Construction and Technology Fastest Growing Sectors in Small Business Job Growth in 2013
Key findings - sourced from TriNet’s more than 8,000 customers and over 218,000 worksite employees in the U.S.
- Driven largely by the boom in building around the energy industry, Texas led the nation in construction, rebounding strongly with an annual average net job growth of 68.06%.
- Startups fueled the New York tech sector’s annual net job growth of approximately 28.9%, outperforming Silicon Valley, which saw a 20.6% annual growth rate for 2013.
- Slower to pick up as the economy recovers, the financial services and agriculture, manufacturing and mining sectors experienced the lowest positive annual net job growth in 2013, with 3.35% and 2.63% respectively.
- Despite slow growth in financial services vertical overall, the finance hub of New York state posted an annual net job growth of 4.66% in this sector.
- California, which is recovering from the economic downturn and growing across all sectors, fared better than the rest of the country in net job growth for the agriculture, manufacturing, and mining vertical, showing an annual growth rate of 2.86%.
In addition to the strong growth in construction and technology, the TriNet population as a whole finished December with a net job growth of 1.32%, bringing net job growth for 2013 to 9.8%
TriNet is a trusted strategic HR partner to small businesses, providing critical HR-related services on an outsourced basis. TriNet's solutions help contain costs, minimize employer-related risks, and relieve administrative burden to keep an entrepreneur's focus on their core business functions. From employee benefits and payroll processing to high-level human capital consulting, TriNet's Professional Employer Organization (PEO) expertise and best in class systems relieve clients of many of the day to day administrative burdens that distract them from building and growing their businesses. TriNet serves small and medium-sized companies in a broad range of verticals such as biotech, consulting, financial services, food services, hospitality, not-for-profit, technology and many others, who recognize that top-quality employees are the most critical competitive asset. For more information, please visit http://www.trinet.com.
Jock Breitwieser Michelle Sieling
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