It’s the first week of March 2013, and there has been lots of encouraging news being reported about the US economy as of late. The country’s leading economic indicators are rising, and the national unemployment rate improved to 7.8%. Another bright spot are the small business employment numbers, which are on the rise according to reports from ADP Employment and Intuit, Inc. If you subscribe to the Balboa Capital equipment leasing blog, you have probably read some of our previous posts that highlight positive news stories about the economy, and this blog entry is no different. We make a point of providing our blog readers with news and information that is timely, relevant and, most important, optimistic.
Key Findings
When the fiscal cliff was resolved on January 1st, small business owners nationwide could eliminate a lot of their worry and focus on running their companies. It was as if a weight had been lifted off of their shoulders. The small business engine that fuels our economy is running at full speed, and companies in a wide variety of industries are experiencing growth.
This, as we all know, leads to job growth. ADP Employment reported that 192,000 new private sector jobs were added in January alone, and that 25,000 of them were for small businesses. Intuit’s report indicates that small businesses added 15,000 new jobs in February, and that average monthly compensation rose 0.4%.
Construction Industry Leading the Way
Certain industries play a huge role in our economic recovery. The construction industry is making a nice rebound because home prices are still relatively affordable, mortgage rates remain low, and consumer confidence is rising.
Construction employment rose in January, adding more than 30,000 new jobs. It is also worth noting that the construction industry has added more than 300,000 jobs during the last 24 months. Lastly, a leading research firm estimates that construction starts in 2013 will jump 6% to $490 billion.
We’re Hiring
Here at Balboa Capital, our employment numbers are on the rise, too. In the first two months of 2013, we have hired over 20 new employees for our equipment leasing, small business loan, franchise financing and vendor financing divisions. We are currently looking to fill additional positions, so visit our equipment leasing Careers Page today.
