Being a sustainable business means balancing the needs of our stakeholders to create a successful product in the marketplace while also creating a platform for long-term financial growth.
We focus on creating neighborhoods where families can start putting down roots, and that, over time, mature into thriving communities. We have built thousands of communities across the U.S. These neighborhoods often include communal spaces and community infrastructure, like community centers, recreational facilities, walking and bike trails, elementary schools, community gardens and more. In 2017, we contributed nearly $40 million in local school fees.
It is also our view that contributing to the housing stock of a community is a form of infrastructure development. It offers homes to families and can make a positive long-term impact on the social and economic sustainability of the wider community. In addition, our commitment to building homes that are highly energy efficient makes an incremental positive impact on the overall sustainability of these communities.
Making homeownership attainable is at the core of what we have done for more than 60 years, and building homes that are affordably priced for working families is an important part of that. We believe our focus on making homeownership attainable for working families in the areas in which we build, particularly for those men and women who are essential to the functioning of healthy, safe communities, like teachers, police officers, firefighters, public sector employees and members of the military, contributes to making an entire community stronger.
For many years, KB Home and its employees have been good neighbors, not only by building energy-efficient homes for hard-working San Antonio families but also by rolling up their sleeves and volunteering in a variety of ways to make our community a better place to live and leading by example.
City Councilman, City of San Antonio
Our employee team is among our most valuable assets, and we believe that investing in our people is important to our continued success. We strive to create an environment that offers our employees satisfying work, with meaningful opportunities for career growth and development, and an appropriate balance with family and personal needs. For example, we provide an Employee Assistance and Work/Life Support Program that gives our employees 24/7 access to an independent advocate to confidentially assist them with legal, parenting, senior care, child care, pet care and identity theft, among other concerns. This investment and support for our team members may be one reason that a number of them have been with KB Home for more than 25 years. We also believe in the benefits of including a variety of individual perspectives and backgrounds within our organization and seek out diversity of experience in our hiring. In addition, we think that our sustainability focus attracts some of the best and brightest to our company and encourages them to remain with us to help lead the future of our industry. We often utilize the information in this report in our recruitment efforts.
KB Home gives its employees the opportunity to grow and to shape the future of homebuilding. I’m excited to be part of the team working on creating the new KB ProjeKt® concept home of tomorrow designed for today’s savvy 55+ homebuyer. It’s this blend of buyer-driven design and innovative sustainability that our customers in Las Vegas have come to expect from us.
Las Vegas Division
At the core of our innovative KB2020 business model is a focus on our customers. It starts with our extensive proprietary survey process, in which we asked thousands of recent homebuyers in every one of our markets what they felt was important to them and how that was reflected in the real-life trade-off decisions they made when purchasing their home. This specific data drives key operating decisions, from land purchases to community design to home design to what features to include or offer as options. We extend this approach to our consumer-facing Built to Order™ process that empowers our buyers to create a home as individual as they are.
This customer focus is reflected in our product satisfaction ratings. As reported by H2insight, our 2017 30-day post-purchase satisfaction rating from homeowners was 92%, and 90% of our homeowners said they would recommend KB Home to a friend.
Economic sustainability is grounded in a resilient business platform that is an engine for growth. As a homebuilder serving primarily the first-time, first move-up and active-adult buyer segments, effectively balancing affordability with the features and products that add to the cost of a home is a daily activity for us. Our Built to Order approach underscores this emphasis by focusing on each customer’s individual needs and wants through a high level of choice and personalization. We find this reduces our overhead risk, increases customer satisfaction and supports greater predictability in our business performance.
In addition, we are geographically diversified to mitigate the impact of individual market variations, building in 35 markets across the country. In 2017, we delivered nearly 11,000 homes nationwide with revenues of $4.4 billion. We are publicly traded on the NYSE under the ticker symbol KBH. In our 60-year history we have built more than 600,000 new homes for families from coast to coast. For more information on our financial and operational results and strategies, please see our Annual Report or Form 10-K for the fiscal year ended November 30, 2017.
In addition to the direct economic impact of our business for our employees and stockholders, the homebuilding industry is a key engine of growth for the wider U.S. economy. Each time a new single-family home is built, the amount of paid employment created is equivalent to three new jobs for a year, measured in full-time equivalents, according to a 2015 study by the National Association of Home Builders (NAHB)®. In addition, the purchase of a new home can generate additional economic activity for a variety of businesses as the family moves in and furnishes their new home. After moving in, our homeowners often become customers for local businesses, like grocery stores, restaurants, dry cleaners and gardening services.