Outlook Webinar: COVID-19 Update – May 20

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.
Economic and industry updates include: 
  • All 50 states have relaxed containment measures with mixed results from states that were early to open.
  • April data reveals the depth of COVID-19 impacts on the economy: 
    • Industrial production was at the lowest level in history
    • Housing starts were at the lowest levels since 2015
    • Retail sales were at the lowest since 1992
  • The mortgage industry continues to experience shifts as a result of COVID-19 with mortgage rates are at a historic low of ~2.7%  and housing sales are down 38% year-over-year
  • As of May, 60% of Builders report improving contracts, yet many expect to be at least 80% off plan