LinkUp | US Real Estate Contracting Under Weight of COVID-19

The real estate world has taken its share of the burden of the COVID-19 pandemic, as people empty out of offices, hotels, and malls and work from their homes. Economic activity in construction and real-estate contracted sharply this year under the weight of the pandemic, with the largest decline yet recorded in April, according to the US Federal Reserve. LinkUp jobs data suggests the situation in the real estate industry will remain tough in June.

  • In the three months between February and April, new private housing building permits in the United States declined 30 percent compared to January.  Existing home sales also decreased 25 percent in March-April 2020.
  • Many real estate companies have cut jobs, especially since the second half of March. In May, half of those companies featured below had laid off 30 to 90 percent of their employees. Active jobs listed have dropped by 25 percent since last fall.

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