In the seemingly never-ending stream of developments around the COVID-19 pandemic, this week is all about stories of contrast: People itching to get back to work, and people questioning whether it’s too early to lift shelter-in-place restrictions. Regions with minimal health impact, and regions crippled by outbreak. Governors announcing openings, and governors reminding everyone to stay at home.

At Wray Ward, we’ve kept a close eye on what it all means for the home and building category. Right now, the coronavirus is really a mixed bag for home improvement. Elevated consumer interest in DIY and home projects is giving many manufacturers and retailers a lift, yet it’s impossible to miss the massive slowdown in construction and remodeling activity. If you’ve been lucky enough to stay healthy, you may point to the silver linings in a bad situation, such as extra quality time with your loved ones at home. Our industry, too, can appreciate positives including growing new home sales and low-priced ad inventory.

Following is a quick roundup of developments over the past week. You can also read our most recent POV on the marketing impacts of COVID-19, released April 23.

1. New home sales in March were down from February but up slightly year over year, thanks mainly to homes priced at $250,000 and higher. (National Association of Realtors)
2. With online interest in home decorating and remodeling projects far outnumbering engagements with contractors or retail home furnishings sales, pent-up demand may drive a quicker rebound once shelter-in-place mandates are lifted. (Content Square)
3. In home remodeling, the pandemic has wiped out an otherwise healthy rebound in spending. (Joint Center for Housing Studies)
4. About 85% of contractors are reporting project delays or stops, but nearly three-fourths believe these effects will last for three months or less. (The Farnsworth Group)
5. At just under $45 billion, the construction industry received more aid from the SBA Paycheck Protection Program than any other industry. (Construction Dive)
6. Retail sales for building materials and garden equipment and supplies are up 7.6% vs. March 2019. (U.S. Department of Commerce)
7. Consumer engagement with video and media has peaked, reaching a saturation point among all audiences. (Dentsu Aegis)
8. With the disappearance of live sports, networks have plenty of low-priced ad inventory available.
9. Video ads featuring interior design content are booming, with a 287% lift in view-through rate. (VidMob)
10. The COVID-19 crisis is inspiring collaboration among competing general contractors. (Construction Dive)

As a reminder, on a weekly basis, Wray Ward will continue to publish timely information, trends and advice related to the coronavirus.*

If you have questions or want to discuss specific next steps for your brand, please feel free to contact me.

*All statistics as of April 23, 2020.