Analysis of Pulte Homes
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Finding a niche market in the homebuilding industry can be difficult, but critical to a company's success. Where KB Home focuses on first-time homes and Centex participates in businesses outside of construction but related to homebuying (such as pest control), Pulte Homes has built a business based on providing homes to all of the major demographic groups likely to make home purchases. These include first-time buyers, move-up buyers and active adults seeking smaller residences in adult-only communities. Pulte is one of the largest homebuilders in the nation with operations in the northeast, south and west, and it also has operations in Mexico and Argentina. It involves the homeowner before the sale, offers financial services through a separate business unit, and provides strong after-sale service. Founded in 1950, Pulte Homes built more than 250,000 residences during its first 50 years of operation. While many of the nation's largest homebuilders tend to have their headquarters in the Southwest or West (areas of strong growth where homebuilding starts have been particularly strong in recent decades), Pulte Homes is headquartered in Michigan. The company employs more than 9,000 workers at its various locations, and has concentrated its homebuilding efforts along the eastern seaboard as well as in the industrial north. The company also has a significant market presence in California, Nevada, Arizona and Texas, and limit
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share can be due to a number of different factors, including the perceived value of the company by stock market analysts, the amount of publicity that the company generates on behalf of itself, and the financial performance of the company. Certainly Pulte Homes is perceived as a good investment by some analysts since the company doubled its price in the previous 12 months and is currently selling near its 52-week high ("Stock Reports"). The following chart illustrates the relative rank of the various companies in this industry based on their 2001 revenues ("Stock Reports"):
Historically, Pulte leads the nation in the number of units constructed per year. In 2000, Pulte completed nearly 28,000 homes compared to Centex's 26,000. However, the industry is still structured so that no one company yet dominates, and the largest 10 builders in the nation contributed less than 20 percent of the overall market share (meaning that no one company had a greater than two percent national share of the market). While the industry continues to be based on regional companies performing well in specific markets, the increased size of the companies is making it increasingly more difficult for second tier companies to compete. Pulte, Centex
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Approximate Word count = 2370
Approximate Pages = 9 (250 words per page)
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