The recent downturn in the housing market has led to layoffs for one home-builder in the region.
Dallas-based Centex Homes, one of the largest builders in the country, let go of about 25 workers in the Washington Metro area last week, according to a company spokesman. Sources, however, say that figure is larger.
“The home-building market, it’s normalizing,” said Centex spokesman Ken Smalling. “We’ve adjusted our volumes to meet the demand.”
Homes are staying on the market longer, inventories are increasing and price jumps are slowing in what analysts say is the end of a years-long boom. Centex is a prolific builder locally, with scores of townhouse, condo and single family projects to their name throughout Northern Virginia and Maryland.
Smalling said Centex Homes does not plan further “adjustments” this year.
Building industry groups say they are not expecting any trends in layoffs among builders in the region.
Job growth in Northern Virginia will maintain the demand for housing there, said Northern Virginia Building Industry Association Executive Director Jim Williams in a statement.
“And with this continued demand for housing, the construction job market will remain strong,” he said.
The Maryland-National Capital Building Industry Association had a similar assessment.
“At this time the slowdown in traffic and sales in the housing market is generally viewed as a correction after several years of very strong demand and escalating housing prices,” Executive Vice President Susan Matlick said in a release. “Companies may be re-evaluating their sales and marketing programs, but there has been absolutely no indication of any reductions in the workforce.”
At a glance
Centex is one of the largest home-builders in the nation. It has a presence in markets in 25 states and built more than 39,000 homes in the most recent fiscal year.
