Tech Sector Hiring in New York, Los Angeles, Denver-Boulder and Atlanta Continues to Outpace Silicon Valley
SAN LEANDRO, California, October 2, 2013 /PRNewswire/ --
- Technology SMBs still showing an increase in July with 1.38% net job growth, albeit slower than in August.
- Net job growth across SMBs in all industries slows to 0.79%, down from 1.37% in August.
The September issue of TriNet SMBeat, a monthly analysis of small business employment and human capital economic indicators, shows that despite a modest cooling off, month-over-month net job growth continued across all sectors. Strong net growth continued in the tech sector, with more significant increases seen in tech hubs outside of Silicon Valley, such as New York, Los Angeles, Denver-Boulder and Atlanta.
Key findings include:
- Tech hubs around the country, specifically New York, Los Angeles, Atlanta and Denver-Boulder, outpaced Silicon Valley in hiring. Atlanta, where many tech companies in the area provide tech services and operations targeted to large local corporations like Coca-Cola, leads net job growth at 3.31%. Followed by Denver-Boulder, Los Angeles and the New York Metro area, with increases of 1.69%, 1.55% and 1.10% net job growth, respectively. Silicon Valley saw net job growth of just 0.45% in September.
- Tech workers continue to flock to the Denver-Boulder area, where hiring has continued to grow every month by an average of 1.27% since January 2013. Here, tech workers command an average salary of $100,000. This is the highest average salary outside of Silicon Valley at $119,000. The average annual salary of tech workers across the nation is $105,000, second only to the national Life Sciences average, at $108,000.
The TriNet population, comprising over 220,000 employees of small businesses, saw positive growth across all industry verticals. Strong growth in net hiring came from the technology vertical (1.38%).
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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. 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 firstname.lastname@example.org.
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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.