2013 closed with lots of good news – a budget through 2015; stock market highs; falling unemployment; low inflation; 3Q GDP of 4.1%, etc. The stage is set for a positive 2014. We will see GDP of 3.2% max; unemployment at 6.5%; continuation of a QE program at a reduced pace but still supporting a high liquidity, low interest rate, and positive stock market result enviornment; improving global economies in Asia and South America; improving state and municipal finances; and an improving residential and construction market. The world is watching the Federal Reserve as it tapers its monthly bond buying programs and weans financial markets off manufactured liquidity. Risks for 2014 are modest, but performance wanes in 2015/2016 where we expect a 2-3 quarter shallow recession. Beyond 2016, we are very bullish and expect faster economic growth and solid construction markets.