South Leads the Nation in Small Business Job Creation for the Construction Industry
The South led the nation in small business job creation in the construction industry during the month of March, a recent report says. The region’s Small Business Jobs Index ( 100.24) is just above the break even growth marker of 100.
The latest Paychex IHS Markit Small Business Employment Watch reports a 0.12 percent decrease to 99.65 this month nationally, or 1.07 percent year-over-year.
Small Business Job Creation in Construction
The Index has been below 100 for nine months with the West at 99.29, being the lowest in March. For small businesses, the trend can be partially explained by scale.
“Larger employers are adding more workers than smaller businesses at this time, though the tightening labor market is impacting businesses of all sizes,” said Martin Mucci, Paychex president and CEO, in a release.
Nationally, March wages were $26.48, representing year over year growth of $0.69. Wages spiked in July but lost momentum in March. Hours worked have increased, bumping weekly earnings up 2.90% year over year past hourly earnings.
The West is the leading region for earnings growth ( 3.32 percent hourly) while the Midwest is last.
At the state job level, Tennessee was tops. Their Index level was 01.82. There were 12 states below that benchmark including Georgia. Texas had the biggest one month spike of 0.66 percent.
The monthly state wage report has three states with a three percent earnings growth. Maryland, Ohio and Viriginia are at the other end of that scale with less than two percent.
Denver knocked off Seattle as the top metro for small business jobs growth. San Diego and Phoenix were two of the Southwestern metros to lead in wage gains.
The Construction industry was stable with a March jobs Index of 100.42. Leisure and Hospitality topped industries in hourly earnings.
The Paychex | IHS Markit Small Business Employment Watch draws its data from 350,000 Paychex clients.
[“Source-smallbiztrends”]
