Massachusetts Tech Industry Shows Employment Growth and Innovation According to SMBeat

Barnett Shale Gas Boom Boosts Construction Industry Growth in Texas for Decades

SAN LEANDRO, Calif. – June 4, 2013 – TriNet’s SMBeat, a detailed monthly analysis of trends in key human capital economic indicators for small businesses, reports the technology industry continues to lead the way of innovation and employment for many cities across the U.S. TriNet companies in the technology vertical saw a 0.86% increase in job growth. In particular, the Massachusetts tech industry reestablished itself as an epicenter for innovation, with renewed vitality and niche markets for tech entrepreneurs. SMBeat data supports this trend and confirms a job increase of 2.04% in the Bay State.

Tweet This: SMBeatReport: Mass Tech Sector Reestablishing as Innovation Hub Jobs up 2.04%Texas Gas Boom to Boost Jobs for Decades http://bit.ly/13BfWsO

SMBeat also reports good news for the construction industry in Texas. Bolstered by the Barnett Shale gas boom across the state, construction jobs in Texas saw a 6.68% increase. The impact will help Texas in the future, as this boom is expected to result in multiple decades of growth in the industry[1]. Already, the housing market in North Texas surged in April with a 30% increase in sales. This marks one of the largest percentage increases on record for the area since 1998. [2]

In employment news across the U.S., May numbers show that Colorado and New York experienced the lowest unemployment rates since the Great Recession of 2007-2009. New York’s unemployment rate went down to 7.8%, the lowest rate since March 2009[3]. At the same time, Colorado employment increased by 54,700 jobs while the number of unemployed residents in the state decreased by 32,600 and the Centennial State experienced strong month-over-month gains[4]. Across the U.S., overall hiring rates for TriNet companies marginally outpaced terminations, which contracted to 1.45% while new hires increased by 2.1%.

The complete SMBeat report is available here.

About SMBeat

SMBeat provides a detailed analysis and a predictive forecast for trends in key human capital economic indicators for small businesses. All reported statistics are seasonally adjusted unless otherwise indicated. All reported months run from the 13^th of the previous month to the 12^th of the current month.[5] TriNet generates payroll information by tracking real-time movements within its base of approximately 5,000 entrepreneurial businesses whose employees earn approximately $100,000 in annual base salary. These companies fall primarily into three broad industry segments: technology, professional services, and financial services. SMBeat aggregates and reports data reflecting compensation, hiring and retention (both involuntary terminations and voluntary resignations), and also provides ongoing analysis of contributing factors to these trends, including regional, industry and seasonal variables. Additional details can be found on the company’s SMBeat web page. Technical questions can be submitted via email to smbeat@trinet.com.

About TriNet

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 specializes in serving fast-moving companies in fields such as technology and financial services, who recognize that top-quality employees are the most critical competitive asset. For more information, please visit https://www.trinet.com.

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