Green Brick Partners has placed 5th in the Dallas Business Journal’s annual Middle Market 50. The list ranks the fastest-growing middle market companies in North Texas based on revenue growth over a three-year period. An exercpt of the story, originally published by the Dallas Business Journal, is below.
September 13, 2020, Originally published on the Dallas Business Journal.
The home building and land development company says it is benefiting from the home-buying boom in suburban markets as younger buyers are moving out of apartments at a fast pace. We asked Brickman more questions about his company.
Can you talk about the effects COVID-19 has had on your company?
In-line with the increase in home ownership, we believe the COVID-19 pandemic has accelerated changes already underway in the economy. We are already seeing the impact of these trends in our record second quarter 2020 operating results which included a record backlog of $446.6 million, up 34.8 percent from Q2 2019, and $35 million in pre-tax income attributable to Green Brick, an increase of 78.1 percent over Q2 2019. As a result of COVID-19 we have seen home sales to buyers moving out of apartments roughly double, and the average age of our loan applicants through our mortgage joint venture drop by 5 percent as millennial buyers become more willing purchase a home.
Where did your business stand at the end of February 2020? What are you projecting your company will now end up 2020?
In the past few months, we saw new home orders in suburban markets outpace their more populous urban cores. At over a third of the national workforce, we believe millennials will be at the forefront of this shift and will quickly normalize suburban living for their peers.
What are you now projecting for 2021? What do you see as your growth opportunities?
In addition to the new demand for suburban homes, we are seeing migration patterns and corporate cultures shift at a rapid pace. This trend is in-line with the one-third of urban residents that have expressed a desire to move out of high-density apartments and into less-dense single-family communities. As working from home becomes more prevalent among employers, we believe commute times will become a much smaller consideration for homebuyers. As such, we expect buyers to find the larger floor plans, dedicated office spaces, and minimal maintenance requirements offered in our suburban communities to be in higher demand.
For the complete story, please visit: https://www.bizjournals.com/dallas/news/2020/09/13/middle-market-50-green-brick-partners.html