New No. 2

Leapfrog at the top of the industry continues. The $1.2 billion combination of D.R. Horton and Schuler Homes will likely form a new No. 2 builder. For the most recent 12-month period, the firms had $6 billion in revenue while delivering 26,625 homes.

The merger actually represents the combination of three top-25 Giants. In April, Honolulu-based Schuler, No. 25, acquired No. 24 Western Pacific Housing.

"We have a long-term goal of being the largest and most profitable builder in the U.S," says CEO Don Horton.