It was the biggest display of results since 2008, certainly a good sign for the market
Hawthorn East, Victoria -- (SBWIRE) -- 08/31/2012 -- One of, if not the largest luxury homebuilders in USA, Toll Brothers Inc, has reported to earn the highest revenue amount since the recession began in 2008. The revenue generated by Toll Brothers suggests that the housing industry in the United States is recovering from the recession and therefore, its shares have gone up to a five-year high as well.
CEO of Toll Brothers, Douglas Yearly, released the following statement according to GulfNews.com,
“We are enjoying the most sustained demand we have experienced in over five years. The housing recovery is being driven by pent-up demand, very low interest rates and attractively priced homes.”
The housing industry of the U.S. faced a major slump and went down deep into loss, during the recession of 2008 in the country. Since the recession, the industry has struggled get back to it’s best, however, surveys conducted recently are showing growth by the housing industry. There has been a rise in the home sales, and that has contributed to the low inventory and higher rental rates.
The interest rates were lowered and there was a lot of improvement and development done in the labor market, which greatly helped the conditions for the buyers.
Executive Chairman of Toll Brother, Robert Toll, added in a statement, “
“Housing is on the mend.” The CEO yearly added, “The pace of our contract growth has far exceeded the national housing data as we are gaining market share.”
There has been a 57 percent recorded rise in the signed contracts at Toll, making the backlog to jump 59 percent to reach $1.62 Billion. The CEO expects contracts to rise even more in the coming months.
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