St. Louis Business Journal, Friday, May 11, 2018
2017 revenue: $90.3 million
In what President Ken Kruse characterized as “a great year,” homebuilder, Payne Family Homes reported 2017 revenue of $90.3 million. The 17 percent jump was driven by the opening of a new Wildwood community, a significant sales increase at its Forest at Pevely Farms upscale community in Eureka, and higher sales at The Villages of Provence in St. Charles and its other developments along the Highway 364 corridor, he said.
“We had our first home closings at Main Street Crossing in Wildwood, a special community created with a very long, but fruitful partnership with the city of Wildwood. Also, we expanded north into St. Paul, Missouri, with a very successful community named Riverdale,” Kruse said. The company also closed on new ground in Arnold for a community named Henley Woods, bolstered its St. Charles County land position and added The Bluff at Crimson Oaks in Lake St. Louis, “the last remaining new construction in Lake St. Louis with full lake rights,” he said.
PulteGroup, once St. Louis’ third largest homebuilder, announced a year ago it would exit the St. Louis market by the end of 2018. “We benefited by acquiring some significant talent and improved land position as a result,” Kruse said.
“While the market remained relatively steady in 2017, we were able to gain market share and increase revenue,” Kruse said. “Continued increases in labor and material costs have and will continue to create margin pressure. Rising interest rates, while still historically low, should entice buyers to act quickly before they rise even further. Combined with historically low inventory levels, we expect the market to remain solid. We have land positions in strong locations to continue our year-over-year growth for a 10th consecutive year.”
Add any jobs in 2017? Five jobs were added to our land, sales, finance and construction operations staffs to support our growth.
Adding any jobs in 2018? We expect to add another five to 10 in 2018.
Local/total employees: 70