Near the end of the first full week of May, the United States remains mired in an uncertain and unpredictable state. With government leaders, health care experts, economists and the media sharing mixed messages, protests are flaring up across the country, even as governors try to determine what’s next for their states and business leaders consider how to reopen their doors.

Here’s what we know: The COVID-19 pandemic has crushed the U.S. labor market, with reports this week of one in five American workers filing for first-time unemployment benefits since mid-March. However, there are some early signs of progress toward getting people back to work and our economy back on track. More than 60% of Gen X and Gen Z are ready to move forward, and retail is in the early stages of reopening in more than half the country.

Among highlights for the home and building category over the past week, mortgage rates hit record lows, driving refinance activity and growing residential purchase demand. Remodeling spending is pulling back in many markets, though some spending growth is still expected in high-growth markets. Meanwhile, the contractors performing this work are leaning heavily toward online purchasing.

Without question, the next few weeks will be critical in determining our society’s ability to adjust to the new rules of working, shopping and living in public during a pandemic. As long as the coronavirus carries significant consequences for the home and building industry, Wray Ward will continue publishing weekly updates with the most current data and insights to help guide you through an unprecedented situation. However the pandemic has affected your business, we’re here to help.

If you have questions or want to discuss specific next steps for your brand, please feel free to contact Wray Ward Vice President and Director of Connections John Mader.