Construction and Technology Were Fastest-growing Sectors in 2013

TriNet, a cloud-based provider of HR services, has announced the findings of the December issue of its TriNet SMBeat. The SMBeat report is a monthly analysis of small business employment and human capital economic indicators. December’s report features an analysis of overall net job growth for 2013. A key finding of the report is that construction and technology were the hottest growing sectors for 2013, with a net job growth of 21.53 and 21.07 percent, respectively.

Key findings, which were sourced from TriNet’s more than 8,000 customers and 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 percent.
• Startups fueled the New York tech sector’s annual net job growth of approximately 28.9 percent, outperforming Silicon Valley, which saw a 20.6 percent 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 percent, 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 percent 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 percent.

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 percent, bringing net job growth for 2013 to 9.8 percent.