Paul Romanowski

Paul Romanowski became President and CEO of D.R. Horton in 2023, succeeding the company's co-founders. D.R. Horton is the largest homebuilder in the United States by volume, closing approximately 90,000+ homes per year across 33 states. Founded in 1978 by Donald R. Horton, the company has grown primarily through geographic expansion and a relentless focus on affordable, entry-level homes — the segment with the highest demand and the most acute supply shortage. D.R. Horton's competitive advantage lies in its scale: as the largest buyer of building materials, land, and subcontractor services in the US homebuilding industry, the company achieves procurement costs that smaller builders cannot match. The company operates a vertically integrated model including Forestar Group (a lot development company that provides finished lots), DHI Mortgage (a captive mortgage originator), and rental housing subsidiaries for single-family and multi-family rental communities. The US faces a chronic housing shortage estimated at 4+ million units, driven by a decade of underbuilding following the 2008 financial crisis, population growth, and household formation trends. This structural deficit provides a long-term demand tailwind for homebuilders. Key stock drivers include mortgage interest rates (the single most important variable for housing demand), housing starts and permits, home prices, land costs and availability, building material costs, labor availability and wages, D.R. Horton's order and backlog trends, and the competitive dynamics with Lennar, NVR, PulteGroup, and Meritage Homes.