Creating
the right compensation plan depends on having current data. One of the key pieces
of the compensation puzzle is the rate of wage growth in the local metropolitan
area. The most recent release of The PayScale Index shows the rate at which wages grew from Q2 2011 to Q2
2012. The results show
considerable variance among the top metros. Read on to learn which are leading
and which are lagging.
The Top Four
Houston
3.0%
It’s burning in Houston and it’s not just the sun, it’s also the red-hot economy. Houston benefits from being one of the centers for the oil & gas industry,
which is seeing rapid wage growth.
San
Diego 2.9%
They have some of the best weather in the country and some of the highest wage growth as
well.
Seattle
2.9%
The Emerald City continues
to see green. As one of the country’s high tech meccas, it’s no surprise that Seattle’s wages
are riding high.
Miami
2.9%
Miami is in recovery mode, making up the ground lost in the tough years 2009 and 2010.
The Bottom Four
St.
Louis 1.6%
The Gateway Arch might be gleaming a little more than a few years ago. While the metro lags the pack this quarter, it has at least recovered to the
pre-recession level and is growing again.
Atlanta
1.4%
Not-so-hotlanta is picking
up steam a bit. The city’s wages have nearly returned to 2008 levels.
Phoenix
0.7%
Unlike it’s legendary namesake, this Phoenix has yet to rise again. Returning to the peak of 2008 is proving elusive.
Riverside 0.3%
It’s no fun coming in last, but at least there was actual growth in
Riverside. The three prior quarters were essentially growth free.
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