Homebuilder confidence index takes biggest one-month dive in its history as coronavirus hits economy
A crucial indicator of homebuilder sentiment suffered its biggest monthly drop in the index's history from March to April, as the coronavirus pandemic hammered the American economy.
Builder confidence in the market for single-family homes plunged 42 points to a reading of 30 in April, the lowest point since June 2012, according to the latest National Association of Homebuilders/Wells Fargo Housing Market Index, or HMI. The survey dates back to January 1985. "This unprecedented drop in builder confidence is due exclusively to the coronavirus outbreak across the nation, as unemployment has skyrocketed and gaps in the supply chain have hampered construction activities," said NAHB Chairman Dean Mon, a homebuilder and developer from Shrewsbury, N.J.
"To show how hard and fast this outbreak has hit the housing sector, a recent poll of our members reveals that 96% reported that virus mitigation efforts were hurting buyer traffic," said Robert Dietz, NAHB's chief economist. "While the virus is severely disrupting residential construction and the overall economy, the need and demand for housing remains acute."
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Pop Songs Playlist For Week Of April 13: Ava Max & MoreRemixes, acoustic tracks & more: Here are 10 cool new songs from avamax, theacesofficial & more to get you through the week
Read more »
How the Wisdom of 12-Step Programs Can Help Get Us Through AprilHow 12-step programs can promote emotional well-being and offer guidance for coping with the pandemic
Read more »
Lady Gaga's New Album Chromatica Is Coming in April'Earth is canceled. I live on Chromatica.'
Read more »
15 good news stories and links for Monday, April 13From historical videos to movie anniversaries, here are some reasons to perk up and celebrate April 13, even if it is a Monday.
Read more »
The 45 Best Comedies on Netflix Right Now (April 2020)It's time, again, to update our list of the best comedies on Netflix. The new addition: Armando Iannucci's The Death of Stalin.
Read more »