Question-and-Answer Session
Thank you. [Operator instructions]. Our first question is coming from Amit Daryanani with RBC Capital Markets.
Amit Daryanani - RBC Capital Markets
Thanks, good morning guys.
Dominic J. Pileggi - Chairman & Chief Executive Officer
Good morning, Amit.
Amit Daryanani - RBC Capital Markets
Just had a quick question on the calendar '08 organic guidance of mid single-digit. A, do you have any pricing impact built into it, and also if you could just talk about what you expect across the three segments in terms of organic growth that will be helpful.
Kenneth W. Fluke - Senior Vice President & Chief Financial Officer
The organic growth overall, is ahead of my comments, it is pretty well split between foreign currency and volume; there is no pricing assumptions in there whatsoever. The key thing there is that we don't expect commodity cost to also rise. Obviously, if they do, we will make the appropriate adjustments going forward, but in the guidance we don't have anything there. Looking at the overall underlying guidance as far as volume improvements across the businesses, I would say they are pretty similar between HVAC business and Electrical, that kind low single digits that we are taking about and they are probably a little bit higher though with the steel structures that really reflects more of the market dynamics for the distribution going forward.
Amit Daryanani - RBC Capital Markets
All right. And then one of the things, I think you have to talk about was, you expect continued strength on non-residential side, at least at this point. [inaudible] what you think in terms of your quotation activity, your sampling activity and the inventory of the distribution level? I mean are there any signs of concerns on those segments for us?
Kenneth W. Fluke - Senior Vice President & Chief Financial Officer
As we mentioned, obviously the residential market is really bad and there is some spill over into the light commercial, but the activity in the larger project business or heavy construction is still pretty robust, particularly in areas like institutional, construction and the infrastructure projects as I mentioned in my comments of wastewater treatment, oil and gas, things like that.
Dominic J. Pileggi - Chairman & Chief Executive Officer
Residential is not a huge component of what we do. So, it's more of a dampening impact at the overall growth rate assumptions that we have for '08.
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