As the economy continues its slow and steady improvement, it’s a good time to reach out to business owners who may need financing for a commercial property. With much stronger than average numbers this past month, mortgage brokers may find that potential borrowers are more confident in their business’s prospects and are therefore more willing to seek out commercial mortgages. Here’s why:
The November jobs report, released last Friday, exceeded expectations and points to a strengthening and growing economy, according to a story published by CNNMoney. Employers added 321,000 jobs to payrolls last month, surpassing an estimate of economists surveyed by the news organization, who expected about 228,000 jobs to be added.
The U.S. economy has added an average of 224,000 jobs per month as this year has progressed. Economists consider any month with job gains over 200,000 to be strong.
According to the article, there was substantial job growth across several industries. These included 86,000 new professional and business services jobs, as well as 50,000 new jobs in retail employment. Seasonal hiring also increased this year as companies anticipated a stronger holiday season.
While new jobs have been added, wage growth continues to increase at a slow pace. According to CNNMoney, “Average hourly earnings rose by a stronger-than-usual 0.4%, though the measure is up only 2.1% for the year. Stagnant wages have been a concern for works and the economic policymakers at the Federal Reserve.”
Despite stagnant wages, the overall health of the economy does seem to be growing stronger. Because of this, commercial property owners are more likely to seek out commercial mortgages in order to expand or strengthen their businesses. Now is a great time to market your services as a commercial broker and help potential clients get the financing they need.