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Tampa Bay-Lakeland
Business Observer Monday, Dec. 5, 2011 10 years ago

Meritage enters Tampa market

A Phoenix-based firm will begin building in Tampa in the first quarter of 2012.

TAMPA -- Meritage Homes (symbol: MTH), a Phoenix-based homebuilder, is set to enter the Tampa market next year, a release says.

Meritage is “beginning to secure land positions for its new Tampa division, broadening its presence in the southeast,” a release explains. The company plans to begin building new homes in the first quarter of 2012.

Meritage Homes CEO Steve Hilton calls Tampa “one of the most attractive homebuilding markets in the southeastern United States,” based in part on the fact that “strong job growth [is] expected” for the area, he says.

The homebuilder generated $941 million in revenues last year, along with a $2.48 million operating profit. The company's venturing into the black is no doubt a welcome sign for investors; between 2007 and 2009 Meritage posted more than $887 million in operating losses.

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