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.

COVID-19 Pandemic Continuing to Shape Home Design Trends

As frequently chronicled in this space, the coronavirus pandemic has caused a number of changes to the US construction industry, as builders, remodelers, and designers adapt to the changing needs of home buyers and owners alike.

A recent study by the National Association of Home Builders revealed that the pandemic is continuing to shape the market even as there are signs that the disease is lessening its grip on the US economy. Residences erected in 2020 averaged nearly 2,500 square feet and had larger numbers of kitchens and bathrooms, indicative of consumer desires for more space, enhanced privacy, and – possibly – the need to accommodate more family members under one roof due to the economic and social dislocations of the pandemic.

The study also indicated that consumers increasingly wanted such features as:

  • more kitchen amenities, such as walk-in pantries and double sinks, as more meals were prepared at home
  • larger porches and patios to safely entertain and accommodate guests and visitors
  • ceiling fans to promote air circulation – increasingly seen as a key method of combatting the spread of the coronavirus
  • energy-efficient doors and windows and appliances – homebound consumers were more conscious of the need to reduce energy use and lower utility bills

For more information and discussion of opportunities, see The Freedonia Group’s extensive collection of off-the-shelf research, particularly in the Construction and Building Products. Freedonia also offers an expanding catalog of COVID-19 Economic Impact reports, which highlight how various industries are responding to the current crisis with a comparison to recent recessions. Freedonia Custom Research is also available for questions requiring tailored market intelligence.