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 percent in net job growth in October coming mainly from Texas, California and Florida. Technology continued to see a month-over-month increase with 1.3 percent 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 percent growth per month. October brought a new high in 2013 with 3.35 percent net job growth, surpassing the previous high of 3.09 percent 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 3.6 percent net job growth per month. In October, Texas had 5.53 percent net job growth, much of it driven by activity in the energy and real estate sectors. California followed Texas, with a 3.23 percent net job creation in construction. Florida’s net job growth in this area increased by 52 percent in October, moving from 0.86 to 1.3 percent.
- Overall the tech sector continued to experience a strong trend in hiring in October, though slightly slower than September. Nationally, it saw 1.3 percent net job growth, decreasing from last month’s growth of 1.55 percent. 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 percent in October. On the flip-side, the Denver-Boulder area saw a significant decrease, dropping to 0.45 percent in October, compared to an increase of 1.81 percent in September.
- The tech sector continued to lead the post-recession economy in job growth averaging 1.75 percent 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 percent.