Greater Tampa Bay (GTB) businesses are raising wages for their employees at one of the fastest rates in the country.
According to Smartest Dollar, weekly wages in GTB grew from $1,194 to $1,302 from the fourth quarter of 2020 through the fourth quarter of 2021. That $108 represents a 9% increase, before inflation. It is the third highest in the country. After inflation, it dropped to a 2% increase.
Across the nation, weekly wages increased from $1,339 to $1,418.
The study also found that wages have been growing faster than at any time in the past 20 years. Workers have more job opportunities, so employers have been raising wages to hire and retain these employees.
The leisure and hospitality industry has been raising wages the most to keep workers since it lost so many during the pandemic. Before inflation, those wages increased by more than 10% and 3.5% after.
Inflation has also increased throughout the country and GTB. The higher local wages, however, mean that residents are not as affected by it. They can maintain their standard of living. The city with the highest increase in wages in the country is Miami, Florida. It had a 12% increase before inflation. Even with those higher wages, GTB’s cost of living is considerably less.
Miami’s cost of living is 17% higher than the national average. GTB’s is 5% below it.
The median cost of a home in GTB is about $200,000 less than in Miami, too. It also costs less for utilities, groceries and fuel.
Smartest Dollar, a review website for small business insurance, did this study for two reasons. One was to look at the economic impact of the pandemic. The other was how the pandemic affected wages. The website used data from the U.S. Bureau of Labor Statistics’ Quarterly Census of Employment and Wages.
Researchers determined the locations where pay is rising the fastest by calculating the non-adjusted percentage change in wages from the fourth quarter of 2020 to the fourth quarter of 2021.
By Celia Goodyear
