With the economy on its way to recovery, credit unions may notice an uptick in inquiries from members wanting to start or grow businesses in certain areas.
According to research firm Sageworks in Raleigh, N.C., the fastest-growing industries for small businesses in the U.S. and their respective growth rates in 2012 were:
• Residential building construction: 14.8%
• Computer systems design and related services: 14.3%
• Machinery, equipment and supplies merchant wholesalers: 13.8%
• Management, scientific and technical consulting services: 12.3%
• Architectural, engineering and related services: 11.4%
• Foundation, structure and building exterior contractors: 11.4%
• Building finishing contractors: 11.3%
• General freight trucking: 10.4%
• Services to buildings and dwellings: 10.1%
• Other specialty trade contractors: 10.0%
These industries saw sales growth between Jan. 1, 2012, and Dec. 31, 2012, that topped private companies as a whole, Sageworks said.
“Successful credit unions know that while business may be great today, there’s no guarantee for tomorrow,” said Mary Ellen Biery, Sageworks research specialist.
“That’s why it’s important that your lending department is constantly thinking ahead – constantly considering which industries are in sound financial shape, and which industries may be applying for business loans in the future,” Biery said.