Dive Brief:
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Profits for big builder Toll Brothers surged in its first quarter, which ended on Jan. 31, the company said Tuesday.
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The luxury homebuilder attributed its success to job growth, higher home prices, and the company’s expansion into urban centers in the West and South.
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Executive Chairman Robert Toll predicted a strong spring selling season for the Pennsylvania-based builder. “More jobs and better jobs should boost household formations and provide a basis for stronger housing demand,” he said in a press release. “We believe these positive macroeconomic trends, coupled with recent federal initiatives to increase mortgage availability, should support housing’s recovery.”
Dive Insight:
Toll Brothers wasn’t the only builder with good news this week. Meritage Homes reported a 48% increase in contracts for new homes in January. And Taylor Morrison and Standard Pacific also reported strong January sales.