According to data from the Department of Commerce, constant-dollar (1992) GDP increased 3.8% in 1997 from the previous year to $7.19 trillion. In 1996, constant-dollar GDP was up 2.8% to $6.93 trillion. And personal consumption expenditures last year increased 3.4% on a constant-dollar basis to $4.87 trillion, compared with 2.4% to $4.71 trillion in 1996.

However, the growth in the economy did not always translate to good growth for the major end-use markets that use big quantities of chemicals. For instance, total housing starts fell 0.7% to 1.47 million units in 1997 after spurting 9.6% in 1996. Housing starts for single-family homes fell an even greater 2.6%.

Despite the decline, one home-oriented product category did well. Output of furniture and fixtures rose 5.6% last year, according to government data.

But household appliance production was virtually unchanged from the year before.

Production of automobiles fell 1.9%, according to data from the Federal Reserve Board, although output of trucks, buses, and trailers increased 9.7%. This was the third straight year of declining production for automobiles.

The agricultural economy, as measured by acres of major crops harvested, did fairly well, according to Agriculture Department data. Acres harvested rose 2.5% from 1996, following a 6.9% increase the year before.