National Builder, Regional Builder Survive—and Thrive—Through Housing Recession
WASHINGTON, D.C. (May 14, 2013) — BUILDER, the leading media brand in residential construction, today honored Standard Pacific Corp. and Woodside Homes as its Phoenix Award public builder and private builder winners, respectively, during its Housing Leadership Conference in Scottsdale, Ariz. Both companies were recognized for their struggles through the housing recession and their successful comebacks as two of the nation’s largest builders.
Standard Pacific, a public company based in Irvine, Calif., drastically reduced its size, cut positions, exited some markets, restructured expenses, and built the same quality homes for less through value engineering and supply chain improvements. Then, in 2011—the worst year in home building—the company started buying land at low prices, positioning itself for the market turnaround.
“Standard Pacific did just about everything right during the past five years,” said Jean Dimeo, editor-in-chief of BUILDER. “It not only dramatically reduced costs, it reinforced its position in the higher price-point market and more than doubled its profit margin.” Standard Pacific moved up one notch on the 2012 BUILDER 100 list to No. 12.
Woodside Homes, based in North Salt Lake, Utah, filed for Chapter 11 bankruptcy in September 2008, and in just 14 months it emerged with $515 million in restructured debt and $200 million in cash. Woodside streamlined its operations, sold non-core divisions to significantly reduce debt, simplified its position in the move-up home market, and bought lots in less competitive areas near job centers. Today, the company builds in California, Las Vegas, Phoenix, Salt Lake City, and San Antonio.
“Woodside Homes is well positioned for future growth,” Dimeo said. “It’s now well capitalized and continues to snatch up land opportunities that other builders aren’t pursuing.” Woodside’s growth strategy enabled it to move up three spots to No. 26 on the 2012 BUILDER 100 list.
The BUILDER 100 and Next 100 lists are featured in the May 2013 issue of BUILDER magazine and on builderonline.com. To see all the rankings, visit www.builderonline.com/builder100/2012.aspx.
Published by Hanley Wood, BUILDER is the leading brand in the residential construction industry and serves as the magazine of the National Association of Home Builders (NAHB). For more than three decades, BUILDER has provided essential news, information and resources about products, technologies, trends, regulatory requirements, and best practices to help home building professionals innovate for success. With an integrated platform encompassing print, online and in-person, BUILDER is a trusted source for top builders, architects, and other industry professionals across the country.
About Hanley Wood
Hanley Wood, LLC is the premier media, event, information, and strategic marketing services company serving the residential, commercial design, and construction industries. Through its operating platforms, the company produces award-winning digital and print publications, newsletters, websites, marquee trade shows and events, market intelligence data, and strategic marketing solutions. The company also is North America's leading publisher of home plans.