A new survey posits there has been a big increase in the number of jobs in Maryland.
The Intuit Inc. Small Business Employment Index found that small business employment grew by 0.3 percent in September, equating to an annual growth rate of 3.3 percent. Hours worked and compensation both increased by 0.3 percent.
“Small business employment at the division and state level also looks more positive,” said Ginny Lee, senior vice president and general manager of Intuit’s Employee Management Solutions division. “The Pacific division posted the greatest increase of 0.5 percent while the East South Central division showed a slight decline but one that’s statistically insignificant. At the state level, California, Florida and Maryland all showed the highest growth with an increase of 0.5 percent. Oregon and New York were the only states to show slight declines but again these were statistically insignificant and therefore not worrisome.”
Florida jobs are also marking an increase.
Since the hiring trend began in October 2009, small businesses have created 720,000 new jobs. The Index is based on figures from small businesses with fewer than 20 employees that use Intuit Online Payroll.
Based on these latest numbers and revised national employment data from the Bureau of Labor Statistics, Intuit revised upward the previously reported growth rate for August to 0.3 percent from 0.18 percent. This equates to 65,000 jobs added in August, up from a previously reported 35,000 jobs.
“September’s small business employment figures are a big relief,” said Susan Woodward, the economist who worked with Intuit to create the Index. “After all the uproar over the threatened European financial meltdown, good news is very welcome. Unlike in August, there is no softness in September’s numbers: employment is up, hours worked are up and compensation is up.
“These solid numbers may be due to the fact that residential property prices have increased for five months in a row. There are all kinds of small businesses linked to property, such as construction contractors, real estate agents and brokers.”
Small business hourly employees worked an average of 110.4 hours in September, making for a 25.5-hour workweek. This is a 0.3 percent increase from the revised August figure of 110.0 hours.