PayScale Index Shows Many Industries Saw Record Wages in 2012
With the release of its Q2 2012 PayScale Index, PayScale Inc. proved that wage growth is not always a slave to an uncertain economy and federal budget concerns. Wages for most regions, industries, and categories measured by the index were measured at six year highs and all wages experienced an annual growth.
“While the headlines oftentimes go to the large-sized companies, The PayScale Index for the second consecutive quarter showed wage growth for small companies outpacing medium and large companies,” Katie Bardaro, lead economist at PayScale, said. “Wages in Q4 2012 grew by 2.2 percent for small companies compared to only 1 percent for medium companies and 0.9 percent for large companies. This strong quarterly growth pushed small companies to almost 5 percent year-over-year wage growth, compared to only 2.7 percent for medium companies and 3.3 percent for large companies.”
Key highlights from the PayScale Index include:
• Media and Publishing became the industry with the largest annual growth in Q4 2012, experiencing a quarterly wage increase of 2.2 percent and an annual wage increase of 4.6 percent.
• The construction industry has rebounded as new home construction rises to its highest level in over four years. Annual wage growth in construction jobs was at 4.2 percent, its highest level in over three years.
• Food Service and Restaurant jobs also had a good year, despite seeing little to no wage growth since after the 2008 recession. Annual wage growth for jobs in these industries grew 3 percent while Q4 2012 growth hit 3.3 percent; both rates higher than any other for the industry recorded by the Index.
“There is still no stopping the pay increases for jobs related to energy or technology, particularly highly skilled ones, as they experienced annual wage growth north of 3 percent and, in some cases, north of 5 percent,” Bardaro said.