Outlook Webinar: COVID-19 Update – April 22

In this segment of our weekly Outlook Webinar: COVID-19 Update, Senior Managing Principal, Tim Sullivan, and Chief Economist, Ali Wolf, provide realtime updates on how the coronavirus pandemic impacts the housing industry. Key economic and industry changes discussed in the presentation include: 
  • The Federal Reserve said on Wednesday manufacturing production plummeted 6.3% last month, the biggest decrease since February 1946
  • Additional $310B for Paycheck Protection Payment (PPP) funds will be assigned from the Fed to states, cities, and businesses; Noteworthily, the “Construction” sector leads the way for PPP loan approvals
  • The multifamily market is seeing three key themes during the pandemic including: construction delays (more than half of all developers), online leasing is helping bridge the gap, and tenants are largely paying their rent (nearly 89%), for now
  • Predicting, at best case scenario, 7 months until the start of recovery for New Home Pending Sales and 12 months until fully back; assuming the U.S. starts to open in May