North Port-Sarasota-Bradenton Sees the 6th Largest Wage Increase in the U.S.

Business

For more information, a detailed methodology, and complete results, you can find the original report on Smartest Dollar's website.

On the surface, the economy of the last two years has been extremely favorable to workers. After spiking to nearly 15% early in the COVID-19 pandemic, the unemployment rate today sits around 3.6%. Despite employers’ urgency to hire, labor force participation has been slower to recover, and the “Great Resignation” has workers quitting at historic rates in search of better jobs.

With these factors contributing to a tight labor market, workers have more choice of job opportunities, and more employers have been raising wages to hire and retain employees. As a result, nominal wages are growing faster than at any point in at least two decades.

But rising inflation over the course of 2021 and 2022 has taken a bite out of rising wages. Year-over-year inflation, as measured by the Consumer Price Index, has hovered around or above 8% for much of 2022. Prices for essential expenses like food, shelter, and energy have skyrocketed due to supply challenges. With prices rising so quickly, workers are discovering that their increased pay does not go as far as they had hoped.

The effects of inflation on wages have also varied by geography. While all 50 states showed at least some increase in non-adjusted wages between 2020 and 2021, only 13 saw a real increase after adjusting for inflation. And among those, New Hampshire (5.2% inflation-adjusted increase) and Florida (2.8%) stand out as the only states whose workers experienced inflation-adjusted wage increases above 1% from the end of 2020 to the end of 2021.

The analysis found that average weekly wages in the North Port-Sarasota-Bradenton metro area experienced a year-over-year increase of 8.5%. Out of all midsize U.S. metros, North Port-Sarasota-Bradenton saw the 6th largest wage increase during the study period.

For more information, a detailed methodology, and complete results, you can find the original report on Smartest Dollar's website.

Click here.

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