Toll Brothers CEO: Most of Growth Is West of Mississippi

The transcript discusses the challenges of land scarcity in the Northeast, particularly in New York City, and the strategic growth of a real estate company west of the Mississippi. It highlights the difficulties in acquiring land, the importance of creative land buying, and the impact of market conditions on operations. The labor market is recovering, with cost management being a key focus. Project timelines are influenced by permitting and land development, but labor is no longer a major issue.

What is one of the main challenges in acquiring land for single-family homes in the Northeast?

• High competition from other builders

• Lengthy entitlement processes

• Lack of skilled labor

• High construction costs

Why is land considered valuable once acquired in the Northeast?

• It is easy to develop

• It is inexpensive

• It requires less labor

• The supply is limited

What is the company's strategy for growth in the West of the Mississippi?

• Increasing marketing efforts

• Expanding active adult communities

• Focusing on luxury buildings

• Reducing construction costs

How has the labor market recovery affected the company's operations?

• It has worsened the labor shortage

• It has improved cost management

• It has delayed project timelines

• It has increased material costs

What dictates the speed at which a community can come online?

• Availability of skilled labor

• Construction technology

• Permitting and land development

• Market demand