NAHB Builders' Cost of Doing Business Study (2025 edition): avg builder revenue $11.3M; 20.7% gross margin, 8.7% net (2023)

Claim: NAHB's Builders' Cost of Doing Business Study (2025 edition, 2023 data): average builder revenue $11.3M; 20.7% gross margin; 8.7% net margin.

Source: https://eyeonhousing.org/2025/03/builders-profit-margins-improved-in-2023/

Confidence: Verified.

Caveat: US data. Distribution skews to mid-size builders; SMB Canadian builders likely run thinner margins.

Implication: At 8.7% net, a $30k annual marketing spend is the entire net profit of a $345k-net builder. Framing the audit as a strategy fee (not a build fee) matters.