Housing Industry Poised to Lead Nation's Economic Recovery
Recent housing data indicate the important role the residential construction industry will play in leading the U.S. economic recovery from the coronavirus pandemic, according to the National Association of Home Builders.
The latest NAHB/Wells Fargo Housing Market Index revealed the housing market is showing signs of stabilizing and gradually moving forward in the wake of the pandemic, as builder confidence in the market for newly-built single-family homes increased in May. The rise in builder sentiment follows the largest single monthly decline in the history of the index in April. Even with the recent decline, single-family starts remain 1 percent higher for the first four months of the year compared to the first four months of 2019.
"NAHB anticipates that housing will help lead the economy out of this period of uncertainty and is likely to rebound faster than other sectors," says Dean Mon, chairman of NAHB. "Pent-up demand for housing and low-interest rates can pave the way for a potential industry bounce back as we head into the summer months."