1 Introduction -- 2 The Changing Demographic Base of Housing Demand -- Decline of the Young Adult Generation -- Slowing Growth of Households -- The Future Shift to Middle-Aged Household Heads -- Changing Composition of Households -- Appendix A: Technical Detail on the Census Population...

The article analyzes the cycles of total construction and its major sectors after adjustment for the varying growth trends of real expenditures. Fluctuations in GNP and business fixed investment serve as "reference cycles." The findings elucidate the relationships between cycles in total...