The world has come to a screeching halt because of the Coronavirus. No one alive today has ever experienced what we are going through in their lifetimes. Life was ticking along merrily until March 2020; then, the whole world was told to stop what we were doing and go home and stay there until...? Many people have lost their jobs and businesses and are left wondering what happens next.
Has everything stopped? The housing market was fairing quite nicely, and many families and retires were building new homes and promising futures. What will happen to new construction projects?
At first, construction workers were deemed essential, but as the true scope of the virus came into view and stay at home, orders were issued. Many workers were told to put down their tool belts and go home, leaving buildings half-finished and put on hold for the foreseeable future. Some construction work has been allowed to continue, such as hospitals and homeless shelters.
Not only has most of the construction come to a crawl, but supplies h ave been vastly curtailed as well. From factories in China to lumber yards across the US, fewer workers mean fewer products being produced. The ripple effect will continue to make its way across the world even long after the virus is gone.
The real answer to what will happen to the housing market and new construction is, nobody knows. There is no pandemic playbook for contractors to follow. But the good new is things are slowly returning to normal and projects are picking up where they left off.
We will all have to play the wait and see game and hope for the best.