Modern Home Builder - Fall 2017 - 62
" We're trying to be contextual for the micro-environment."
ANDY BOWYER, MANAGING DIRECTOR
A difficult market did not deter founder Andy Bowyer, who saw an opportunity in the luxury market
where other builders had failed.
The recession gave
Middlefork LLC space to
grow within Chicago's luxury
home market. BY TIM O'CONNOR
www.middleforkluxury.com / Revenue: $9 million /
Headquarters: Chicago / Specialty: Luxury homes
www.mhb-magazine.com Fall 2017
Probably no industry was hit as hard by the Great Recession and the subprime mortgage crisis as America's homebuilders.
The Economic Census, a measure of American businesses conducted by the U.S. Census Bureau, shows the number of residential
construction businesses fell from 98,067 in 2007 to 48,557 in
2012 - a 50 percent drop in just five years.
That was not a good time to start a homebuilding business. But
the difficulty of the market did not deter Andy Bowyer, founder
and managing director of Chicago's Middlefork LLC, who saw
an opportunity in the luxury market where other builders had
failed. "I'm typically a pretty risk-averse person, so there was
definitely anxiety about the whole thing," Bowyer says. "But no
risk, no reward."
Bowyer worked in the architectural industry for six years before
moving into professional services consulting for 14 years. Despite