The new beige book released by the Federal Reserve indicates that local U.S. economies expanded at a moderate rate at the tail end of 2013. Among those local economies were Atlanta and Chicago. Boston and Philadelphia saw some growth, while Kansas City reported that the economy “held steady,” according to the beige book.
Home sales were also up, as reported by the Fed. Most districts reported increases in home sales in the closing months of 2013. Sales in Atlanta, Cleveland and Kansas City slowed year over year, however.
Consumer spending increased “in almost all districts,” according to the report. In Boston, a retailer noted trends seemed to be improving. Philadelphia retailers were also hopeful, but their expectations going into the holiday season were uncertain. Retailers in Atlanta were mildly optimistic. Stores in Minneapolis and Kansas City were also cautiously optimistic.
There was a strong demand for home furnishings in Boston, Richmond, Chicago, and Kansas City, according to the report. Part of these sales might be due to expansions in the construction sector. As construction companies grow, they may benefit from expanding through an equipment financing program. Additionally, apparel sales were strong in Boston, Cleveland, and Kansas City.
Consider Expansion in 2014
With the improvements in the economy, small businesses are finding it easier than before to get loans. According to a survey by the National Federation of Independent Business, just 4 percent of small business owners reported trouble getting their credit needs met. Additionally, only 2 percent found getting credit to be their top concern, versus the 23 percent who cited taxes and the 20 percent who said regulations were their greatest concern.
With loans so easy to get, it may be a good time to expand. Many companies have begun turning to alternative lending to avoid the lengthy and complicated process associated with traditional banks.
If you want to grow your business, take a look at National Funding’s business loan calculator, and consider getting a loan suited to your business’ exact needs. Growing businesses can receive funding in as little as 24 hours.