Fulton Homes to invest $300M to develop Phoenix-area homes
Mar 27, 2018, 4:31 AM | Updated: 11:49 am
(Fulton Homes Facebook Photo)
(Fulton Homes Facebook Photo)
PHOENIX — Fulton Homes, an Arizona-based home builder, has planned to invest $300 million to develop new homes in Phoenix, with a majority of them in the southeast Valley.
The company currently owns and controls more than 6,000 lots in the Phoenix area, Doug Fulton, CEO of Fulton Homes, told Phoenix Business Journal.
“That’s without one model being opened and one house closing,” Fulton said. “People ask me, ‘Do you gamble?’ I’m in the homebuilding business. I gamble — I don’t know where interest rates are gonna go. Anything can happen.”
The news of the investment came not long after the Alliance Bank of Arizona 2018 Economic Forum said that the gross state product increased by 3.1 percent from 2016 to 2017, a number above the national average.
Similarly, the state’s population increased during the same period at a rate of 1.6 percent, also above the national average.
In addition, information from an Arizona real estate agent said that millennials are beginning to buy homes in the Phoenix area at an increased rate.
Fulton said that his company expects to deliver 1,000 homes this year, a similar number to last year.
Fulton Homes has constructed more than 25,000 homes in Arizona since it was founded in 1975.
