As Seattle has caught up with the rest of the country in terms of feeling the pain from the housing slowdown, local powerhouse Quadrant Homes has cut deeper to control costs. Late Friday afternoon, the company's chief executive announced that management was reducing headcount by 45 positions.
Following the layoff, which affected employees both at the corporate and field levels, the company's payroll is limited to 180 employees.
This is the second layoff for the company this year. Management cut staff by 15 positions in May.
In an official statement, Quadrant president Peter Orser said, "While Quadrant remains committed to providing more house to more home buyers for less money, we need to adjust to the continued challenges in the regional housing market and balance the size of our operation with current demand for new homes."
Last year, the Belleview, Wash.-based company nabbed the top builder slot, locking in 878 closings for a 3.4% market share, according to Builder magazine's Local Leaders list.
However, as the slowdown has gained momentum in the area, sending housing inventories up and new-home demand down, the company has fallen off that pace. Company spokesperson Kate Tate said, "This time last year, we were starting seven new homes a day; today, we are starting three new homes a day."
According to Hanley Wood Market Intelligence, Quadrant has 21 active projects in the greater Puget Sound area for a total of 4,702 planned housing units.
Learn more about markets featured in this article: Seattle, WA.