One of the nation’s top homebuilders has been forced to drastically cut its construction prices in Florida because of the state’s slowing housing market.
Rob McGibney, COO of KB Home, ranked 545th on the Fortune 1000 list, revealed to investors in late March that the company had to reduce prices by more than $30,000 in the Sunshine State to drum up local business.
During the homebuilder’s latest earnings call on March 24, McGibney singled out Florida as being KB Home’s worst-performing market during the first three months of the new year.