San Francisco has had the fastest job and wage growth over the past year, Glassdoor’s new job report shows
It pays to work in the City by the Bay.
San Francisco is the “sweet spot” for job hunters right now, according to Glassdoor’s latest jobs report, which finds that the California city has seen both the fastest job growth and the biggest wage growth in the past year.
The average U.S. worker made about $52,000 last month, up 1% year-over-year, according to Glassdoor’s March Local Pay Reports data released early Tuesday, with jobs in finance, e-commerce, technology and health care enjoying the biggest bumps in wages.
And of the almost six million open positions online in the U.S., San Francisco is seeing the fastest job growth with 162,142 available gigs (up 40.5% YOY), followed by New York City with 351,697 open jobs (up 37.2%) and Houston with 101,554 open jobs (up 33.1%).
The Golden Gate City also boasts the fastest annual wage growth and the highest average pay on the list thanks to its booming tech hub — it’s home to Uber, Lyft, Airbnb, Pinterest and Twitter, for starters — with the median base pay jumping 3.5% from a year ago to $69,359 per year, followed by Houston’s 2.1% increase to $55,571; Seattle’s 1.9% increase to $61,562 and NYC’s 1.8% increase to $61,759. On the flip side, Chicago experienced no pay growth in March; the city’s median base pay held at $56,113.
“Slow and steady. It’s been the mantra for wages since pay growth bottomed out several months ago at the start of 2018, however, we should begin to see this glacial growth pick up the pace significantly later this year,” said Glassdoor chief economist Dr. Andrew Chamberlain in a statement. “As companies across industries increasingly find it hard to hire, pumping up offers to new candidates is one mechanism they can use to attract talent as the economy nears full-employment.”
Granted, these rising salaries aren’t keeping pace with the real estate market, as San Francisco tops the list of five cities in which people are refusing to buy homes anymore — perhaps because Trulia recently reported that it costs more than $1 million to buy a home in a good neighborhood near the city.
Glassdoor’s new report also tracks wage growth in 84 job titles, and finds financial advisors are seeing their salaries increase the fastest, collecting $57,398 median base pay that is 9.2% higher than last year. The report credits this to the recent federal tax cuts driving people who want to understand and take advantage of these new changes to hire financial experts to help them. And since these jobs require real face time and customized solutions, the skills are hard to automate, putting them in high demand.
Bank tellers enjoyed the second-fastest pay growth, jumping 5.4% to $29,824 — although their wages still remain among the lowest-paying overall.
E-commerce-related jobs involved in shipping and package delivery also enjoyed healthy gains over the past year, with pay for delivery drivers increasing 5.6% to $39,291, and wages for truck drivers revving up 3.7% to $53,728. And network engineers ($71,177) and web designers ($52,616) are among the tech jobs with the fastest pay growth that Glassdoor is tracking; as more business moves online to the cloud, and e-commerce continues to explode, these engineers and developers have increasingly valuable skills.
“There’s sometimes a belief that only high-skill, highly paid roles see wage growth,” added Dr. Chamberlain. “But Glassdoor data shows there are job opportunities for many types of workers — from bank teller to delivery driver and network engineer — that are seeing spikes in pay. This speaks to the significant number of opportunities for workers in today’s job market as unemployment hovers at 4.1%.”
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