NVR, Inc. is an American company engaged in

home construction Home construction or residential construction is the process of constructing a house, apartment building, or similar residential building generally referred to as a 'home' when giving consideration to the people who might now or someday reside t ...

headquartered in

Reston, Virginia Reston is a census-designated place in Fairfax County, Virginia, United States, and a principal city of both Northern Virginia and the Washington metropolitan area. As of the 2020 U.S. census, Reston's population was 63,226. Founded in 1964, Rest ...

. It also operates a mortgage banking and

title A title is one or more words used before or after a person's name, in certain contexts. It may signify their generation, official position, military rank, professional or academic qualification, or nobility. In some languages, titles may be ins ...

services business. The company primarily operates on the

East Coast of the United States The East Coast of the United States, also known as the Eastern Seaboard, the Atlantic Coast, and the Atlantic Seaboard, is the region encompassing the coast, coastline where the Eastern United States meets the Atlantic Ocean; it has always pla ...

, but its operations encompass 14 states as well as Washington, D.C. In 2021, 22% of the company's revenue was from the

Washington metropolitan area The Washington metropolitan area, also referred to as the National Capital Region, Greater Washington, or locally as the DMV (short for Washington, D.C., District of Columbia, Maryland, and Virginia), is the metropolitan area comprising Washing ...

. NVR operates under the Ryan Homes, NVHomes, and Heartland Homes brands. The company typically does not engage in

land development Land development is the alteration of landscape in any number of ways, such as: * Changing landforms from a natural or semi-natural state for a purpose such as agriculture or House, housing * subdivision (land), Subdividing real estate into Lot ( ...

; it acquires finished

land lot In real estate, a land lot or plot of land is a tract or parcel of land owned or meant to be owned by some owner(s). A plot is essentially considered a parcel of real property in some countries or immovable property (meaning practically the sam ...

s that are ready for building, which the company believes mitigates risk. As of 2023, the company is the 4th largest home construction company in the United States based on the number of homes closed. It is ranked 389th on the 2022

Fortune 500 The ''Fortune'' 500 is an annual list compiled and published by ''Fortune (magazine), Fortune'' magazine that ranks 500 of the largest United States Joint-stock company#Closely held corporations and publicly traded corporations, corporations by ...

. The company's stock price is the second most expensive on U.S. exchanges, behind only

Berkshire Hathaway Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Originally a textile manufacturer, the company transitioned into a conglomerate starting in 1965 under the management of c ...

's Class A shares.

History

The company was formed in 1980 as NVHomes, Inc. (formerly North Virginia Homes Inc.) by Dwight Schar. In 1986, the company acquired Ryan Homes, founded in 1948 in

Pittsburgh, Pennsylvania Pittsburgh ( ) is a city in Allegheny County, Pennsylvania, United States, and its county seat. It is the List of municipalities in Pennsylvania#Municipalities, second-most populous city in Pennsylvania (after Philadelphia) and the List of Un ...

, to provide housing in the expanding post-war economy. In April 1992, as a result of the

early 1990s recession The early 1990s recession describes the period of economic downturn affecting much of the Western world in the early 1990s. The impacts of the recession contributed in part to the 1992 U.S. presidential election victory of Bill Clinton over incum ...

, the company filed

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the deb ...

. In September 1993, the company emerged from bankruptcy protection and once again became a

public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

. In December 2012, the company acquired Heartland Homes. In September 2019, the company was added to the

S&P 500 The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices and in ...

stock market index In finance, a stock index, or stock market index, is an Index (economics), index that measures the performance of a stock market, or of a subset of a stock market. It helps investors compare current stock price levels with past prices to calcul ...

Controversies

In February 2010, then Attorney General of Delaware,

Beau Biden Joseph Robinette "Beau" Biden III (February 3, 1969 – May 30, 2015) was an American politician, lawyer, and officer in the Judge Advocate General's Corps, U.S. Army, Army Judge Advocate General's Corps from Wilmington, Delaware, Wilmingt ...

, sued the company for fraud, seeking damages of $10,000 for each of 39 homeowners, alleging that the company did not provide promised amenities, primarily a clubhouse with restaurant and fitness center, for homeowners of a development built by the company in Townsend, Delaware. The lawsuit was settled in April 2010, with the company agreeing to complete development of the promised amenities and reimburse homeowners for the period when they have been paying for promised amenities that they did not receive.

References

External links

* {{DEFAULTSORT:Nvr, Inc. American companies established in 1980 Construction and civil engineering companies of the United States Companies listed on the New York Stock Exchange Companies based in Reston, Virginia