Tri Pointe Homes Expands its Premium Lifestyle Builder Footprint With New Division in Utah
19 September 2023 - 12:00PM
Tri Pointe Homes® (NYSE: TPH), one of the largest homebuilders in
the U.S., announced today that it is expanding its footprint with
the opening of a new division in Utah. Operations will be based in
the greater Salt Lake City region, one of the most consistently
strong housing markets in the country.
Tri Pointe Homes’ strategic expansion capitalizes on the rapid
population and job growth that Utah has been experiencing for more
than a decade and that is a key driver of housing demand. According
to U.S. Census Bureau data, Utah was one of the country’s fastest
growing states from 2010-2020, while its unemployment rate is one
of the lowest in the nation, according to the U.S. Bureau of Labor
Statistics.
“We conducted in-depth research into the Utah market leading up
to our expansion into the region,” said Tom Mitchell, president and
chief operating officer of Tri Pointe Homes. “We are a growth
company that looks closely at each new market’s fundamentals and
carefully analyzes how we can best execute on them. When studying
the Utah market, we saw clearly how Tri Pointe Homes’ model of
being a customer driven, premium lifestyle builder will fill a need
in a very strong market. We are excited to announce our expansion
into Utah and are confident it will prove to be a successful
strategic move for Tri Pointe Homes.”
“Utah’s consistently strong housing market is fueled by its
diverse economy, which provides a runway for long-term growth,”
said Ken Krivanec, who has been named as president of the new
division. Krivanec, who has served as division president for Tri
Pointe Homes’ Washington division for 12 years, will serve in a
dual president role. “The state is home to a large number of
different industries, including tech, life-sciences, aerospace,
financial services and energy/natural resources. This diversity has
led to one of the strongest job growth markets in the country which
coincides with an ever-increasing demand for housing.
“Utah, like the rest of the country, has a severe housing
shortage, which has been exacerbated by existing homeowners who are
unwilling to sell and give up their low interest rate mortgages,”
said Krivanec. “At the same time, new home builders have pulled
back on housing starts, which has created an even greater shortage.
We believe that this presents Tri Pointe with an ideal opportunity
to apply our Best of Big and Small pillar when expanding into Utah
and to successfully leverage the unbalanced supply and demand
conditions in the market.”
A key pillar that helps Tri Pointe Homes succeed in diverse
markets across the country, the Best of Big and Small means that
each of the company’s regional divisions are led by market experts
who are empowered to make decisions on a local level while having
the financial backing and resources of one of the largest public
homebuilding operations in the country.
“Ken is the ideal leader to launch our new Utah division,” said
Mitchell. “Having been raised in Utah, working in the industry
there previously, and regularly travelling over the last decade
between the Washington and Utah markets, Ken has deep ties and a
profound understanding of the market. Ken is a strategic and
collaborative leader who has the backing of a highly qualified and
engaged team in Washington, which will allow him to take on this
expanded leadership role focusing first on land and talent
acquisition and contribute in a significant way to Tri Pointe
Homes’ strategic growth in both the Washington and Utah
markets.”
About Tri Pointe Homes®One of
the largest homebuilders in the U.S., Tri Pointe Homes,
Inc. (NYSE: TPH) is a publicly traded company and a recognized
leader in customer experience, innovative design, and
environmentally responsible business practices. The company builds
premium homes and communities in 10 states, with deep ties to the
communities it serves—some for as long as a century. Tri Pointe
Homes combines the financial resources, technology platforms and
proven leadership of a national organization with the regional
insights, longstanding community connections and agility of
empowered local teams. Tri Pointe has won multiple Builder of the
Year awards, was named one of the
2023 Fortune 100 Best Companies to Work
For®, and was designated as one of the 2023
PEOPLE Companies That Care®. The company was
also named as a Great Place To Work-Certified™ company
for three years in a row (2021 through 2023), and was named on
several Great Place To Work® Best Workplaces lists in
2022 and 2023. For more information, please
visit TriPointeHomes.com.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a9d3dd2d-a006-462b-b7d6-d3629c183dfa
CONTACT:
Katy Biggerstaff
kbiggerstaff@newgroundco.com / 562.761.6338
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