COVID-19 BUILDING INDUSTRY UPDATES
CORONAVIRUS CAUSING HOME OWNERS TO PULL BACK ON REMODELING
A recent NAHB survey of professional remodelers shows the negative effect the coronavirus pandemic is having on the decision to remodel. More than 90% of remodelers in the survey reported a slowdown in both the rate at which inquiries are coming in, and in the general willingness of home owners to remodel at this time.

While 96% of remodelers said the virus was hurting the rate at which inquiries are coming in, a full 70% characterized the negative impact on inquiries as major rather than minor.

The survey listed eight possible impacts of the coronavirus on the remodeling market. More than 80% of respondents said the virus was having a noticeable effect on:

  • Home owners’ concerns about interacting with remodeling crews (86%)
  • Supply of N95 respirator face masks (84%)
  • Cancellations or delays of existing projects (84%)

In some respects, the impact of the coronavirus on the remodeling market mirrors what we’re seeing in the market for new homes. In both cases, the pandemic is having a number of significant adverse effects, but the strongest ones are the negative impacts on the behavior of potential customers.
REGISTRATION OPEN FOR REMODELERS REBOOT: FROM THE COUCH
NAHB is excited to announce a new, virtual event, the Remodelers REBOOT: From the Couch , May 13, 8:30 a.m. – 4 p.m. CST.

This one-day event hosted by industry veteran Vince Butler, CAPS, GMB, GMR, is free for NAHB members and will include discussions about the current uncertain business environment and sessions on estimating, markups and margins, hiring and more. Register
May 5 at 1:30 p.m. Dr. James Gaines, Chief Economist with the Real Estate Center at Texas A&M University, will discuss COVID-19’s impact on the local residential construction industry in the short-term and long-term.

Q&A session to follow. Register now
SAVE THE DATE!
May 12 at 10 a.m.
We're live with Congressman Kevin Brady! Details coming soon.

May 18 at 1:30 p.m.
We're live with Patrick Jankowski, Senior Vice President, Research and Regional Economist at the Greater Houston Partnership. Stay tuned for details!
For more visit ghba.org/covid19