New York Tech Employment Outpaces Silicon Valley But Lags in Salaries
SAN LEANDRO, California, July 3, 2013 /PRNewswire/ --
- NY tech employment outpaces Silicon Valley since March 2013
- NY tech workers trend more female and younger than in CA
- Georgia tech companies see 3.74% creation bolstered by VC funding
TriNet's SMBeat, a detailed analysis of trends in key human capital economic indicators for small businesses, reports employment in the New York tech sector received a 2.5% bump in June as the state continues to challenge San Francisco as a tech hub and start-up incubator. Net job growth in New York tech has outpaced Silicon Valley consistently since March.
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US tech sector job growth. Source: TriNet SMBeat
Month NY CA National
March 2.40% 0.30% 0.70%
April 2.10% 2.30% 2.10%
May 0.90% 0.80% 1.00%
June 2.50% 1.30% 1.40%
While New York beats California in employment growth, the same does not hold for salaries. The average salary for the NY tech sector is $94,000 compared to $120,000 nationally and $143,000 in California. Likely factors to the salary differential are highlighted in TriNet SMBeat data which shows NY tech workers trend younger and more female than the CA tech population.
Silicon Valley and New York aren't the only hubs for innovation; the future looks bright for the Georgia tech sector as the state works to provide $100 million in venture capital funding to startups over the next few years. The state's efforts to court technology companies and entrepreneurs are paying off with hiring activity at 5.89% for the month. Additionally, strong job creation showed net growth at 3.74% in June, significantly outpacing Silicon Valley's growth of 1.31%.
The complete SMBeat report is available here.
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About SMBeat
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. 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 company's 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 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.
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