Homebuilding takes a massive hit from COVID-19
A new economic report from the United States Commerce Department indicates that housing construction has been massively impacted by the COVID-19-related economic crisis that is currently gripping the country. According to the department, the number of construction groundbreakings that took place in March stood at 1.2 million, down from February’s 1.56 million starts. That drop, a 23% reduction, comes after a strong winter quarter for home construction that saw housing numbers rise to relative highs. According to the latest report, condominium and apartment starts, which were also surging in late-2019, cratered by 32.1%. The grim figures, CNBC reports, represent the worst drop in housing construction activity since March of 1984 when they fell by more than 26%. Previously on Archinect: “AIA Survey: Residential architecture firms have been hit hard by the COVID-19 economic crisis.” Most residential firms expect to be hit hard by the pandemic’s economic impacts. Graphic courtesy of ...
A new economic report from the United States Commerce Department indicates that housing construction has been massively impacted by the COVID-19-related economic crisis that is currently gripping the country.
According to the department, the number of construction groundbreakings that took place in March stood at 1.2 million, down from February’s 1.56 million starts. That drop, a 23% reduction, comes after a strong winter quarter for home construction that saw housing numbers rise to relative highs.
According to the latest report, condominium and apartment starts, which were also surging in late-2019, cratered by 32.1%. The grim figures, CNBC reports, represent the worst drop in housing construction activity since March of 1984 when they fell by more than 26%.
