The Cbiz Small Business Employment Index rose 1.36% on a seasonally adjusted basis in March. Aside from the tech industry, small businesses are showing resilience and a willingness to hire talent, according to the report.

“In light of the Silicon Valley Bank failure, the contraction of the tech industry is highlighted in the March SBEI report,” said Anna Rathbun, chief investment officer at CBIZ Investment Advisory Services. “The weakness in technology and life sciences has been ongoing since 2022 and is expected to continue into 2023. As a result, we may see further challenges in hiring for tech positions due to continued financial liquidity concerns.”

On an industry level, the most notable job gains were seen in agriculture, fishing and hunting, and arts, entertainment and recreation. On the other hand, hiring declined in rental and leasing services and technology and life sciences.

“With the spring and summer months quickly approaching, we’re seeing a particular hiring focus in service-oriented sectors such as arts, entertainment and recreation as well as accommodation and food services,” Rathbun said.

The report noted a hiring increase in every region of the US in March. The Northeast recorded the highest hiring among the regions at 2.23%, followed by the Central, which had 1.43%.

The Cbiz Small Business Employment Index tracks payroll and hiring trends for over 3,300 companies with 300 or fewer employees.