Many of the company’s buyers are purchasing homes in subdivisions along the East Coast, PulteGroup said in a statement today. In 2012, developments from northern Virginia to Florida represented 37 percent of its home closings and 43 percent of its year-end invested capital. Ninety-two percent of PulteGroup’s investments are outside of its midwestern markets, up from 72 percent 12 years ago, the builder said.
“We have historically managed our growth from Michigan, but the company has reached a point where we must pursue a strategy that better fits with the long-term growth trends,” Chief Executive Officer Richard Dugas said in the statement. “This relocation will bring us closer to our customers and a larger portion of our investment portfolio.”
The company was founded in Michigan in 1950 by William J. Pulte, who retired from the business in 2010. PulteGroup has 380 employees in Michigan, 54 of which won’t be affected by the move because they work in local homebuilding operations, which will remain in the area. The company, which employs 3,400 people in 28 states, expects to have 300 to 350 workers in its offices in Georgia.
Other homebuilders based in the Atlanta area include Beazer Homes USA Inc. (BZH) and closely held Peachtree Communities Inc. and Ashton Woods Homes.
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