ALTHOUGH 1972 was a rare year in which U.S. business performed almost exactly according to predictions, it did contain one embarrassment for economists: housing starts, which were widely expected to decline, instead rose 15%, to a record 2,400,000 units. Undaunted, economists are again forecasting a slowdown in 1973, and this time it seems that they will be correct. As builders gather in Houston this week for the annual convention of the National Association of Home Builders, many concede that the industry cannot keep up the 1972 pace. Housing starts are expected to slip by 8% to 17%, to a...
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