The Homebuilders Getting Rich Off America’s Housing Shortage

Forbes Daily Briefing

Forbes

Careers, Business, News, Entrepreneurship

4.6 • 12 Ratings

🗓️ 25 September 2024

⏱️ 5 minutes

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Summary

Forbes uncovers a dozen new billionaire builders whose fortunes have jumped on the homebuilding industry’s high prices and high interest rates.

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0:00.0	Here is your Forbes Daily Briefing for Wednesday, September 25th.
0:05.0	Today on Forbes, the Home Builders Getting Rich
0:09.0	off America's Housing Shortage.
0:12.0	Surveying a row of 3-5 bedroom housing shortage.
0:13.0	Surveying a row of three to five bedroom starter homes going up along the recently
0:17.3	asfaulted Addison Drive in Cartersville, a suburb of Atlanta,
0:22.0	Tom Bradbury spots an issue.
0:24.0	Poking his brown brogue leather shoes into the red Georgia clay,
0:28.0	he makes a beeline for a construction crew manning an excavator,
0:32.0	telling them exactly where they need to dig.
0:35.2	Bradbury says, quote,
0:37.1	Everything has to be done right the first time and on time.
0:40.2	Like when a car comes off the assembly line,
0:42.2	it has to be ready to go.
0:45.0	Bradbury is an expert at churning out neighborhoods like this one,
0:48.6	called Duncan Farm, with Ford-like efficiency.
0:53.0	Since 2008, his Smith-Douglas Holmes has built 304 communities in five states.
0:59.0	Sales hit $765 million in 2023.
1:04.1	Shares of Smith Douglas, which Bradbury took public
1:07.0	on the New York Stock Exchange in January,
1:09.4	are up 56% since then. The 80-year-old Bradbury, who still owns 88% of the stock, is now a billionaire, worth 1.7 billion dollars.
1:21.0	It's a terrible time to be a homebuyer.
	...

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