ST. LOUIS — Wages are steadily rising across the nation in a job-candidate-friendly market, and the St. Louis area is beating the national average for wage growth in metro areas.
Average weekly earnings rose 5.7% in U.S. metro areas between February 2021 and February 2022, according to Bureau of Labor Statistics data. The average employee in a metro area is taking home about $48 more than they were in February 2021 ($920.30 compared to $872.59).
But in St. Louis, average weekly earnings grew 7.9% in that time period. They jumped from $1,079.17 in February last year to $1,164.17 in February 2022, or about $85 a week. That increase placed St. Louis 31st among the 100 top U.S. metro areas for percentage growth.
Meanwhile, small businesses are struggling with how to approach pay in the quickly evolving climate. During the course of 2021, many businesses boosted pay as they sought to attract or retain talent, but experts say that trend led to many companies paying 10% or 20% more than traditional wages for many positions and even more for some in-demand fields — numbers many small companies simply can't afford at a time when the price of nearly everything else also is rising.
The national picture
Among the nation's 100 largest metros, 84 posted an increase in average weekly wages between February 2021 and February 2022. Fifteen of those metros recorded earnings growth of at least 10% — led by Sarasota, Florida (19%); Akron, Ohio (17.4%); and Virginia Beach-Norfolk, Virginia (15.8%).
Read the full story, including several detailed lists, on the St. Louis Business Journal website.
