How Coronavirus Impacts on the Home Construction Industry
To help determine the effect of this economic slow down on the construction industry, 35 industry experts talked about their take on how their business is impacted, and what their thoughts are for the future.
Some highlights from the report include:
- Many projects are proceeding, but some are experiencing interruptions
- Delivery of materials and supplies is impacted, but not at a tremendous rate
- Many homeowners are delaying their projects, but only for short periods of times
- Many experts feel optimistic that things will return to normal soon
Special thanks to all respondents for their time in answering these questions during this uncertain period.
Answers are fairly mixed from respondents about how current projects are still proceeding. Most state that things are still continuing – only 9% report that things have completely stopped at the moment. Of those who are continuing projects, 23% say that there has been no interruption at all, while 37% say that things have slowed down, and 31% say that while things are proceeding, there has been a significant interruption in their work. Given that some areas have been hit harder than others, and given that some states have enacted Shelter in Place orders while others have more flexibility, it does make sense that there is at least some interruption, even while most projects are proceeding.
Most experts report that homeowners are putting off new, planned projects, but only for a short period of time. A smaller percentage – 29% – want things to proceed as scheduled. 17% of clients are also stopping their projects indefinitely. Because things are changing rapidly still at this stage, it may be that most homeowners are optimistic about their ability to start again soon.
Material and Supply Availability
Most experts respond that they are still receiving their supplies and materials, either with a slight delay or getting everything right on time. There are currently many service alerts and interruptions scheduled by delivery firms such as UPS, and while not all construction supplies and materials are shipped the same way as other goods, it may be that slight delays are to be expected at this time.
Concern for the Future
All experts feel that the current state of the industry will impact their business in some way, with 0% answering that they have experienced no impact at all. However, the majority feels that things will return to normal soon. Only 34% report being very concerned about how this may affect their business and the state of the industry for the future.
Stay Safe and Stay Informed
Things are changing by the day in regards to the virus and its impact on all industries, including the home remodeling industry. While it does look as though the industry will experience a slowdown or recession, most experts seem confident that it will rebound with time. We urge everyone to stay safe, remain hopeful, and to keep informed as things continue to change day to day.