Outlook Webinar: COVID-19 Update – May 27
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:
- The U.S. economy is entering recovery phase as states continue to relax containment measures.
- Effects of COVID-19 continues to be felt in the housing market with existing home sales down 18% YOY and New Home Pending Sales Index (PSI) down 33% YOY.
- Unemployment Rate is at a historic high with~ 39M Americans out of jobs; 50% of those impacted have incomes below $50K.
- Mortgage rates are at a historic low resulting in mortgage applications rising well above last year’s numbers.
- 62% of Builders reported week over week increases in contracts and they continue to feel the impact of COVID-19.