Over the past five years, industry concentration has been on the rise. The industry became increasingly fragmented following the recession and the collapse of property prices that decimated industry performance. However, more recently, increasing demand for housing has precipitated new sales and rising average home prices. Therefore, major companies that leverage economies of scale and have a presence in a number of high growth markets have enjoyed exceptionally high growth. Over the five-year period, all major industry players have achieved annualized double digit growth and, consequently, have increased their market share. This has largely been achieved by organic growth as, although Lennar Corporation and DR Horton have aggressively pursued
