PulteGroup Inc. (PHM - Free Report) intends to build a new active adult community in Wilmington, NC. The community named Del Webb Wilmington would be constructed under its Del Webb brand. This marks Del Webb’s first community in Wilmington and is expected to be opened in Oct 2016.
Located in the master planned RiverLights, the Wilmington community will accommodate 500 homes. The homebuyers will enjoy easy access to beaches, shopping destinations, entertainment, dining and healthcare facilities.
The new community particularly aims to match the lifestyle and housing needs of 55+ residents, who prefer to live close to their family and friends, and enjoy various lifestyle choices. The new community will offer facilities like a large amenity center, with indoor and outdoor pools, fitness rooms, tennis and pickleball courts.
PulteGroup’s Del Webb brand is a leading builder of active adult (retirement) communities for those aged 55 years and above in the U.S. The active adult space constitutes roughly a third of Pulte’s business. This is the fastest growing housing segment due to the increasing aging population in the country. The brand has been outperforming all other brands of Pulte for the past few quarters.
Housing sales are gaining traction amid improvements in the economic environment and employment picture. In fact, higher job numbers, a recovering economy, moderating home price gains, affordable interest/mortgage rates, rising rentals and a limited supply of inventory – all point to increasing momentum in 2016. Given such a market scenario, PulteGroup development of a new community appears well timed.
PulteGroup currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
Better-ranked stocks in the construction sector include Masco Corporation (MAS - Free Report) , TopBuild Corp. (BLD - Free Report) and GCP Applied Technologies Inc. (GCP - Free Report) . While TopBuild sports a Zacks Rank #1 (Strong Buy), Masco and GCP have a Zacks Rank #2 (Buy).
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