Investor Presentaiton
Wage Gap Markedly Narrows in 2022...
Florida Average Annual Wage as a Percent of the US
92.0%
91.0%
90.0%
89.0%
88.0%
87.0%
86.0%
Average percentage
2001 - 2022
88.5%
91.1%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Source: U.S. Department of Labor, Bureau of Labor Statistics, Quarterly Census of Employment and Wages, www.bls.gov
Wage growth since the onset
of the pandemic has been
distorted by the extreme ups
and downs in employment,
especially among lower-wage
service workers in the leisure
and hospitality industry who
were the hardest hit. As they
came back to work in large
numbers in 2021 and 2022,
wages appeared to grow at
record levels, but the pure
growth rates are somewhat
misleading.
Calculating Florida's average annual wage relative to the US average cures some of these issues, providing a cleaner picture
of how the state is faring. In the first two decades of this century, Florida's average annual wage was below the US average.
The most recent data shows that the state's average percentage had fallen from 2016 when it was 87.7% to 87.3% in 2020.
This picture changed in 2021 when Florida moved above its longer run average of 88.5 percent to 89.2 percent. In that year,
Florida had a 4.9 percent increase in the number of jobs in covered employment, but a 13.2 percent increase in total wages.
Preliminary data for 2022 indicates that the relationship to national wages has continued to transform-hitting a ratio of 91.1
percent, the highest over the past two decades. Moreover, Florida had a 5.6 percent increase in the number of jobs in
covered employment, but was still dominated by an 11.7 percent increase in total wages. Based on Conference projections of
average annual wage growth of between 3.0 and 3.8 percent growth each year, the higher wages are likely here to stay.
сл
5View entire presentation