St. Joe Bails Out of Home Building

Jeff Brooks | 11/1/2006

St. Joe Co. (NYSEJOE) announced plans in September to terminate its home-building operations in the next 18 months to concentrate on developing and managing its land holdings, cutting about 110 jobs in the process. The decision follows an August announcement that St. Joe was eliminating 130 jobs as part of a company reorganization that combines its St. Joe Towns & Resorts, St. Joe Commercial and St. Joe Land Co. subsidiaries. In the past, St. Joe subsidiaries were organized by their tasks, such as commercial or residential development. Analysts see the moves as a reaction to the slowdown in the Florida real estate market. St. Joe owns more than 800,000 acres, mostly in northwest Florida.

Tags: Northeast, Housing/Construction

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