Holy Backlog, Batman !

Toll Brothers has a $5.9 billion backlog of orders (new build) across the U.S.

Toll Brothers does not build on spec and only starts building once they have a non-refundable deposit. This indicates strong, continued housing growth.

Their CFO's explanation ? We're building about as many homes as we were in the 70's but demographic trends have produced 70 million new families, hence the sustained demand.