How long will economic recovery take? Perhaps, this is one of the greatest questions during this pandemic. CNN Business says it may take until March 2024 if the current trend continues.

The COVID-19 pandemic has caused a widespread catastrophe that crippled the economy. From premature deaths, workplace absenteeism, and reduction in productivity created a negative shock to all industries.

A long-term recovery ahead is due to the widespread impact of the pandemic. The COVID-19 related restrictions continue to change online shopping trends and other daily activities.

Social distancing is in place to avoid presumed massive transmission of COVID-19 but it also stops many industries from hiring back the majority of their laid-off or furloughed employees.

Records show how that around half of the people who previously lost their jobs have returned. This significantly slowed the recovery.

However, there is one industry that, despite the effects of COVID-19, is holding steady – the housing market.

Odeta Kushi, Deputy Chief Economist at First American shared, “The only major sector to display immunity to the economic impacts of the coronavirus is the housing market, which has experienced a strong V-shaped recovery.

She also added, “This is largely due to the fact this has been a services-driven recession; disproportionally hurting younger, lower-wage renters that are less likely to be homeowners or home buyers.