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Compensation, wages in South Florida grow faster than national rate

Compensation, wages in South Florida grow faster than national rate

In good news for employees in South Florida, compensation and wages here have grown faster than the national rate for the 12 months ended June 2018, according to the U.S. Bureau of Labor Statistics.

Employee compensation in the tri-county area increased 3.7 percent, which accounts for both wages and benefits. For wages alone, the increase was 3.1 percent. By comparison, the national growth in total compensation and wages was 2.9 percent in both areas.

Of the nation’s 15 largest metro markets, South Florida was tied for 8th in wage growth. San Jose, California was the leader with wage growth of 4.5 percent. Yet, wage growth in South Florida did out pace Boston, Atlanta, Dallas and Houston.

The low unemployment rate in South Florida has led to higher wages, although the cost of housing and consumer goods has also been growing at a robust rate.

Brian Bendell, South Florida Business Journal.