Dallas ranks first for small business job growth in October

Dallas regained its spot as the top metropolitan statistical area for small business job growth in October.

Nationally, job growth remained steady, growing at just 0.23 percent over the past 12 months. Still, the U.S. is maintaining an index number of 100.84, indicating a strong job climate, according to the study conducted by payroll services company Paychex and business analyst firm IHS.

However, Dallas has been the country's star for several months, only dropping its ranking as a top job creator in September. Officials are attributing that to a random fluctuation in the market.

"The index reported each month is based on relative activity in that month," said Jim Diffley, senior director of U.S. regional economics for IHS. "So, for instance, the September index measured jobs at employers in September 2014 with those at the same employers in September 2013."

"So the actual change in the index is a result of changed conditions at some firms in any of those four months," he added. "Economic data is always composed of a large number of idiosyncratic events and decisions which occur somewhat randomly over time."

In October, Dallas overtook Seattle, which also tacked on job growth, to earn a 103.83 index number.

"Specifically small business jobs are increasing in Dallas at a rate 3.83 percent faster than they were in our base period from 2004 to 2005," Diffley said.

That growth isn't expected to stop. While index numbers can't predict the future, Dallas is showing positive small business growth trends.

"The index has established a very strong increasing trend, it would be very surprising to see growth stop," Diffley said.

Originally published: Dallas Business Journal by Korri Kezar, Staff Writer, November 6, 2014