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.
Early vaccine trials show positive results, with the potential of a vaccine ready to deploy at scale in the first half of 2021.
The economy continues to experience significant shifts due to COVID: TSA travel is off -78% YOY, total spending is down 12% YOY, and small businesses are being hit the hardest.
17.3M Americans are still receiving unemployment benefits with ~1M initial jobless claims being reported WOW.
Purchase applications are up 19% YOYas a result ofmortgage rates being at an all-time low.
Builders are performing well despite challenges from COVID: 49% of Builders report improving contract volume, 40% report MOM increase in sales, and 61%increased prices.