Overall, it’s going to be a moderate growth year, starting out with a bang and then weakening toward the end of the year.

The important aerospace industry is expanding again and overall manufacturing activity is growing, but the pace of growth in manufacturing is overstated in the durable goods report.

Durable goods will continue to lead the manufacturing expansion in 2006. The United States economy is bumping up against capacity constraints in many sectors and businesses, particularly non-manufacturing businesses, are stepping up investment spending.

Manufacturing is growing but the pace of growth has decelerated. The outlook for manufacturing production in 2006 is for moderate growth.

The back-to-back hurricanes in the Gulf Coast region within a three-week time span hit the country in the most vulnerable spot — our carbon fuel supply.

While the general economy was relatively flat in the fourth quarter of last year as measured by the gross domestic product, manufacturing production grew at an exceptionally strong 9 percent annual rate.