Outlook Webinar: COVID-19 Update – June 3

OVERIVEW 
This week during our Outlook Webinar: COVID-19 Update – The Housing Market, Senior Managing Principal Tim Sullivan, and Chief Economist Ali Wolf provide real-time updates on how the coronavirus pandemic continues to impact our economy and the residential construction industry.
What’s Changed:
  • Civil unrest becomes visible nationwide with unknown impacts to COVID-19 cases and the economy
  • Effects of COVID-19 continues to be felt in the housing industry with pending home sales off 34% as of May, and an increase in delinquent property taxes 
  • The U.S economy is anticipated to recover slowly for many reasons, including: Consumer Spending has contracted -21.6% YOY and 87% of executives’s indicate significant challenges due to COVID
  • Unemployment Rates continues to rise  with~ 41M people filing for unemployment claims 
  • 16% of builders reported an-increase in-cancellation despite May being an overall good month