about time

By Philip Kuharski Washington State Economic Consultanl Spokane, Wa.

I

FTERthree

Flyears of declining real estate activity,it's about time to turn things around!

Real estate construction and sales were dismal in 1982 primarily because of inept monetary management by the central bank. Actions speak louder than words. We all aPpreciate the lower inflation rates . ' but not at the expense of unusuallY high unemployment.

The absolutely overt accommodation since mid-summer is de facto proof that the policy was too restrictive earlier. Despite all of our past experiences with stop-and-go policy, the authorities drove the monetary system like an out-of-control car careening from one side of the road to the other, smashing into obstacles

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Story at a Glance

Construction activity should increase each quarter until at least mid-1984 . Pacific Northwest will lag the rest of the West.