FOR RELEASE: Tuesday, November 29, 2005
WAGES IN MANHATTAN HIGHEST IN THE NATION, FIRST QUARTER 2005
(T)he average weekly wage of workers in New York County, more commonly known as the borough of Manhattan, experienced robust growth over the year, rising 5.8 percent in the first quarter of 2005 to $2,025, according to the U.S. Department of Labor’s Bureau of Labor Statistics.
Average weekly wages
Manhattan’s wages ($2,025) were over two and a half times the national average of $775 in the first quarter of 2005, highest in the nation among the 322 large counties. (In Manhattan, average wages in the first and fourth quarters tend to be high because of the payment of annual bonuses in certain industries.)
Among the 322 largest counties in the nation, Fairfield (County), Conn., ranked second with an average weekly wage of $1,613, followed by Suffolk (County), Mass. ($1,390), and Santa Clara County, Calif. ($1,372).
Four of the 10 counties with the highest wages were located in or around the New York-Northern New Jersey metropolitan area (New York, N.Y.; Fairfield, Conn.; Somerset, N.J.; and Hudson, N.J.), and 3 others were located in or around the San Francisco area (Santa Clara, San Francisco, and San Mateo, all in California). The lowest average weekly wage in the largest counties nationwide was reported in Cameron County, Texas ($460), followed by Hidalgo, Texas ($463), Horry, S.C. ($479), and Webb, Texas ($490).
So, what is one reason why housing is expensive in Boston? Because people make a lot of money, and are willing to spend a lot of money.
(The annual salary of New York workers, however, is lower than what you might calculate, based on that $2,025 per week number, because, as they said, bonuses are paid out during the first quarter. The average annual salary in Manhattan was $77,000, in 2003, according to the Census Bureau, and $63,000 or so, in Boston (from what I can remember reading).)
Source: Bureau of Labor Statistics