What’s measured This indicator shows average annual wage for each county and for the region, as well as by industry category, for the years 2000 through 2005. The average annual wage represents annual total wages across all jobs, divided by total number of jobs. The indicator uses data from the Bureau of Labor Statistics, the North Carolina Employment Security Commission and the South Carolina Employment Security Commission. Industry categories are broken down into the standard two-digit sector codes of the North American Industry Classification System (NAICS). Because data for this indicator are published as averages for each county and the appropriate weighting factors are not available to create a true regional annual average wage, the regional indicators reported here are the un-weighted averages of the counties’ average annual wages. Why it’s measured Measuring wage by industry gives information about how the region’s income is generated. Some industries may account for a fraction of the region’s total businesses, but contribute significantly to the region’s income (and vice versa). Looking at how such data change over time provides important information about the evolution of the region’s economy. Indicator results In 2005, the average annual wage for the Charlotte region across all industry sectors was $32,240 per job, up from $28,469 in 2000. The industries with the highest wages in the region in 2005 were Utilities ($53,934) and Management of companies and enterprises ($52,214). The industry with the lowest average wage in 2005 was “Accommodation and food services,” with an average wage of $11,356 per job. Among the region’s counties, Mecklenburg had the highest average wage, at $49,104. Anson, with an average wage of $27,404, had the lowest average wage. Evaluation The region has experienced an increase in average wage, but this increase has not been distributed evenly across all industries. The average wage for some industries in the region has grown significantly, while the average wage for others has grown more slowly. Some industries have even experienced a decline in average wage. These data show that jobs in Finance and insurance,Manufacturing and Public administration have realized the greatest gains in average annual wages over the years. Meanwhile, agriculture and retail trade have seen a decline in average wage in recent years. Connections The average wage based on industry connects to demographic changes in the region. Examining industries with high wages as well as trends for such wages can help to predict the nature of the region’s economy and to understand what is driving people to move to (or leave) the region. Additionally, wage figures can have important implications for educational institutions in the region as they train the next generation of workers for success.
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