Michael Porter (2003 Presentation): The U.S. Homebuilding Industry and The Competitive Position of Large Builders

Overview
• Industry structure is a key driver of homebuilder profitability
- This tends to be lost amidst attention on fluctuations in interest rates and housing starts
• Overall industry structure is becoming more attractive
• Large multi-regional builders enjoy significant and growing
competitive advantages over smaller builders
• Market assessments of homebuilding stocks appear to be out of
line with other industries that have similar structural characteristics