4/15/2020, 4:08 PM (Source: TeleTrader)
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US homebuilder confidence posts biggest monthly drop in history

Builder confidence in the United States posted its biggest monthly decrease on record this month, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released on Wednesday.

Builder confidence plunged 42 points in April to 30, the lowest since June 2012. "This unprecedented drop in builder confidence is due exclusively to the coronavirus outbreak across the nation, as unemployment has skyrocketed and gaps in the supply chain have hampered construction activities," NAHB Chairman Dean Mon commented on the data.

Mon added that there has been "some confusion" as to which builders are eligible for the Paycheck Protection Program, part of the historic $2 trillion emergency relief package approved by Congress to tackle the pandemic crisis.

Baha Breaking News (BBN) / JC