US & Global Economic Impact Analysis and Forecasts

Freedonia analysts and economists are sharing their insights on how major events are impacting different parts of the US and global economies.

US Home Building Declared Essential by Department of Homeland Security

Building and construction professionals across the nation were cheered by the recent decision by the Department of Homeland Security (DHS) that home building was an “essential” business. While individual state and local authorities can issue regulations more closely defining what is an essential business, the inclusion of home builders by the DHS in its list of essential industries means that – in many jurisdictions – the erection of new single-family and multifamily housing units can continue.

This declaration underscores the importance – even in a time of pandemic – of the home building industry to the US economy. In addition to the millions of jobs the industry provides, the US faces a lack of affordable housing, something which can only be remediated by the construction of new homes and apartments. Integral to the recovery of the US economy after the COVID-19 pandemic subsides will be the addition of new and affordable to nation’s housing stock.

While construction of new homes will continue in many parts of the US, state and local governments across the country are working to limit the spread of coronavirus on job sites by requiring:

  • social distancing between workers
  • limited numbers of subcontractors on a job site at any given time
  • periodic temperature checks of workers
  • frequent cleaning and sterilization of tools and equipment

For more information about the US home building industry, see The Freedonia Group’s coverage of the Construction and Building Products industries.