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| YEAR: | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 |
| New Housing Starts - Yearly Total | 349,600 | 374,100 | 355,700 | 357,400 | 279,500 | 211,700 | 136,500 |
| INDUSTRY (yr. end) | 2006 | 2007 | 2008 | Jan 2009 | Feb 2009 | Mar 2009 | 1Q 2009 |
| Basic Materials | 13.7 | 14.1 | 15.2 | 8.9 | 8.7 | 9.2 | 8.9 |
| Conglomerates | 20.1 | 18.4 | 15.8 | 12.5 | 9.6 | 9.5 | 10.5 |
| Consumer Goods | 25.8 | 24.4 | 16.3 | 16.0 | 13.2 | 14.4 | 14.5 |
| Financials | 14.3 | 13.7 | 11.7 | 18.0 | 11.0 | 9.4 | 12.8 |
| Healthcare | 38.8 | 40.0 | 26.0 | 21.6 | 41.9 | 41.1 | 34.9 |
| Industrial Goods | 25.1 | 19.5 | 19.5 | 19.3 | 12.9 | 16.7 | 16.3 |
| Services | 25.6 | 28.7 | 24.2 | 21.6 | 21.0 | 15.4 | 19.3 |
| Technology | 26.3 | 38.4 | 23.8 | 12.4 | 13.3 | 12.7 | 12.8 |
| Utilities | 24.0 | 20.0 | 15.3 | 22.2 | 13.1 | 10.3 | 15.2 |
| COMPOSITE | 24.4 | 24.0 | 18.7 | 16.3 | 16.1 | 15.4 | 15.9 |
| INDICATOR (5 yr. avg.) | 1985 | 1990 | 1995 | 2000 | 2005 | 2006 | 2007 | 2008 |
| Inflation | 5.0% | 4.0% | 3.1% | 3.4% | 3.4% | 2.0% | 4.1% | 3.8% |
| Productivity | 1.7% | 0.6% | 1.5% | 2.9% | 1.8% | 1.5% | 1.6% | 2.8% |
| GDP | 4.0% | 1.8% | 2.7% | 3.9% | 2.9% | 2.8% | 2.0% | 1.3% |
| Consumer Confidence | 84.9 | 104.2 | 99.2 | 128.6 | 107.2 | 105.6 | 87.9 | 56.6 |
| YEAR: | 1990 | 1995 | 2000 | 2005 | 2006 | 2007 | 2008 | Feb 2009 |
| US | 5.4% | 5.6% | 4.0% | 5.2% | 4.7% | 4.6% | 4.9% | 8.1% |
| Northeast | 5.0% | 6.0% | 4.0% | 4.9% | 4.7% | 4.4% | 4.7% | 7.7% |
| Midwest | 5.7% | 4.5% | 3.5% | 5.7% | 5.1% | 5.0% | 5.3% | 8.6% |
| South | 5.4% | 5.4% | 4.0% | 5.2% | 4.6% | 4.3% | 4.6% | 8.1% |
| West | 5.1% | 6.6% | 4.6% | 5.5% | 4.8% | 4.5% | 5.2% | 9.2% |
| Minnesota | 4.6% | 3.6% | 2.9% | 4.5% | 4.2% | 4.5% | 4.8% | 8.1% |
| INVESTMENT | CURRENT |
| 30 Yr Treasury | 3.6% |
| Aaa Bond | 5.95% |
| Bbb Bond | 7.1% |
| Commercial Mortgage | 6.75-7.75% |
| Institutional Real Estate | 7.5-9.0% |
| Non-Institutional Real Estate | 10-12.2% |
| Speculative Real Estate | 14-18% |
| S & P Equity (Ibbotson) | 10.7% |
| Land Development | 20-25% |
| Equipment Finance Rates | 12.5% |
| NYSE/OTC Equity (Ibbotson) | 14.3% |
| NYSE Smallest Cap. Equity (Ibbotson) | 20.4% |
Sources: National Real Estate Index (2009), Appraisal Institute; F.W. Dodge Division, Business Week, Value Line, U.S. Chamber of Commerce, Standard & Poors, Investment Dealers Digest, U.S. Government Census, Yahoo Finance, Bureau of Labor Statistics.
Shenehon Company makes every effort to ensure the accuracy of the information published in Valuation Viewpoint. Shenehon Company uses only those sources it determines are accurate and reliable, but no guarantee or warranty with regard to the information is made or implied.
Shenehon Company
88 South 10th Street, Suite 400
Minneapolis, Minnesota 55403
Phone: 612.333.6533 / Fax: 612.344.1635
ValuationSpecialist@shenehon.com
