PulteGroup (NYSE:PHM) is packing up its executives for a move to a new home down South. The company announced that next year it will shift its corporate headquarters to Atlanta from the current base in Bloomfield Hills, Mich. One part of the firm will remain, however -- its Michigan home-building operations, which will stay where they are.
PulteGroup is making the move because of its current customer profile. Last year, 37% of its home closings took place in the region spanning Northern Virginia down through Florida. Additionally, 43% of its year-end invested capital was concentrated there.
Once the Atlanta office is fully staffed, it will be the workplace of 300-350 employees. Around 54 will remain in the Michigan facility.
Fool contributor Eric Volkman has no position in PulteGroup, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.