PulteGroup to Leave St. Louis Market by End of 2018
Date Posted: May 12, 2017
Posted In: News,
From ConstructionDIVE: PulteGroup is pulling out of St. Louis, citing market conditions out of sync with the builder’s current focus on higher returns, STL News reported.
The builder plans to complete the nine communities in the region currently in the selling phase, according to the St. Louis Post-Dispatch, likely by the end of next year. It will not move forward with 62 townhouses planned for the city’s Lafayette Square neighborhood that received preliminary approvals last week.
As a result of the move, Pulte will lay off more than 20 local employees when its departure process is complete at the end of 2018.
Pulte’s St. Louis announcement is the second significant move by the company this week intending to aid its new focus on higher returns on investment capital. The company disclosed plans on May 8 to sell off around 4,600 underutilized lots.