Six-figure jobs increase 65.1% in Charlotte, report shows
Rising wages are probably one of the most important long-term effects of the COVID-19 pandemic. Since there were widespread labor market shortages this summer, many employers, especially those with lower-paid employees, have attempted to lure workers with improved pay and benefits. Affected groups have experienced the fastest wage growth rates since the Great Recession, especially the lowest wages.
In recent decades, low-wage occupations have yet to match the strong wage growth experienced by higher-income occupations. According to data from the Economic Policy Institute, the inflation-adjusted wage growth from 1979 to 2019 for a worker at the 10th percentile of wages was only 3.3%. For the median employee, wages increased by 15.1% during this period, while for employees in the 95th percentile, wages increased by 63.2%.
These divergent trends have increased the share of Americans in high-income occupations and created larger gaps between the upper and lower ends of the income spectrum. Twenty years ago, only 0.7% of American workers had jobs that typically earned more than $ 100,000 a year. In 2015, this share was 3.8%. And in the past five years alone, the percentage of American workers in six-figure jobs has more than doubled to 7.9% in 2020.
One area that may contribute to the growth rate of well-paying jobs nationwide is technology: software developers and managers of computer and information systems, both of whom have faster growth rates than most. of other occupations, currently combine for more than 1.9 million well-paid people. works. But while fast-growing tech jobs and more niche fields like law, healthcare, or finance often gain attention, the most common six-figure occupation is that of CEO and COO. More than 2.3 million American workers fill this role, which is common in organizations of all types in the public and private sectors, and it has a median annual income of $ 103,650.
In addition to being concentrated in certain fields, well-paying jobs are also concentrated geographically. Six-figure wages are most common in coastal states including California, Massachusetts, Maryland, and New York State, where the population tends to have a higher level of education, the cost of life is higher and well-paid industries like technology, business, law and health and life sciences are more prevalent. But even many parts of the country where these jobs are less common are growing. Six-figure jobs in Hawaii more than tripled from 2015 to 2020, and ten other states, mostly in the Mountain West and the upper Midwest, recorded a six-figure job growth rate of more than 100% on the same. period. Many of these states are more attractive to employers and professionals looking for lower cost premises.
At the local level, low costs can also be a major draw for businesses looking to expand or expand, along with access to a strong labor supply or top universities. These factors have spurred the growth of well-paying jobs in subways like Nashville, Phoenix and others as they have become viable alternatives to established centers like New York or the Bay Area.
To determine the locations with the highest growth in high-paying jobs, Stessa researchers calculated the percentage change in employment in six-digit jobs from 2015 to 2020 using data from the Bureau of Labor Statistics. the United States. If tied, the location with the highest percentage of total employment in six-figure jobs for 2020 was ranked higher. For the purposes of this analysis, employment in six-figure jobs was defined as total employment in occupations with a median annual salary of $ 100,000 or more.
The analysis found that the Charlotte metropolitan area saw a 65.1% increase in six-figure jobs between 2015 and 2020, while the United States saw an average increase of 110.0%.
Here is a summary of the data for the Charlotte-Concord-Gastonia, NC-SC metropolitan area:
- Six-digit percentage change in jobs (2015-2020): + 65.1%
- Percentage of total employment in six-digit jobs (2020): 8.6%
- Total employment in six-digit jobs (2020): 104,570
- Total employment in six-digit jobs (2015): 63,330
- Median annual salary for all occupations (2020): $ 41,410
For reference, here are the statistics for the entire United States:
- Six-digit percentage change in jobs (2015-2020): + 110.0%
- Percentage of total employment in six-digit jobs (2020): 7.9%
- Total employment in six-digit jobs (2020): 11,041,870
- Total employment in six-digit jobs (2015): 5,258,660
- Median annual salary for all occupations (2020): $ 41,950
For more information, a detailed methodology, and full results, you can see them here.
Alexis Zarycki is your average girl with the hopes of leaving an everlasting impact on the world. Follow her on Instagram @official_lexpaige