California Forecasted to Add More Than 10,000 Construction Jobs by End of 2014
TriNet’s SMBeat October report features California’s construction sector employment outlook through December
SAN LEANDRO, Calif. – November 6, 2014 – TriNet (NYSE: TNET), a leading cloud-based provider of HR services, today announced the findings of the October 2014 issue of its TriNet SMBeat, a monthly analysis of small to medium-sized business (SMB) employment and human capital economic indicators. October’s report features an in-depth look at the California construction sector through the end of 2014. Based on an analysis of various job market indicators, the report forecasts that the California construction sector will add nearly 10,410 jobs by the end of the year.
California’s economy has bounced back after a slow start to 2014, mirroring the overall trend across the nation. The technology, manufacturing, real estate, logistics and construction sectors have all contributed to the state’s positive growth. Of these, the construction industry is a bellwether for the broader economy due to its overall size and interdependence with the other industries.
On the housing front, California is under-supplied with new homes in the wake of a recession that prompted homebuilders to halt or pull back on production. Now, though, construction permits are on the rise, and that is expected to continue over the next three years. Additionally, a steady increase in international trade should bolster the state’s transportation and logistics industry, and in turn fuel the construction of new industrial space.
Below are the key findings of the October 2014 TriNet SMBeat Report. All data related to net job growth is sourced from the TriNet’s population of more than 10,000 clients and approximately 272,000 worksite employees in the U.S. (as of 9/30/14). In addition to the analysis of the construction sector, the report shows that:
- With the growing real estate markets and investor activity tying to California’s construction sector growth, the financial services sector appears to be on a path of stable recovery. In 2013 the financial services sector grew at an annual rate of 7%. So far in the ten months of 2014, the financial services sector has nearly doubled the annual growth at 13%.
- Net job growth in financial services reached 1.57% in October, a slight improvement from last month’s 1.54% net job growth. Texas, Florida, and New York lead this sector, with 1.65%, 1.60% and 1.57% net job growth, respectively. California was substantially lower, with only 0.63% net job growth.
- The tech sector’s strong performance continues in October with 3.74% net job growth. This is substantially higher than last month’s growth of 2.99%. Atlanta and Boston lead the tech sector this month with 6.84% and 6.34% net job growth respectively. New York and Silicon Valley outpace the national average with 4.52% and 4.44%, respectively. Los Angeles and Denver/Boulder also had positive job growth, but at lower rates than the national average, posting 3.29% and 2.20%, respectively.
- Across all TriNet verticals, in October, net job growth increased to 2.45%, substantially higher than September’s growth of 1.35%.
- In California the construction sector is forecasted to add 3,180 jobs in October, contributing to a total job growth of 10,410 over the next three months of 2014.
For additional details and to receive monthly SMBeat alerts, visit TriNet.com/smbeat.
TriNet is a leading provider of a comprehensive human resources solution for small to medium-sized businesses, or SMBs. We enhance business productivity by enabling our clients to outsource their human resources, or HR, function to one strategic partner and allowing them to focus on operating and growing their core businesses. Our HR solution includes services such as payroll processing, human capital consulting, employment law compliance and employee benefits, including health insurance, retirement plans and workers compensation insurance. Our services are delivered by our expert team of HR professionals and enabled by our proprietary, cloud-based technology platform, which allows our clients and their employees to efficiently conduct their HR transactions anytime and anywhere. For more information, please visit http://www.trinet.com.
Jock Breitwieser Michelle Sieling
TriNet Horn Group
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