Charlotte Region Ranks 11th For Highest Wages For New Hires

Charlotte Metro reports the 11th highest salary for new hires. As the US economy enters a new phase in its recovery from COVID-19, businesses are adding new positions faster than they can fill. The combination of rapid job expansion, a smaller workforce and more generous unemployment benefits is pushing wages higher, especially in sectors like entertainment and hospitality that previously has some of the lowest wages for new workers. According to the latest data from the US Census Bureau on new hires, the median monthly income is $3,266 in 2020 — a number that varies widely by industry, job, and location.

New hires in the information sector — which includes many of the country’s computer programming and technology jobs — are paid the highest, at $7,060 per month or nearly $85,000 annually. Meanwhile, all information workers (including new hires and existing employees) are paid an average monthly salary of $8,825. New hires in the mining, oil and gas and utilities sectors also earn higher salaries than new hires in other sectors.

Despite strong wage growth in early 2021, accommodation and catering newcoms earned the lowest median salary in history, just $1,458 per month or about $17,500 annual. Not surprisingly, low-wage industries also generally pay less for newcomers. However, the gap between new hires and wages for all workers ranges from a low of approximately 11% in the agricultural sector to more than 50% in sectors such as management, education and the arts.

In addition, location has a significant direct and indirect effect on real wages. New employees in certain areas may claim different wages for a variety of reasons, but the difference in cost of living affects how comfortable it is to live on a given salary. When taking into account the cost of living, new hires in Washington and Massachusetts made the most in 2020, $4,045 and $3,793 per month, respectively. Other states with highly adjusted wages for new hires include New York and Connecticut. In contrast, workers in Montana, Hawaii, and Idaho earned the least after adjusting for the cost of living.

To find the metropolitan areas with the highest wages for new hires, researchers at Self analyzed the latest data on new hires from the US Census Bureau, cost of living data. from the US Bureau of Economic Analysis and house price data from Zillow. The researchers ranked major city areas by cost-of-living adjusted monthly income for new hires in 2020. The researchers also calculated unadjusted monthly income for people. new hires, unadjusted monthly income for all employees, median house price, and cost of living.

To improve relevance, only urban areas with at least 100,000 people were included in the analysis. In addition, major city areas are grouped into the following groups based on population size:

• Small towns: 100,000–349,999
• Medium Metros: 350,000–999,999
• Large cities: 1,000,000 or more

The analysis found that new hires in the Charlotte metro area are making an average adjusted cost of living of $3,535 per month, compared with the national monthly average of $3,266 for new hires. new hire. Out of all the major US municipalities, Charlotte reports the 11th highest wages for new hires. Below is a summary of data for the Charlotte-Concord-Gastonia, NC-SC metro area:

• Average monthly income for new employees (adjusted): $3,535
• Average monthly income for new employees (actual): $3,337
• Average monthly income of all employees (actual): $4,561
• Average house price: $281,335
• Cost of living (compared to the national average): -5.6%

For reference, here are the stats for the entire US:

• Average monthly income for new employees (adjusted): N / A
• Average monthly income for new employees (actual): $3,266
• Average monthly income of all employees (actual): $4,783
• Average house price: $281,370
• Cost of living (compared to the national average): N / A

For more information, detailed methods and complete results, you can find the original report on Self’s website.