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.
36% of states have paused and or reversed reopen plans due to increasing cases, hospitalizations and deaths; States that have paused and or reversed reopen plans represent 50% of U.S economies GDP
Mortgage rates are at an all-time low, ~3.07%, causing purchase applications to be up 33%
4.8 M Jobs were added in June with 75% of these jobs coming from leisure and hospitality, trade, and education
The economy continues to rebound with the unemployment rate being ~12%
Builders are performing well despite headwinds from COVID: 80% of builders reported meeting or exceeding plan, 71% of builders report sales up MOM and 78% report sales up YOY