flexiblefullpage - default
Currently Reading

How Will 15% Unemployment Affect the Housing Industry?

billboard - default

How Will 15% Unemployment Affect the Housing Industry?

May 11, 2020
Man upset sitting at home
By samuel

Nearly 15 percent of Americans are furloughed or out of a jobthat’s roughly 23.1 million Americans. And the numbers are likely much worse now because the number of those applying for unemployment aid has risen since the data was collected, according to Realtor.com. After the worst case of national unemployment since the Great Depression, builders should not expect an off-the-charts rebound as loss of income sets many families back from their homeowner dreams. But in states that have reopened, there are glimmers of hope as their housing markets see increasing activity. 

The country is experiencing its worst bout of unemployment since the Great Depression.

The coronavirus pandemic has roiled the financial markets, disrupted the global supply chain, and resulted in an unemployment rate of 14.7% in April, according to the U.S. Bureau of Labor Statistics. As nonessential businesses have been forced to temporarily close to stem the spread of COVID-19, about 23.1 million Americans have found themselves furloughed or out of a job.

As dire as those numbers sound, the unemployment rate is likely much higher, in the range of 20% or more. That's because the BLS looked at unemployment only for the week ending April 18. At least 7 million more Americans have filed for unemployment insurance since then, according to seasonally adjusted BLS data.

Read More

Related Stories

Market Data + Trends

Why a Growing Number of Americans Are Worried About a 2023 Housing Crash

A recent survey reveals mounting concerns about a 2023 housing crash, but housing industry experts aren't so worried

New-Construction Projects

Why New Rental Supply May Be Key to Lowering Mortgage Rates

Shelter inflation is taking the U.S. economy by storm. One way to lower housing costs is by building more apartments

Government + Policy

What the US Debt-Default Risk Means for the Housing Market

The debt ceiling deadline is just a few weeks away, and though unlikely, a U.S. default could spell trouble for the housing market

boombox1 -
native1 - default
halfpage2 -

More in Category

native2 - default
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.