While we are still in the process of analyzing results from our 4th quarter study of end-user demand (MOAR)series, preliminary analysis shows capital improvement plans are up slightly at 82% (80% in Q3). Conversely, the percentage saying improvement budgets represent an increase over last year dropped by a rounded 2-points to 62%. The combined results suggest expansion though at a moderating pace, somewhat counter to threats of a general recession. Spending continues to take a decisively corporate flavor as group collaboration spaces and individual offices top the list of spaces receiving AV upgrades. Stay tuned in the coming week as we release the full study results to our subscribers!