Living in a world ruled by a pandemic is not easy. We are all adapting to changes in our environment, our lifestyles, and our businesses. Some are panicking while others are buried in the sand, mix in media bias, and it can be hard to figure out what to believe! Feeling the same way, we dug to find the best non-media biased COVID data out there. Keep reading to find out more— and, trust us, some of these will shock you.
In August, the pandemic’s hights, we saw a surprising rise in home sales and cost. The median price of an existing home in the United States rose to $310,600 in August* and is up 11.4% compared to a year ago (2019). Also, in August, home sales are up 10.5% from just a year ago. COVID-19 is impacting lifestyles, but it is definitely not hurting the home market.
Pro forma statements have to be based upon reliable and realistic information in order to create an accurate picture of your financial standing. As your company grows, these pro forma statements should be updated monthly and annually. Pro forma statements should be designed to grow with your business; as you change, so do they!
This year (2020), the effects of the pandemic on sales were palpable. In the last few weeks of the first quarter, we saw a five percent decline in the annual gross domestic product (GDP). Forward to the second quarter, and we saw the largest drop for any quarter since the Great Depression: 31.7%. This was the most intense economic contraction that some have seen in their lifetime. The bright side of this is that this macro-level data can help you make your business’s strategic decisions.
We are beginning to see hints of financial upturns in the third quarter, but we are still years away from a full economic recoup. This economic surge could be attributed to the growing pains of a new pandemic “normal.” In the third quarter, we saw many businesses returning from a total shutdown, adjusting to socially distant production and construction, live events being on hold, and maintaining a business at half-occupancy. We also saw many businesses not return to the economy at all.
One silver lining to the new pandemic panic is that you are getting a break! Interest rates are expected to stay low for years. The Federal Reserve’s latest economic forecast suggests that low interest rates are here to stay through 2023. This could mean that this is your sign to refinance your debt or strategize your business financing.
Here are the most helpful charts we’ve seen on non-media biased COVID data.