stand by earlier forecasts of

[H. Shimoya]

Hello. This is my third posting of questions. This time, from
http://www.bizjournals.com/bizspace/...ory_id=1081561
The hospital, he says, should take about 18 months or two years to complete. He stands by earlier forecasts of a $65 million to $70 million cost and the hiring of about 400 to 450 people upon completion.

I would like to know the meaning of "stand by earlier forecasts of" in this context.

Thank you very much.

[Ouisch]

In 2003, when the plans for this new construction were first being made, it was predicted that it would cost $65 to $70 million to complete and that it would be finished in 18 months. The project is only now getting underway, three years later, but they are still confident that it can be complete for the cost and in the timeframe that they predicted in 2003.

[H. Shimoya]

Thank you very much.

I clearly understood the meaning with your help.
In this contex, "stand by" is "defend."