Small Business Showed Strong Economic Indicators as Hiring in Construction and Technology Continued to Rise
- Construction job growth reached new high for 2013
- Tech hiring has seen 54 months of continuous net job growth
SAN LEANDRO, Calif. – November 7, 2013 – The October issue of TriNet SMBeat, a monthly analysis of small business employment and human capital economic indicators, showed that month-over-month net job growth continued across the United States. Construction had the most significant jump with 3.35% in net job growth in October coming mainly from Texas, California and Florida. Technology continued to see a month-over-month increase with 1.30% in net job growth across all major tech hubs except Denver.
Key findings--sourced from TriNet’s more than 8,000 customers and over 220,000 worksite employees in the U.S.
- Construction hiring has grown steadily throughout 2013 with an average of 1.61% growth per month. October brought a new high in 2013 with 3.35% net job growth, surpassing the previous high of 3.09% recorded earlier this year in March.
- Texas, California, and Florida lead the country in new small business construction jobs. Texas has seen continuous positive job creation in the construction sector since October 2012, averaging 3.60% net job growth per month. In October, Texas had 5.53% net job growth, much of it driven by activity in the energy and real estate sectors. California followed Texas, with a 3.23% net job creation in construction. Florida’s net job growth in this area increased by 52% in October, moving from 0.86% to 1.30%.
- Overall the tech sector continued to experience a strong trend in hiring in October, though slightly slower than September. Nationally, it saw 1.30% net job growth, decreasing from last month’s growth of 1.55%. New York, Los Angeles, and Atlanta continue to outpace Silicon Valley’s growth. Silicon Valley, though, closed the gap with other tech hubs across the country with net job growth jumping to 1.02% in October. On the flip-side, the Denver-Boulder area saw a significant decrease, dropping to 0.45% in October, compared to an increase of 1.81% last month.
- The tech sector continued to lead the post-recession economy in job growth averaging 1.75% monthly net job growth since May 2009.
In addition to tech and construction, the TriNet population, comprising over 220,000 employees of small businesses, continued to see positive growth across all industry verticals with an overall net job growth of 0.73%.
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About TriNet SMBeat
TriNet 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 13th of the previous month to the 12th of the current month.[1] TriNet generates payroll information by tracking real-time movements within its base of approximately 7,000 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. TriNet 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 TriNet SMBeat web page http://www.trinet.com/smbeat. 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 http://www.trinet.com.
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[1] The TriNet SMBeat has adjusted the monthly reporting cycle to end on the 12th of the month, to mirror the methodology of the US Bureau of Labor Statistics.
