By Paul Owers | South Florida Sun-Sentinel
September 19, 2007
Home builder Levitt Corp. of Fort Lauderdale underscored the severity of the nation’s housing downturn Tuesday by announcing plans to lay off as many as 200 of its 573 employees.
The job cuts will begin this week and mostly come from Levitt and Sons, the company’s subsidiary that now employs 412 people.
Levitt will provide severance and outplacement services to affected workers, but Chairman Alan Levan said he did not yet have those details.
“We just feel terrible about this,” he said.
Builders nationwide enjoyed a five-year housing boom until 2006 but now are struggling to cope with the deepening slump. DiVosta Building Corp. of Palm Beach Gardens has laid off more than 300 workers this year.
“With fewer homes being built and sold, you need fewer people,” said Mike Larson, a housing analyst with Weiss Research in Jupiter. “It’s just the nature of the business these days.”
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http://www.sun-sentinel.com/business/sfl-flzlevitt0919nbsep19,0,6418165.story
