Editor’s Word: This story initially appeared on Stessa.
Considered one of the COVID-19 pandemic’s most vital long-term results on the financial system could possibly be rising wages. With widespread shortages in the labor market reported this summer season, many employers — notably these with lower-wage workers — have tried to entice staff with improved compensation and advantages. These traits have led to the quickest rates of wage growth since the Nice Recession, particularly amongst the lowest earners.
Twenty years in the past, solely 0.7% of American staff had been in jobs that sometimes paid greater than $100,000 per 12 months. By 2015, that share was 3.8%. And in the final 5 years alone, the proportion of American staff in six-figure jobs greater than doubled to 7.9% in 2020.
One discipline which may be contributing to the development fee of high-paying jobs nationwide is tech: Software developers and computer and information systems managers — each of which have quicker development charges than most different professions — presently mix for greater than 1.9 million high-paying jobs. However whereas fast-growing tech jobs and extra specialised fields like legislation, well being, or finance usually get the consideration, the most typical six-figure career is general and operations managers. Greater than 2.3 million U.S. staff fill this function, which is frequent in organizations of all kinds throughout the private and non-private sector, and it has a median annual revenue of $103,650.
Giant Metros With the Most Growth in High-Paying Jobs
Along with being concentrated in sure fields, high-paying jobs are additionally geographically concentrated. Six-figure salaries are most typical in coastal states together with California, Massachusetts, Maryland, and New York, the place the inhabitants tends to have better academic attainment, value of residing is greater, and high-paying industries like tech, enterprise, legislation, and well being and life sciences are extra prevalent. However even many components of the nation the place these jobs are much less frequent are seeing development. Six-figure jobs greater than tripled in Hawaii from 2015 to 2020, and 10 different states — largely in the Mountain West and higher Midwest — had a development fee for six-figure jobs of greater than 100% over the similar span. Many of those states are proving extra engaging to employers and professionals in search of lower-cost locales.
To find out the places with the largest development in high-paying jobs, our researchers calculated the proportion change in employment in six-figure jobs from 2015 to 2020 utilizing information from the U.S. Bureau of Labor Statistics. In the occasion of a tie, the location with the better proportion of complete employment in six-figure jobs for 2020 was ranked greater. For the function of this evaluation, employment in six-figure jobs was outlined as complete employment in occupations with a median annual wage of $100,000 or extra.
The next are the giant metros (inhabitants 1 million or extra) with the largest development in high-paying jobs.
15. Austin-Spherical Rock, TX
- Share change in six-figure jobs (2015-2020): +101.1%
- Share of complete employment in six-figure jobs (2020): 7.6%
- Complete employment in six-figure jobs (2020): 80,560
- Complete employment in six-figure jobs (2015): 40,060
- Median annual wage throughout all occupations (2020): $44,020
14. Louisville/Jefferson County, KY-IN
- Share change in six-figure jobs (2015-2020): +105.0%
- Share of complete employment in six-figure jobs (2020): 2.9%
- Complete employment in six-figure jobs (2020): 17,590
- Complete employment in six-figure jobs (2015): 8,580
- Median annual wage throughout all occupations (2020): $39,330
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13. Sacramento–Roseville–Arden-Arcade, CA
- Share change in six-figure jobs (2015-2020): +107.7%
- Share of complete employment in six-figure jobs (2020): 12.9%
- Complete employment in six-figure jobs (2020): 124,480
- Complete employment in six-figure jobs (2015): 59,930
- Median annual wage throughout all occupations (2020): $48,070
12. Raleigh, NC
- Share change in six-figure jobs (2015-2020): +109.2%
- Share of complete employment in six-figure jobs (2020): 9.9%
- Complete employment in six-figure jobs (2020): 61,470
- Complete employment in six-figure jobs (2015): 29,380
- Median annual wage throughout all occupations (2020): $43,500
11. Salt Lake Metropolis, UT
- Share change in six-figure jobs (2015-2020): +122.3%
- Share of complete employment in six-figure jobs (2020): 6.2%
- Complete employment in six-figure jobs (2020): 45,090
- Complete employment in six-figure jobs (2015): 20,280
- Median annual wage throughout all occupations (2020): $42,280
10. Portland-Vancouver-Hillsboro, OR-WA
- Share change in six-figure jobs (2015-2020): +124.7%
- Share of complete employment in six-figure jobs (2020): 10.1%
- Complete employment in six-figure jobs (2020): 115,080
- Complete employment in six-figure jobs (2015): 51,220
- Median annual wage throughout all occupations (2020): $48,050
9. Buffalo-Cheektowaga-Niagara Falls, NY
- Share change in six-figure jobs (2015-2020): +143.0%
- Share of complete employment in six-figure jobs (2020): 5.0%
- Complete employment in six-figure jobs (2020): 24,590
- Complete employment in six-figure jobs (2015): 10,120
- Median annual wage throughout all occupations (2020): $42,040
8. Tucson, AZ
- Share change in six-figure jobs (2015-2020): +156.2%
- Share of complete employment in six-figure jobs (2020): 3.7%
- Complete employment in six-figure jobs (2020): 13,730
- Complete employment in six-figure jobs (2015): 5,360
- Median annual wage throughout all occupations (2020): $38,900
7. San Antonio-New Braunfels, TX
- Share change in six-figure jobs (2015-2020): +163.0%
- Share of complete employment in six-figure jobs (2020): 5.7%
- Complete employment in six-figure jobs (2020): 56,780
- Complete employment in six-figure jobs (2015): 21,590
- Median annual wage throughout all occupations (2020): $37,920
6. Grand Rapids-Wyoming, MI
- Share change in six-figure jobs (2015-2020): +175.2%
- Share of complete employment in six-figure jobs (2020): 4.2%
- Complete employment in six-figure jobs (2020): 21,630
- Complete employment in six-figure jobs (2015): 7,860
- Median annual wage throughout all occupations (2020): $39,430
5. Riverside-San Bernardino-Ontario, CA
- Share change in six-figure jobs (2015-2020): +181.3%
- Share of complete employment in six-figure jobs (2020): 6.3%
- Complete employment in six-figure jobs (2020): 93,620
- Complete employment in six-figure jobs (2015): 33,280
- Median annual wage throughout all occupations (2020): $39,630
4. New Orleans-Metairie, LA
- Share change in six-figure jobs (2015-2020): +204.8%
- Share of complete employment in six-figure jobs (2020): 6.5%
- Complete employment in six-figure jobs (2020): 33,310
- Complete employment in six-figure jobs (2015): 10,930
- Median annual wage throughout all occupations (2020): $38,280
3. Las Vegas-Henderson-Paradise, NV
- Share change in six-figure jobs (2015-2020): +216.1%
- Share of complete employment in six-figure jobs (2020): 4.8%
- Complete employment in six-figure jobs (2020): 43,690
- Complete employment in six-figure jobs (2015): 13,820
- Median annual wage throughout all occupations (2020): $37,690
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2. Phoenix-Mesa-Scottsdale, AZ
- Share change in six-figure jobs (2015-2020): +217.1%
- Share of complete employment in six-figure jobs (2020): 8.6%
- Complete employment in six-figure jobs (2020): 180,740
- Complete employment in six-figure jobs (2015): 57,000
- Median annual wage throughout all occupations (2020): $41,300
1. Nashville-Davidson–Murfreesboro–Franklin, TN
- Share change in six-figure jobs (2015-2020): +270.9%
- Share of complete employment in six-figure jobs (2020): 5.6%
- Complete employment in six-figure jobs (2020): 53,820
- Complete employment in six-figure jobs (2015): 14,510
- Median annual wage throughout all occupations (2020): $40,650
Detailed Findings & Methodology
The info used in this evaluation is from the U.S. Bureau of Labor Statistics Occupational Employment and Wage Statistics tables. To find out the places with the largest development in high-paying jobs, researchers calculated the proportion change in employment in six-figure jobs from 2015 to 2020, and checked for statistical significance. In the occasion of a tie, the location with the better proportion of complete employment in six-figure jobs for 2020 was ranked greater. For the function of this evaluation, employment in six-figure jobs was outlined as complete employment in occupations with a median annual wage of $100,000 or extra. To enhance relevance, solely metropolitan areas with at the very least 100,000 residents had been included. Moreover, metros had been grouped into cohorts primarily based on inhabitants measurement: small (100,000–349,999), midsize (350,000–999,999), and enormous (1,000,000 or extra).