Washington, DC (PRWEB) June 08, 2011
BUILDER, the leading media brand for the home building industry, honored M/I Homes and Bloomfield Homes as the fastest-growing public and private home builders during the 25th anniversary BUILDER 100 Awards dinner in Chicago on May 24. Both companies were recognized for their compound annual growth rate over a three-year period.
The phrase “fastest-growing home builder” may seem like an oxymoron, especially among public companies, which during the last three years have reported record losses. However, M/I Homes stands out for its ability to grow even during the housing recession. Based in Columbus, Ohio, M/I has recorded two consecutive years of positive closings. It has also reported sales increases in 7 of its last 10 quarters. No other public builder has accomplished such a feat.
“M/I’s success could be attributed to a lot of things,” said Boyce Thompson, BUILDER’s editorial director. “The company has continued to innovate right through the downturn, first with a new series of smaller, green homes, and more recently with a focus on web marketing. The company capitalizes on the strength of local market knowledge, a focus on tracking and improving customer care, and a commitment to its ‘Move Up’ brand promise.”
In presenting the award to private home builder Bloomfield Homes, Thompson noted that the builder is consistently one of the most inspiring companies in the annual BUILDER 100 survey. The Dallas-based company has made all the right moves in the last several years to position itself for growth, including an extensive value-engineering process with vendors and subcontractors, fine-tuning land inventory to achieve a more competitive land basis, hiring experienced middle managers who had been let go by public companies, and adding to an experienced sales team that takes pride in its ability to tailor deals with customers.
“This private builder really took care of business last year,” said Thompson. “Bloomfield significantly increased its credit lines, bringing in one new lender, and negotiating an increase with its long-term lender. With this financing, it managed to acquire through purchase and options 1,700 lots to provide for future growth. Some of these lots are in prime locations. As a result, Bloomfield—which currently builds 40% of its homes for entry-level buyers, and 60% for the move-up market—plans to build homes at higher price points in the future.”
Published by Hanley Wood, BUILDER is the leading brand in residential new construction 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 navigate challenges for success. With an integrated media platform encompassing print, online and in-person, BUILDER is a trusted source for top builders, architects and other industry professionals across the country. http://www.builderonline.com
About M/I Homes
M/I Homes, Inc. is one of the nation's leading builders of single-family homes, having delivered over 78,500 homes. The Company's homes are marketed and sold under the trade names M/I Homes, Showcase Homes and TriStone Homes. The Company has home building operations in Columbus and Cincinnati, Ohio; Chicago, Illinois; Indianapolis, Indiana; Tampa and Orlando, Florida; Charlotte and Raleigh, North Carolina; the Virginia and Maryland suburbs of Washington, D.C.; and Houston and San Antonio, Texas. http://www.mihomes.com
About Bloomfield Homes
Bloomfield Homes is a locally owned home builder that acquires land, develops lots, and builds homes throughout the Dallas / Fort Worth area. Since being founded in 2004, the company has delivered in excess of 1200 new homes. http://www.bloomfieldhomes.net
# # #