Metrostudy | Housing Starts Here Housing Market Intelligence, Proprietary Research & Analysis, Consulting Services 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