FOR IMMEDIATE RELEASE
Contact: David Walker
866/342.5642, ext. 153
LEADING ECONOMIST ADDRESSES GLASSBUILD AMERICA®
DIETRICH OFFERS LATEST FORECAST, IMPLICATIONS FOR GLAZIERS
WASHINGTON, DC (September 30, 2009) – All eyes were on Jeff Dietrich’s economic forecast given in Atlanta today at the highly attended 4th Annual NGA Glazing Executives Forum, held in conjunction with GlassBuild America.
Dietrich, one of the most popular speakers at previous NGA events, offered his most up-to-date economic forecast for the nation, as well as specifics for the North American glass industry.
Dietrich noted that conflicting news and uncertainty continue to rattle economic sectors. Industrial production has not yet reached bottom. “Consumer and business-to-business spending remain sluggish. Investors are returning to the stock market with guarded optimism. Credit remains tight. Banks are not in a mood to take risks. The question on everyone’s mind is, ‘What are the prospects for a full recovery?’” stated Dietrich.
He emphasized that encouraging signs by critical leading indicators suggest that an overall recovery for the U.S. economy is already underway and will take shape in 2010. The U.S. Composite Leading Indicator, the Purchasing Managers Index, the stock market, housing starts, and corporate bond yields have all reversed direction and are gathering momentum. Retail sales and new orders should also change course in the near term.
“What does this mean for glaziers?” asked Dietrich. “The non-residential sector lags the overall economy by about a year. On commercial and office building construction, 2010 will be down versus 2009. Hospital construction, assisted living facilities and some segments of higher education will be flat to up slightly next year.”
“For companies that have cash and business in the pipeline, 2010 will be a year to expand. Hire quality personnel, increase space, purchase equipment, judiciously increase new products and services, and consider expanding into new markets. For businesses feeling the impact of the recession already, 2010 will mean keeping fixed and variable expenses at a minimum. Renegotiate leases and labor contracts. Watch your balance sheets carefully. Reduce inventory and conserve cash.”
Dietrich concluded, “For the overall economy in general, and for non-residential construction specifically, 2010 will be a year of transition (mild recovery). Our forecast for 2011 is a return to growth.”
For a list of upcoming speakers and seminars at GlassBuild America®: The Glass, Window & Door Expo, which lasts through October 2 at the Georgia World Congress Center in Atlanta, please visit www.GlassBuildAmerica.com.
About GlassBuild America: The Glass, Window & Door Expo
GlassBuild America is organized by the National Glass Association, in partnership with the Glass Association of North America, the American Architectural Manufacturers Association, the Insulating Glass Manufacturers Alliance and the Bath Enclosure Manufacturers Association. Since 2003, it has been listed as one of the Top 200 largest U.S. tradeshows in the annual listing compiled by Tradeshow Week magazine. GlassBuild America 2009 will be held September 30 – October 2 in Atlanta, Georgia. For more information on GlassBuild America, contact: 866/342-5642, extension 300 or visit www.GlassBuildAmerica.com.