News and Information

FOR IMMEDIATE RELEASE

May 14, 2020

Contact: Erin Shugar ​eshugar@elon.edu

Superior Development, a leading townhouse community developing company, is soon reducing its
workforce.
Due to COVID-19, Superior Development is letting go of eight percent of their workers nationally,
one-fourth of which are located in North Carolina.

Keith Price, president of Superior Development, announced that effective July 1, the company is reducing
its workforce from about 10,000 workers nationally to 9,200. The immediate cause for this reduction is a
slowdown in business. While this shutdown affects workers in 44 states, 200 of the employees to be laid
off are from North Carolina offices.

To help the laid-off workers, Price announced that Superior Development will provide these employees
with severance pay of one month for each year of service with the company, up to a maximum of six
months. In addition, the company will continue providing health insurance benefits to the laid-off workers
for up to a year.

“We believe that if anyone examines similar reductions in force, they will find that our
severance-and-benefits package is one of the most generous of its kind,” said Price. “We only wish it
were not necessary.”

Superior Development is not the first to let go of employees due to the current state of the economy, and
will not be the last. Two months ago, EarthWorks, a construction company in Greensboro, announced that
they will be reducing their workforce by ten percent. While the reduction was necessary, Price stated that
Superior Development worked to minimize the number of employees affected.

“Superior is one of our important employers in North Carolina, and is one of the reasons we have grown
and prospered the way we have,” said Elizabeth Cannon, the director of the North Carolina Chamber of
Commerce. “The Chamber has every confidence that, under Keith Price’s direction, the company will
rebound and continue to be a pillar of our economy.”

Price agrees, expressing that Superior Development has a long future ahead and will come out of the
pandemic prosperous. Despite a slight revenue decrease of approximately five percent in 2019, following
a nationwide revenue decrease in the real estate industry, the company is stable.

“Despite the changes we are forced to make today, we are a company whose long-term future is bright,”
said Price. “There is more reason for optimism than pessimism. Our past has prepared us well to adapt
when needed and to grow when opportunity presents itself. That time is coming again.”

Superior Development has been developing townhouse communities throughout America since being
founded in 1968. The company was founded in and is still based in Dallas.
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