San Diego hiring, income growing faster than state

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On behalf of Daniel Watkins of Watkins Firm, A Professional Corporation posted on Friday, January 10, 2014.

So much of the time, so much of the news is focused on the negative. But this morning brought news that San Diego small businesses are outpacing the state in a couple of key factors: hiring and income.

Much of that growth is due to our area’s intellectual property industries: technology and biosciences tech, an online payment company announced.

SurePayroll surveyed small businesses (between one and 10 workers) nationwide to obtain the results reported on by the Union-Tribune.

From December of 2012 through December of last year, hiring rose 0.8 percent and the average paycheck rose 0.6 percent.

While those increases might seem modest, it should be noted that both hiring and wages were down in California and across the country. Nationally, income dropped 0.3 percent in those 12 months and hiring decreased by 1.7 percent.

The online company’s CEO and president said, “…a lot of what drove San Diego’s growth is a strong technology and biosciences industry.”

He noted that both technology and biotech industries are doing well nationwide, as is the health care industry, while service-related firms and light manufacturing haven’t fared as well.

He also added that three-fourths of small-business owners expect to employ more independent contractors this year than they did in 2013, a sign that more hiring of full-time workers could be coming.

Seventy percent of small business owners surveyed are optimistic about the small-business economy at the start of the new year, up from 55 percent who felt that way at this time of last year.

For those owners in IP-intensive businesses, growth will also mean a need for vigilance when it comes to guarding their property and rights. That goal is best accomplished with the assistance of an experienced business attorney who understands how the law can protect intellectual property creators and owners.

Source: San Diego Union-Tribune, “San Diego outpaces state in hiring growth,”Katherine Poythress, Jan. 9, 2014