COVID-19 Response
Week 13 taught us that even now, with spring officially coming to a close, a world facing a novel coronavirus is a world in constant flux.
Flux perfectly describes the current state of the home and building category, where home purchasing reached its highest level since January even as COVID-19 hampered contractors’ ability to obtain permits and complete inspections.
Meanwhile, despite most signs indicating that an economic comeback is beginning, public health is still a top concern. That’s especially true now, as protests nationwide bring hundreds or thousands of people — many of them upset — close together. Will this new variable lead to a resurgence of new COVID-19 cases? It’s hard to tell, but experts are keeping a close eye on the situation.
Need a quick rundown of the week’s major developments? These 10 factors paint a solid picture of the home and building category — and our country — almost halfway through June. For a closer look, download a free copy of our latest weekly POV.
As of June 10:
- Confirmed cases of COVID-19 in the United States topped 2 million, with total related deaths eclipsing 112,000. (Johns Hopkins)
- As protests continue, reduced social distancing could add significant time needed to flatten the curve again. (DNA Science)
- The tech-heavy Nasdaq composite, led by Apple and Amazon, briefly crested 10,000 for the first time ever (Business Insider), only to drop sharply on Thursday (CNN).
- Home purchasing continued its climb, increasing by 5.3% from the previous week. This activity marked the highest level since January. (National Association of Home Builders)
- Construction tradespeople reported fewer rescheduled, delayed or slowed projects. However, nearly 15% also reported that COVID-19 is making it more difficult to get permits and inspections done. (Silver Lake Media Group)
- DIYers are still at it — and this week, fewer of them are struggling to get materials needed to do the work. (The Farnsworth Group)
- Many U.S. adults are relaxing their reservations with sharing personal info to help stop the spread of COVID-19. (eMarketer)
- Publishers’ video ad revenue is increasing across Facebook, YouTube and Snapchat — owing to increased video production, higher viewership and more advertisers looking to reach a large audience. (Digiday)
- Minorities are more likely to catch COVID-19 as workers return to work. At least 40% of black and Hispanic households (compared to about one-third for all households) include at least one person who works in close proximity to other people, which increases risk. (Harvard’s Joint Center for Housing Studies)
- With an 18% jump in 2020, e-commerce is the only bright spot in a retail sector that could take years to recover. (eMarketer)
As a reminder, on a weekly basis, Wray Ward will continue to publish timely information, trends and advice related to the coronavirus.*
If you have questions or want to discuss specific next steps for your brand, please feel free to contact me.