Average annual pay by industry
Wages in the higher paying industries such as Manufacturing and Financial are approximately four times that of the lower paying Retail and Leisure industries. The Manufacturing, Financial, and Information industries also have a high proportion of salaried employees. By contrast, the lower paying Retail and Leisure industries have a higher proportion of hourly employees. In general, a high component of bonus/commission pay tends to drive higher salaries.
Pay by Geography
The three states with the highest pay are all located in the Northeast (Massachusetts, New Jersey, and Connecticut) and pay levels in those states are driven by high wages within the Financial and Manufacturing sectors. Nevada has the lowest average pay, however Nevada has relatively high pay levels in the two sectors with the lowest average pay. Average pay tends to be lower in the South region.
Distribution of Pay by Type
While salary wages account for almost 48% of wages, hourly wages comprise about 38% of the total. There is a greater delineation of salary versus hourly pay by industry. For example, salary pay accounts for at least 60% of total pay for the Financial, Business Services, and Manufacturing sectors whereas salary pay only accounts for about 20% of the total in the Leisure and Retail sectors.
HOT TOPIC: This information can also help when planning for the Affordable Care Act (ACA). By looking at pay type trends by industry, you can understand how the legislation may be impacting everything from average hours worked to the ways in which organizations structure their workforce. To learn more about the ACA-related employment trends, visit our Affordable Care Act page.
Average pay per employee in Q1 of 2015 was up significantly - average pay increased 4.3% from the prior quarter and 4.2% year over year for Q1. The industries with the largest increase in average pay versus a year ago were Financial (up 10.2%) and Transportation (up 9.0%).
HOT TOPIC: This information can also help when planning for the Affordable Care Act (ACA). Are certain industries increasing hourly pay rates to ensure benefits are affordable relative to income? To learn more about the ACA-related employment trends, visit our resource page.