Women Breaking New Ground in Homebuilding

March 27, 2023
Shea Homes / PRNewswire

MARINA, Calif., March 14, 2023 /PRNewswire/ -- When J.F. Shea Company began a small plumbing company 142 years ago, there were virtually no women in the construction workforce. Today women in the homebuilding industry have a strong representation in sales, marketing, legal, and finance, but there are still relatively few women in the field of construction.

Shea Homes, one of the country's largest privately held homebuilders, is proud to help change that. Shea hired Teichert Construction, who employs an all-women crew, to prepare sites for new homes at The Dunes and The Enclave in Monterey County. Driving huge earth movers to create roads, infrastructure and homesites is no small task. Maneuvering heavy equipment with names like scrapers, rollers, blades and skip loaders requires tremendous skill and precision.

Shea Homes has been transforming the former US Army base of Fort Ord in Marina, California into a modern residential community that combines sustainability features with a connection to the natural environment. When complete, The Dunes will have over 1,200 homesites and is expected to include a main street promenade, hotels, restaurants, art walk, shopping and entertainment, just across Highway 1 from one of California's most picturesque State Beaches.


CityLab Daily: What the SVB Collapse Means for Affordable Housing

March 20, 2023
Sri Taylor - Bloomberg

When Silicon Valley Bank shut down on Friday, it sent politicians and executive scrambling to contain shockwaves through California’s broader economy. The collapse caused massive losses beyond the tech and startup scenes; the bank was also a key lender for other industries, including affordable housing development. In San Francisco, construction has stalled, for example, on The Kelsey Civic Center — a 112-unit low-cost housing project that was supposed to break ground this week with a $52 million loan from SVB.


Gehan Homes Announces Name Change to Brightland Homes

March 13, 2023
Gehan Homes

DALLAS, Feb. 21, 2023 /PRNewswire/ -- Gehan Homes will consolidate three of its homebuilding brands under one unified brand – Brightland Homes, effective March 21, 2023. The renaming integrates approximately 110 active communities from Gehan Homes, Gray Point Homes, and Wonderland Homes brands across Texas, Arizona, Colorado, and Tennessee.

The company will continue to market some residential construction services and real estate development projects under the Gehan Homes name.

About Gehan Homes
Gehan Homes, headquartered in Addison, Texas, has built new homes at an exceptional value for over 30 years. Known for award-winning designs, quality craftsmanship, and competitive pricing, Gehan Homes is the 13th largest private homebuilder and ranked 29th in the US according to Builder 100. The company builds in over 110 communities across Texas, Arizona, Colorado, Tennessee, and Florida while operating under Gehan Homes, Gray Point Homes, and Wonderland Homes brands. For more information regarding our renaming, visit www.gehanhomes.com or our announcement landing page at www.brightlandhomes.com.


Wall Street Veteran Explains Why He’s Still All-In on US Housing

March 6, 2023
Sonali Basak - Bloomberg

You may know Don Mullen as one of Wall Street’s hardest-driving executives—or as your landlord. The son of an elevator repairman, Mullen shot through the ranks of Salomon Brothers, Drexel Burnham Lambert and Bear Stearns. During his 11 years at Goldman Sachs Group Inc., he played a key role in the company’s sale of investments backed by subprime mortgages just as the housing market crashed—part of a trade sometimes referred to on Wall Street as the “Big Short.” In 2009 he traveled to some of the US’s worst-hit communities, spending $25 million of his money to buy distressed properties, before deciding to expand it into a business. He founded Pretium Partners LLC in 2012, turning it into a $51 billion asset manager and one of the country’s largest private owners of ­single-family homes and rentals.

Pretium tells investors it aims to achieve percentage returns in the mid- to high-teens over a long period of time, according to Mullen. But he declines to say more because, in his words: “I’m in a highly politically sensitive asset class.” He didn’t elaborate.


Homebuilders Are Signaling Buyers to Wait a Little Longer

February 27, 2023
Conor Sen - Bloomberg

After 30-year mortgage rates surged past 7% in October, a decline to near 6% in recent weeks has made the start of 2023 look less awful than some had feared. So what does this mean if you’re looking to buy a house? If you read between the lines on what homebuilders are saying about their plans for the year, they’re telling buyers to wait a few more months if they’re looking for a deal.

This is straightforward strategy on the builders’ part, based on dynamics related to their order backlogs, the rapidly evolving cost environment and what makes the most sense for them from a profit standpoint.


Architerra & Selkirk Construction Strategically Combining in 2023

February 20, 2023
Architerra & Selkirk Construction

COEUR D'ALENE, Idaho, Jan. 11, 2023 (GLOBE NEWSWIRE) -- Architerra and Selkirk Construction have announced they will be strategically combining in 2023 to strengthen both organizations and provide more options to home buyers. By combining Selkirk's expertise in the custom on-your-lot home building and Architerra's regional reach as a leading developer of thoughtfully planned neighborhoods, home buyers will have expanded options to build the home of their dreams in Architerra's communities or on their own land.

What Does This Mean for Selkirk Construction & Architerra?
Selkirk and Architerra have already been collaborating on several other projects, including the Parkllyn Estates. This and all existing projects and agreements under both companies will continue as previously planned with expanded resource pools as the two companies combine. Selkirk is moving from their current office location to the new combined office located at 1859 N Lakewood Dr Suite 200, Coeur d'Alene. The two companies will now offer home buyers a diverse array of home-building and buying options that will fill a much-needed gap in our regional market.


Homebuilder Analyst Who Nailed 2022 Call Now Sees Strength Ahead

February 14, 2023
Breanna Bradham & Norah Mulinda - Bloomberg

An analyst who called a grim start for homebuilding stocks this year as well as their rebound in recent months is confident that the group will stay strong in 2023.

The sector should fare better than the S&P 500 Index next year, according to Kenneth Zener at Keybanc Capital Markets. The group fell harder than the overall market earlier this year, so based on a historical review of their performance going back to the 1960s, the analyst expects homebuilders to recover first. Zener has been positive on homebuilders since September, after warning in January that the stocks faced a “wall of worry.”

Reprinted courtesy of Breanna Bradham, Bloomberg and Norah Mulinda, Bloomberg


US New-Home Sales Unexpectedly Increase for a Second Month

February 6, 2023
Reade Pickert - Bloomberg

Sales of new US homes unexpectedly rose in November, suggesting some stabilization in demand as mortgage rates eased late in the month from their highs.

Purchases of new single-family homes increased 5.8% to an annualized 640,000 pace last month after rising in October, government data showed Friday. The median estimate in a Bloomberg survey of economists called for a 600,000 rate.


Housing Market Doesn’t Need Much for Buyers to Return

February 1, 2023
Conor Sen - Bloomberg

Surging mortgage rates have brought the housing market down from its giddy highs earlier this year. Now the question on everyone’s mind is how low will building, buying and prices go? We’ve already seen people who follow the market speculate about housing prices falling 10% or even 20% from peak levels.

But that kind of shock-and-awe analysis is incomplete, and based on an assumption that housing affordability has to snap back to pre-pandemic levels, or match some theoretical monthly payment-to-income ratio. A better guess about where the housing market will stabilize would take into account the fact that housing activity was still just fine up until April, even though affordability was much worse than pre-pandemic. You also would need to account for the squiggles in the data as mortgage rates have moved up and down since then.


Pike Construction Co LLC Has Announced Thrive at Montvale Senior Living Community in Montvale, NJ Has Been Awarded Two 2022 SHN Architecture & Design Awards

January 23, 2023
Thrive at Montvale

PATERSON, N.J., Jan. 03, 2023 (GLOBE NEWSWIRE) -- Thrive at Montvale is an innovative state-of-the-art senior complex with luxury design features that encourage social interaction. Pike Construction, Co. LLC, was the General Contractor of this development and Co-Developer, along with Thrive Senior Living. The Architectural team of HQW Architects of Sparta, NJ, and Reach Architects of Austin, Texas, provided architectural design services.

Thrive at Montvale took second place honors in the Assisted Living Category and also earned a second-place award for the Independent Living category. The independent living category includes all newly developed rental senior housing or senior apartments.

Thrive at Montvale is a 215,000 sq ft facility comprised of 203 rental units, 90 independent living units, 81 assisted living units, and 32 memory care units.

The facility is the first partnership project between Thrive Senior Living, Atlanta, GA, and Pike.

Pike is a family-owned company based in Paterson, New Jersey. Pike is a general contracting and real estate development firm established in 1958. Since its inception, the company has built more than 15,000 senior housing units ranging in project size from $10 million to over $150 million in total construction costs.


Clay Town Center Wins Master Planning Award

January 17, 2023
Clay Town Center

MIDDLEBURG, Fla., Jan. 02, 2023 (GLOBE NEWSWIRE) -- Clay Town Center is the proud recipient of the 2022 Master Planning of Land Areas award, presented by the Florida Planning and Zoning Association (FPZA).

Presented at the 2022 awards banquet in Jacksonville, the FPZA Master Planning of Land Areas award recognizes the collaborative effort of Paradigm Development Partners, Kimley-Horn and Associates, and local planning and zoning leaders to bring the Clay Town Center vision to life.

Celebrating exceptional land development in Florida's public and private sectors, the FPZA award honors individuals, firms, companies, or public agencies that exhibit outstanding compatibility, aesthetics and design, as well as land planning innovations, protection and preservation of natural resources, and sustainability. The FPZA operates 12 local chapters across Florida. Visit www.fpza.org for more information.

About: Clay Town Center is a collaborative effort between land developers and community leaders to provide an up-and-coming development in the heart of Clay County, Florida. Featuring a variety of dining, retail, hospitality and storage solutions for the growing community, these new spaces offer professional businesses better opportunities to reach the surrounding area while giving the community one centralized location for their various needs. At present, approximately 35% of the Clay Town Center parcels are in active development, with a projected completion date of 2025. Please visit www.claytowncenter.com to learn more.


LGI Homes Opens New Community in the Richmond Market

January 9, 2023
LGI Homes, Inc.

NORTH PRINCE GEORGE, Va., Dec. 28, 2022 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ: LGIH) today announced further expansion into the Richmond market with the opening of its newest community, The Meadows at Prince George.

Located just twenty-five miles south of Richmond, near I-295 and I-95, The Meadows at Prince George provides easy access to grocery stores, shopping, fantastic dining opportunities and an array of amenities. Minutes from the community, residents have a variety of incredible parks to explore including Hopewell Riverside Park, The James River National Wildlife Refuge and Powell's Creek Nature Trail. In addition to these fantastic area amenities, homeowners will enjoy a 4-acre community park featuring a children's playground and picnic pavilion.

About LGI Homes, Inc.
LGI Homes, Inc. is a pioneer in the homebuilding industry, successfully applying an innovative and systematic approach to the design, construction and sale of homes. As one of America's fastest growing companies, LGI Homes has a notable legacy of more than 19 years of homebuilding excellence, over which time it has closed more than 50,000 homes and has been profitable every year. Headquartered in The Woodlands, Texas, LGI Homes has operations across 35 markets in 20 states and, since 2018, has been ranked as the 10th largest residential builder in the United States based on units closed. Nationally recognized for its quality construction and exceptional customer service, LGI Homes' commitment to excellence extends to its more than 900 employees, earning the Company numerous workplace awards at the local, state and national level, including Top Workplaces USA's 2022 Cultural Excellence Award. For more information about LGI Homes and its unique operating model focused on making the dream of homeownership a reality for families across the nation, please visit the Company's website at www.lgihomes.com.


More Details Emerge in Fatal Charlotte, N.C., Scaffold Collapse

January 4, 2023
Derek Lacey & Jim Parsons - Engineering News-Record

Details have emerged in the Jan. 2 scaffold collapse at an under-construction apartment high-rise in Charlotte, N.C. that killed three workers and injured two. A work suspension continues during an investigation led by the North Carolina Dept. of Labor's Occupational Safety and Health Division. 

Reprinted courtesy of Derek Lacey, ENR and Jim Parsons, ENR
Mr. Lacey may be contacted at laceyd@enr.com


Industry Trailblazers Michael Battaglia and Leonard Miller Receive Nomination for Renowned California Homebuilding Foundation Hall of Fame

December 26, 2022
Randy Carver - Building Industry Association of Southern California

IRVINE, CA, Dec. 05, 2022 (GLOBE NEWSWIRE) -- The Building Industry Association of Southern California (BIASC) has announced the nomination of industry trailblazers Michael Battaglia and Leonard Miller to the prestigious California Homebuilding Foundation Hall of Fame. The annual Hall of Fame distinction honors outstanding leaders in the homebuilding industry while supporting the Foundation's investment in scholarships, research, and education.

A fourth-generation homebuilder, Battaglia is currently Southern California Division President for The New Home Company. Throughout his longstanding career, Battaglia has developed more than 1,500 homes throughout Southern California, and is continually revered for his exemplary, team-focused approach to homebuilding. Battaglia has held several significant industry leadership positions, including Chair of the California Building Industry Association and its Government Affairs Committee, Chair of BIASC, Vice-Chair of its Government Affairs Committee and Chair of its PAC.

As CEO of BrightSky Residential, a Build-to-Rent homebuilder, Miller is an innovative leader in enhancing customers' 360-degree experiences – from forging the most forward-thinking new home designs for today's discerning buyers to developing systems that continually elevate customer service and satisfaction. In his former positions at Richmond American Homes and The New Home Company, Miller led his teams to become #1 in the nation for positive buyer experiences, a testament to his skill and dedication. Miller has also held several industry leadership positions, including BIASC Chair, Board President of BIA's Riverside County Chapter, and Board Member of its Orange County Chapter.


US New-Home Sales Unexpectedly Rise, Driven by Demand in South

December 18, 2022
Reade Pickert - Bloomberg

Sales of new US homes unexpectedly rose in October, largely driven by an increase in the South and likely representing a pause in an otherwise weak housing market.

Purchases of new single-family homes increased 7.5% to an annualized 632,000 pace last month after falling in September, government data showed Wednesday. The median estimate in a Bloomberg survey of economists called for a 570,000 rate.


Toll Brothers Reports FY 2022 4th Quarter Results

December 13, 2022
Toll Brothers

FORT WASHINGTON, Pa., Dec. 06, 2022 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (TollBrothers.com), the nation's leading builder of luxury homes, today announced results for its fourth quarter ended October 31, 2022.

FY 2022's Fourth Quarter Financial Highlights (Compared to FY 2021's Fourth Quarter):

  • Net income and earnings per share were $640.5 million and $5.63 per share diluted, compared to net income of $374.3 million and $3.02 per share diluted in FY 2021's fourth quarter. As previously disclosed, net income in the fourth quarter includes a $138.4 million net pre-tax benefit primarily related to the settlement of the Company's claims associated with a natural gas leak that occurred in Southern California in late 2015.
  • Pre-tax income was $841.1 million, compared to $499.7 million in FY 2021's fourth quarter.
  • Home sales revenues were $3.6 billion, up 21% compared to FY 2021's fourth quarter; delivered homes were 3,765, up 13%.
  • Net signed contract value was $1.3 billion, down 56% compared to FY 2021's fourth quarter; contracted homes were 1,186, down 60%.
  • Backlog value was $8.9 billion at fourth quarter end, down 7% compared to FY 2021's fourth quarter; homes in backlog were 8,098, down 21%.
  • Home sales gross margin was 26.9%, compared to FY 2021's fourth quarter home sales gross margin of 23.5%.

Douglas C. Yearley, Jr., chairman and chief executive officer, stated: "Despite the many challenges facing our industry over the past year, we delivered record results in FY 2022, closing the year with our strongest quarterly earnings ever. In our fourth quarter, we delivered 3,765 homes, generated home sales revenues of $3.6 billion and increased earnings by 86% to $5.63 per share diluted as compared to Q4 2021. Driven by the strong pricing in our backlog, our fourth quarter adjusted gross margin was 29.0%, a 310-basis point increase compared to Q4 2021, and our fourth quarter SG&A expense, as a percentage of home sales revenues, improved by 110 basis points over Q4 2021 to 7.7%. For the year, we delivered over 10,500 homes and grew home sales revenues by 15.2%, posted an adjusted gross margin of 27.5%, decreased SG&A margin by 80 basis points and improved our return on beginning equity by 720 basis points to 24.3%. We earned a record $10.90 per share diluted and increased our book value to $54.79 per share. I am pleased with these results and proud of the extraordinary efforts of the entire Toll Brothers team.


Hard-Hit Homebuilders Soar Most Since April 2020 on CPI Data

December 5, 2022
Breanna Bradham & Norah Mulinda - Bloomberg

D.R. Horton Inc., Lennar Corp. and other homebuilder companies’ shares staged the biggest rally in more than two years as a slowdown in the pace of inflation fueled bets that the Federal Reserve will start dialing back the pace of its interest-rate hikes.

Reprinted courtesy of Breanna Bradham, Bloomberg and Norah Mulinda, Bloomberg


Dodge Forecast: Pace of Construction Starts to Flatten Out in 2023

November 28, 2022
Alisa Zevin - Engineering News-Record

Overall construction starts are expected to be flat in 2023, following a 17% increase in 2022, Richard Branch, chief economist at Dodge Construction Network, said during the 2023 Dodge Construction Outlook. Branch presented the outlook on Nov. 15, noting that the forecast assumes the U.S. will narrowly avoid recession.

Ms. Zevin may be contacted at zevina@enr.com


Woodside Homes Received the Building Industry Association's Highest Accolade of "Build Of The Year" on November 10th

November 21, 2022
Woodside Homes

RIVERSIDE, CA, Nov. 19, 2022 (GLOBE NEWSWIRE) -- Woodside Homes, one of the top 35 homebuilders in the U.S. and a wholly owned subsidiary of Sekisui House, Ltd., has earned the top accolade of "Builder of the Year" by the BIA Riverside County Chapter. The association formally recognized Woodside Homes as the recipient of this honor on November 10, 2022, at the Chapter Awards and Installation, "Celebrating an Industry Built on Resilience," to held at the Riverside Mission Inn.

"Resilience is a driving force of our industry – and more than ever, it defines the strength, determination, and passion behind every Woodside Homes employee and our many consultants and trade partners," said Chris Chambers, President of Woodside Homes, Southern California. "We are deeply honored to be recognized by our homebuilding peers at this year's annual event, where we acknowledge and embrace the power of resiliency within our noble industry."

About Woodside Homes
In 2022 Woodside Homes begins its 45th year in the business of designing and building homes for move-up and entry-level buyers. The company has sold more than 45,000 new homes since its inception and is the 34th largest homebuilder in the United States. Woodside Homes is dedicated to delivering an exceptional experience to every customer and acting as a trustworthy, knowledgeable guide throughout home buying, building, and ownership process.


Sixth and Guadalupe Mixed-Use Tower Tops Out as the Tallest Tower in Austin

November 15, 2022
PR Newswire

AUSTIN, Texas, Nov. 1, 2022 /PRNewswire/ -- Standing taller than any current building in Austin, Sixth and Guadalupe has topped out at its final height of 865 feet. This much-anticipated milestone has been two and a half years of a steady vertical climb and was met successfully, even with a backdrop of skilled labor shortages, a pandemic, and market inflation.

Sixth and Guadalupe is owned and managed by Kairoi Residential, Lincoln Property Company, and DivcoWest. Construction is led by JE Dunn Construction and designed by Gensler.

"To accomplish the top out of Sixth is big for this team and for me personally," said Steve Welton, Vice President, and Project Executive for JE Dunn, and who has been a leader on the project since it was awarded to JE Dunn in late 2017. "This project challenged our team and has truly taught us the meaning of accountability, teamwork, client and design team alignment, and honestly, why we choose to work in construction. I'm so proud of our people."


Two Bright Spots in a Cooling Housing Market

November 7, 2022
Conor Sen - Bloomberg

Surging mortgage rates and uncertainty about the economy have put the housing market on ice. Mortgage purchase applications dropped Wednesday morning to their lowest level in 25 years and single-family housing starts will soon be down 20% on a year-over-year basis. Historically, a drop of more than 20% in single-family housing starts has meant pretty good odds for an overall recession.

Yet the US economy added 263,000 jobs in September. And while the labor market is somewhat cooler from earlier in the year, it's a long way from anything that could be characterized as weak.


Great Place to Work Names Tri Pointe Homes as One of Fortune's Best Workplaces for Women in 2022

November 1, 2022
Tri Pointe Homes

INCLINE VILLAGE, Nev., Sept. 27, 2022 (GLOBE NEWSWIRE) -- Tri Pointe Homes® (NYSE: TPH), one of the largest homebuilders in the U.S., has been recognized as one of the 2022 Best Workplaces for Women™ by Fortune Magazine and Great Place to Work®. This is the homebuilder's third Best Workplaces accolade for 2022—recently being honored as a Best Workplace in Construction™ for 2022 and Fortune's Best Workplaces for Millennials™ for 2022.

In the 2022 Great Place to Work® survey, 95% of Tri Pointe Homes' women employees said Tri Pointe Homes is a great place to work, which is 5% higher than the average for Fortune's 100 Best Companies to Work For.

About Tri Pointe Homes®
One of the largest homebuilders in the U.S., Tri Pointe Homes, Inc. (NYSE: TPH) is a publicly traded company and a recognized leader in customer experience, innovative design, and environmentally responsible business practices. The company builds premium homes and communities in 10 states, with deep ties to the communities it serves—some for as long as a century. Tri Pointe Homes combines the financial resources, technology platforms and proven leadership of a national organization with the regional insights, longstanding community connections and agility of empowered local teams. Tri Pointe has won multiple Builder of the Year awards, most recently in 2019. The company made Fortune magazine's 2017 100 Fastest-Growing Companies list, was named as a Great Place to Work-Certified™ company in both 2021 and 2022 and was selected by Great Place to Work® as a Best Workplace for Millennials™ in 2022 and a Best Workplace in Construction™ company in 2022. For more information, please visit TriPointeHomes.com.


Meritage Homes Releases Second Annual Environmental, Social and Governance Report

October 24, 2022
Meritage Homes

SCOTTSDALE, Ariz., Sept. 29, 2022 (GLOBE NEWSWIRE) -- Meritage Homes (NYSE:MTH), the seventh-largest public homebuilder in the U.S., today announced the release of its second annual Environmental, Social and Governance (ESG) report. The comprehensive review of 2021 covers the Company's sustainability and governance practices, diversity, equity and inclusion (DE&I) efforts, and milestones achieved during the year.

Building off last year's inaugural greenhouse gas emissions inventory, Meritage is the first U.S. public production builder to issue a Task Force on Climate-Related Financial Disclosures (TCFD) report, which outlines the Company's climate risks and opportunities. As an official TCFD supporter, Meritage is aligned with the organization's recommendations to build a more resilient financial system through climate-related disclosure. The Company also included Equal Employment Opportunity (EEO-1) disclosures for the first time in this ESG report, which provides a standardized demographic breakdown of its workforce.

For more information on Meritage's ESG initiatives and to view the full 2021 ESG report and 2021 TCFD report, visit: https://investors.meritagehomes.com/environmental-social-and-governance/....

About Meritage Homes Corporation:
Meritage Homes is the seventh-largest public homebuilder in the United States, based on homes closed in 2021. The Company offers a variety of entry-level and first move-up homes. Operations span across Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina, Tennessee, and Utah. For more information, visit www.meritagehomes.com.


ABC's Contractor Confidence Rebounds; Construction Backlog Indicator Flat in August

October 17, 2022
Associated Builders and Contractors

WASHINGTON, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Associated Builders and Contractors reports today that its Construction Backlog Indicator remained unchanged at 8.7 months in August, according to an ABC member survey conducted Aug. 22 to Sept. 7. The reading is a full month higher than in August 2021.

View ABC's Construction Backlog Indicator and Construction Confidence Index tables and graph for August 2022.

Backlog is down from the levels of the second quarter of 2022 but remains higher than at any point from March 2020 to March 2022. While the CBI reading fell for contractors in the South in August, it remains the U.S. region with the lengthiest backlog.

ABC's Construction Confidence Index readings for sales, profit margins and staffing levels increased in August. The index for profit margins bounced back into positive territory while the sales and staffing level indices remained above 50, indicating expectations of growth over the next six months.



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