Congratulations to NRP Construction and the broader NRP family for these many accomplishments and for winning the NAHB 2020 Pillar Award for U.S. Builder of the Year!
What’s diving the growth?
NRP Development continues to expand into new markets and create organic growth throughout the NRP footprint, and additionally, in the third-party general contracting business which started only 2.5 years ago, NRP closed on over 1,800 units in 2020, representing 25% of NRP Construction unit starts for the year. The combined NRP-developed properties plus third party GC business for NRP Construction has led to all time high current level of production which includes 51 active projects representing over 12,000 units and $1.6 billion in multifamily real estate.
But the single largest source of growth? Innovations in their corporate culture.
First, they’ve beefed up their core benefits program. In the past 24-months, along with the other NRP divisions, NRP Construction has moved from 6 company holidays to 11, from 5 sick days to 7, they have created a 4% opportunity match in their 401(k), and they have created “Time Off for New Parents and Adoptive Parents” programs. They have also established a Learning and Development function to create custom training programs for the construction team and have established an annual “Build” conference where the entire organization comes together to share the long-term vision of NRP.
Another new program is the “Wellness Fund” where managers can spend $1,000 per employee on a range of creative programs to keep their team members fresh and engaged. For senior leaders, there is a leadership development program which includes individual coaching sessions and quarterly summits. They have even converted their annual bonus program into an innovative quarterly bonus payout that is creating new levels of employee engagement and excitement.
As a reflection of their can-do attitude, NRP Construction has worked diligently to keep their people safe during the COVID crisis. NRP Construction reports that due to the strength of their safety culture and ongoing work with state regulators, they were able to achieve a total job-week uptime of 99.36% during the entire pandemic timeframe. Furthermore, they were able to start over 25 projects in 2020 through the amazing efforts of their NRP team combined with the very strong relationship they enjoy with their long-term highly talented sub-contractor base.