Strongest Year of Job Creation in 15 Years

United States businesses increased hiring across the board in November, adding 321,000 nonfarm jobs and putting 2014 on pace to be the best year for job growth since 1999.

According to the Labor Department, November's numbers were the highest since January 2012. The unemployment rate was at 5.8 percent, unchanged from October but down from November 2013. The labor market's improving growth could help cushion the U.S. from a slowdown in the global economy. Strong job gains also bring the day when the Federal Reserve starts increasing short-term rates that have been near zero for six years during the financial crisis, recession and slow recovery.

Despite the steady improvements, at least 2.8 million people in November were out of work for more than six months, making up 30.7 percent of the unemployed. The number of people working part-time because they could not find full-time employment was 6.9 million. Economists predict wages to rise as unemployment falls and companies compete to hire from the shrinking pool of workers. This healthy mix could help earnings, as well.


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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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