The overall construction activity in San Marcos is strong and is currently exceeding the average monthly construction value for the past three years. During the first quarter of 2005, approximately $7.8 million per month in new construction permitting is occurring compared to an average of $2.3 million per month during the past 36 months.  Residential development has been off during the first quarter of 2005. However, single-family permits in April and May are above the San Marcos monthly average. We are on track to issue 20 permits for new single-family homes in May which will exceed our highest monthly average in 23 years.  No new multi-family development has been permitted through April 2005. However, several multi-family projects are currently moving through the development process.  Significant projects permitted this year include the expansion of the Factory Outlet Mall and the new construction of World Gym and Comfort Suites.