The Wall Street Journal reported analysts at Goldman Sachs say the M&A cycle is at the beginning, and there’s “meaningful” growth ahead.

According to the Journal, announced M&A activity in 2015 stands at $2.1 trillion, up 37% year-over-year — the second busiest year-ever by volume, behind 2007.

The Journal reported further, according to Goldman Sachs, comparing 2007’s and 2015’s M&A activity by volume is misleading, since when adjusting for growth in overall global market valuations, deal volume is still 15% below historical averages and 30% below the 2007 all-time high.

To read the entire Journal article, click here.