TriNet, a leading cloud-based provider of HR services, has announced the findings of the December issue of its TriNet SMBeat. A key finding of the report is that technology and professional services were the hottest growing sectors for the year, with an annual net job growth of 49 percent and 26 percent, respectively. For the technology sector, this is nearly twice the growth rate when compared to 25 percent in 2013. Professional services witnessed the greatest year-over-year increase as 2013’s annual growth rate was only 8 percent.
Key findings from the December 2014 TriNet SMBeat Report include:
- In the top vertical area of net job growth, technology, Atlanta experienced a nearly 75 percent increase in annual net job growth.
- Los Angeles’s technology sector annual net job growth was nearly 61 percent in 2014, surpassing all other tech hubs except for Atlanta.
- Boston experienced a 57 percent annual net job growth in 2014; more than double its 23 percent increase in 2013.
- Net job growth for both Silicon Valley and the New York metro area technology sectors was 49 percent.
- The Denver/Boulder area saw a 25 percent annual net job growth. This is nearly double 2013’s annual net job growth of 13 percent.
- In professional services, New York State led the vertical with 40 percent annual growth, up from 2013’s annual new job growth rate of 6 percent. California followed behind with a net job growth rate of 30 percent. This is up from 2013’s net job growth rate of 8 percent.
- Construction was the only vertical market to grow more slowly this year than in 2013. It experienced a net job growth of 13 percent this year compared to last year’s growth of 15 percent
- Texas led the construction vertical with almost an 11 percent annual growth in 2014. This is significantly lower than the 55 percent growth rate in 2013.
- Another slow sector, manufacturing and mining moved from its 2013 annual net job growth rate of 5 percent to 7 percent in 2014.
- Georgia’s manufacturing, mining and other industry topped the geographies considered here in 2014 with 9 percent annual net job growth.