Coronavirus Outbreak: What Businesses Need to Know
This post has been updated.
NAHB is closely monitoring the spread of COVID-19 (aka Coronavirus Disease 2019) to stay ahead of this rapidly evolving situation and keep members appropriately informed. On Feb. 28, the World Health Organization (WHO) upgraded the global risk from the new coronavirus to "very high."
NAHB will provide additional analysis of how this global health crisis could impact housing as more information becomes available. In the meantime, here is a brief economic analysis as well as resources to help businesses prepare their workplace.
Economic Analysis
NAHB Chief Economist Robert Dietz on the virus' economic impact:
"Markets dislike uncertainty, and uncertainty regarding the coronavirus is clearly reflected in recent stock market declines and reduced interest rates. In fact, the 10-year Treasury rate is below 1.2%, effectively at an all-time low. This means low mortgage rates and lower rates for builder and developer borrowing. Moreover, the Federal Reserve will be under pressure to apply some monetary policy stimulus soon.
"Taking a step back, financial conditions and underlying economic data remain positive for housing. In fact, home building led with positive news at the start of 2020 in terms of home construction and new home sales.
"NAHB will continue to monitor consumer confidence data to accurately gauge the economic impact on housing demand."
Resources for Your Business
Organizations such as the Centers for Disease Control (CDC), the Occupational Safety and Health Administration (OSHA) and WHO have provided the following resources and guidelines regarding preparation for COVID-19 in the workplace:
- Getting your workplace ready for COVID-19 - WHO
- Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19) – CDC
- COVID-19 – OSHA