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According to a recent survey about the economy, many New Jersey banks are optimistic about 2014. These small to medium-sized banks lend to households and local businesses, and their positivity could make them more likely to provide loans to those in need of financial assistance. The survey could also be an excellent indicator of how the local New Jersey economy may improve or decline in 2014.
Why are Many New Jersey Banks Optimistic about the Current Economy?
Statistics from the survey showed that only 9.3 percent of banks that participated in the study believe the New Jersey economy is in poor shape, which is a significant drop from the 31.5 percent that said the economy was in poor condition in 2011. The number of banks that believe the economy is in good shape also increased from 5.6 percent in 2011 to 12 percent this year. An even greater 13 percent of banks stated that the U.S. economy is in overall good shape. This seemingly small change in outlook for banks is an important step toward an economy climbing out of the recession. Nearly 30 percent of banks surveyed expect the U.S. economy to improve, while only 10.7 percent expect it to weaken in the upcoming year.
Perhaps most importantly, bankers stated that the demand for commercial loans is strong and that solid demand for home loans still exists. Bankers also stated that multi-family residential rental units are in high demand, with about 70 percent of those surveyed saying that this market is in good or excellent condition. Some bankers predict an increase in the demand for multi-family residential and industrial units.
Only 12.3 percent of banks included in the survey said residential foreclosures are increasing, and only 2.9 percent said commercial foreclosures are worsening. These are significant improvements from 2011, when 53.7 percent of banks saw growing residential foreclosures and 80.9 percent saw increasing retail foreclosures.
Despite this cautious confidence, many bankers believe there are several aspects of the economy that will not change significantly in 2014. Some believe that while the economy is improving, it has not yet completely turned around for the better.
I Need a Business Lawyer in New Jersey
Klafter & Mason, L.L.C. is able to serve clients with many different business and employment legal needs. Our Monmouth County business attorneys have several decades of combined legal experience. We work with clients to resolve issues concerning business transactions and employment in addition to business and construction litigation. We can make sure your company stays within the law, and can work with those who feel their workplace rights were violated. Call our office today or fill out the contact form on our website to get started.