The Norman Transcript

Nation/World

January 19, 2013

Back to building

(Continued)

WASHINGTON —

Larry Webb, CEO of homebuilder The New Home Co., in Aliso Viejo, Calif., says he is building homes at a faster pace than a year ago, but he sticks to a sell-first, build-second approach.

Overall, Webb is selling and building a minimum of four homes a month, at least double the pace of sales and construction two years ago.

Webb believes the stepped-up pace of home construction will continue this year. But he’s holding on to the sell-first approach.

“Based on what we’ve gone through in the last recession and the way we do business, we think we should primarily build after we sell homes,” he said. “We only build after we sell.”

The company, which builds homes in California, has 10 open communities and plans to open another 14 this year.

“Normally there’s a big drop off between Thanksgiving and Christmas,” Webb said. “We saw very solid traffic and we’re anticipating a very good first quarter.”

Thursday’s positive housing report, along with a steep decline in unemployment benefit applications, contributed to a strong day on Wall Street. The Standard & Poor’s 500 closed at a five-year high.

“There is no denying that the housing market recovery is solidifying, and we expect construction activity to ramp up to the 1 million annualized threshold by the end of this year,” said Michael Dolega, an economist with TD Economics, in a note to clients.

Dolega said the gains in home building helped boost construction hiring in December by 30,000 jobs — the most in 15 months. He predicts the construction industry could add half a million jobs in 2013.

In December, the pace of single-family home construction, which makes up two-thirds of the market, increased 8 percent. While that’s well below healthy levels, single-family housing starts are now 75 percent higher than the recession low reached in March 2009.

Text Only | Photo Reprints
Nation/World
  • Be ready for ‘prolonged’ Gaza war, prime minister says

    GAZA CITY, Gaza Strip — Signaling an escalation of Israel’s Gaza operation, Prime Minister Benjamin Netanyahu told Israelis Monday to be ready for a “prolonged” war, and the military warned Palestinians in three large neighborhoods to ...

    July 29, 2014

  • Deal to improve health care costs $17B

    WASHINGTON — A bipartisan deal announced Monday would authorize about $17 billion to help veterans avoid long waits for health care, hire more doctors and nurses to treat veterans and make it easier to fire executives at the Department of ...

    July 29, 2014

  • FedEx charges raising online pharmacy issues

    SAN FRANCISCO — FedEx Corp., the latest company accused in a federal probe involving illegal online pharmacies, says it will fight the charges that it knowingly shipped drugs to people who lack valid prescriptions....

    July 27, 2014

  • EU, U.S. seek to curb Putin’s Ukraine course

    BRUSSELS — Months after Russia annexed Crimea and stepped up support for separatists in eastern Ukraine, Europe and the United States are still searching for a way to persuade Russian President Vladimir Putin to change course....

    July 27, 2014

  • Fighting intense near crash

    DONETSK, Ukraine — Ukrainian armed forces mounted a major onslaught against pro-Russian separatist fighters Sunday in an attempt to gain control over the area where a Malaysia Airlines plane was downed earlier this month....

    July 27, 2014

  • Gaza war rages despite truce pledges

    GAZA CITY, Gaza Strip — Israel and Hamas launched new attacks Sunday in the raging Gaza war, despite going back and forth over proposals for a temporary halt to nearly three weeks of fighting ahead of a major Muslim holiday....

    July 27, 2014

  • Hamas fires rockets on Israel, ending 12-hour lull

    BEIT HANOUN, Gaza Strip — Hamas said it fired five rockets at Israel late Saturday after rejecting Israel’s offer to extend a 12-hour humanitarian cease-fire by four hours, casting new doubt on international efforts to broker an end to 19 ...

    July 27, 2014

  • Death shows Ebola can spread through air travel

    ABUJA, Nigeria — Nigerian health authorities raced to stop the spread of Ebola on Saturday after a man sick with one of the world’s deadliest diseases brought it by plane to Lagos, Africa’s largest city with 21 million people. The fact ...

    July 27, 2014

  • Police ID kids killed in Philly carjacking crash

    PHILADELPHIA — Two carjackers who fled after ramming a stolen SUV into a family selling fruit for their church, killing three young siblings, were still on the run Saturday as the reward for their capture topped $100,000. The children’s ...

    July 27, 2014

  • U.S.: Russia firing across border

    KIEV, Ukraine — Russia is launching artillery attacks from its soil on Ukrainian troops and preparing to move heavier weaponry across the border, the U.S. and Ukraine charged Friday in what appeared to be an ominous escalation of the ...

    July 26, 2014