Labor Market Boom: Where US Salaries Grow Fastest

The New York City metro area boasts the highest wages in the United States, but wages are rising rapidly in much smaller cities like Odessa and Midland, Texas, according to new Commerce Department data. Writes about this Yahoo! Finance.

Фото: Depositphotos

Midland's per capita personal income exceeds $122 annually, more than San Jose (CA), San Francisco (CA), Boston (MA), or New York (NY) in 000. Midland and Odessa, bases for oil production in the Permian Basin, have benefited from a boom that last year saw the United States overtake Russia to become the world's largest oil producer.

However, personal income in the New York-Newark-Jersey City metro area rose to nearly $2018 trillion in 1,5, or 8,3% of the U.S. total—the largest share in the United States. New York was followed by Los Angeles (California) - 4,8% and Chicago (Illinois) - 3,3%. Among the 20 largest cities, Denver, Colorado, overtook Riverside, California, to take 18th place.

For the fifth year in a row, U.S. capital cities outpaced rural and small towns in per capita income—total wages divided by population.

On the subject: 10 US Highest Salary Companies

In 2018, personal income per capita averaged 56 527 dollars for Americans living in urban areas and 41 552 dollars for residents of small regions.

Metro area increased by 4,9% in 2018 year compared to 4,1% in 2017 year. In areas outside the subway, personal incomes increased by 4,7% compared to 3,3%. These 5 years have become the most record for the last 50 years.

In terms of growth, Midland and Odessa, Texas, outpaced all 374 cities with the fastest growth, at 17,4% and 14,6%, respectively. Midland also tops the state in per capita personal income, averaging $122 in 247—nearly $2018 higher than the metro area in last place, McAllen-Edinburg-Mission (Texas).

Not surprisingly, Midland's wealth attracts people to the city. Last year, this led to an increase in population by 4,4%.

On the subject: 20 professions with the fastest growing salaries

However, this trend may change. The recent decline in power plants in the area has coincided with declining employment opportunities and, in some cases, falling wages, according to the latest Federal Reserve Bank of Dallas data.

Commerce Department data shows non-metro areas continue to decline as a share of total personal income. Last year, just 10,6% of total U.S. personal income came from nonmetro areas—the smallest share since 1969.

From 2016 to 2018, per capita income in Midland grew by 28%. Among the top five areas where revenues have grown the fastest in the past two years, three are in Texas.

Read also on ForumDaily:

10 Interview Mistakes That May Cost You A Job

12 professions not affected by the economic crisis

15 Job Search Myths That Everyone Believes

10 US Highest Salary Companies

Do you want more important and interesting news about life in the USA and immigration to America? — support us donate! Also subscribe to our page Facebook. Select the “Priority in display” option and read us first. Also, don't forget to subscribe to our РєР ° РЅР ° Р »РІ Telegram  and Instagram- there is a lot of interesting things there. And join thousands of readers ForumDaily New York — there you will find a lot of interesting and positive information about life in the metropolis.