How Is COVID-19 Impacting the Residential Construction Industry?
Are all the numbers swirling around concerning the coronavirus pandemic stressing you out? You’re not alone. For those who are more visual learners, Principia Consulting analyzed COVID-19's impact on residential construction down to the zip code level and created a map summarizing the projected square footage of new residential construction in 2020. Before the pandemic, the country was projected to see 2.7 billion square feet of new residential construction, but with some builders facing material shortages and “shelter-in-place” orders affecting others, that number is not accurate anymore. The map notes restrictions areas are facing, and the consulting firm plans to update its analysis as the situation evolves. Find out the current projection for your area.
Principia Consulting has initiated COVID-19 coverage to track and calibrate the impact of the coronavirus on residential construction down to the zip code level. In a recent update, Principia provided interactive views of the rapidly changing market for new home construction. Future updates will also include remodeling and repair and specific building product category impacts from the coronavirus. This analysis is fluid, Principia says, and will continue to evolve as COVID-19 progresses throughout the country and government restrictions are added or lifted.
Cities and states throughout the country are issuing stay-at-home (SAH) and shelter-in-place (SIP) ordinances specifying which businesses, including construction, are essential and non-essential. These ordinances are having an ongoing effect on construction activity and building products demand.