Inman Connect
After six years and more than $2 billion in funding, multifamily construction company Katerra is shutting down its U.S. operations. First reported by
The Information on Tuesday, the SoftBank-backed company long struggled with financial management, which was allegedly exacerbated by rising construction and labor costs over the past year.
“Following a thorough review of strategic business alternatives, Katerra has determined that it must wind down the majority of its U.S. business operations, effective immediately,” company leaders told employees in an email obtained by
The Information. “Unfortunately, most of our U.S. employees will no longer be working for Katerra in the near future.”