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Miami Wages & Salaries Are Increasing Faster Than Anywhere In America

Wages, salaries, and total compensation are rising faster in Miami than any other major city.

In the 12 month period ending June 2017, wages and salaries in the Miami-Fort Lauderdale-Pompano Beach, FL MSA increased 3.9%, while total compensation was up 3.7%, according to the Bureau of Labor Statistics.

Seattle ranked second in wages and salaries gains at 3.6%, while New York placed second for total compensation increase at 3.3%. Washington D.C. and Philadelphia ranked lowest.

Wage gains are also accelerating. In 2015-2016, the increase in Miami was 2.5% for total compensation and 2.9% for wages and salaries.

Miami Today first reported the data.

(photo: jill bazeley)

 

 

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27 Comments on "Miami Wages & Salaries Are Increasing Faster Than Anywhere In America"

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Anonymous
Anonymous

Probably the best news I’ve read on this site.

Anonymous
Anonymous

It would help even more if we stop building so many condos downtown and start building more offices. I know companies from NY who are strongly thinking about moving to Miami. We need to offer them good locations in Brickell/downtown. I know it’s easier for a developer to build a condo tower and get rid of it asap (with poor finishes most of the time), but we, as a city, should try to incentivize more office towers.

Anonymous
Anonymous

When will people like you realize that office towers are not built just because you want to see them, they’re built when the market deems it feasible.

Anonymous
Anonymous

The market is there. Office market is strong in Miami. The issue is, Miami is loaded with real estate developers specialized in condos. They rather buy the land, build a condo tower, and flip it quickly to foreigners for a quick buck. I’m not criticizing them, I’d do the same if it was my business. I’m just saying, we as a city, should try to motivate developers to build more office towers, giving incentives to do so. It may cost more now, but it’s an investment to make all of us better in the near future. More jobs, better jobs, better wages, more taxes both on the real estate and the higher incomes… Condos are taking all the prime dowtown real estate and we can’t keep progressing as a world class city just by being a playground for foreigners who want a second home…

mondocondo
mondocondo

There’s nothing special generating any office demand in Miami, except in a few sub-markets being driven by the traffic woes. A new downtown tower would be very speculative. We’ll see if the new tower Hines has proposed for MWC gets built. That should handle any new office demand that really exists. Cheers.

Jesus
Jesus

Because the markets are always right? Yes, let me know how that went in the mid 2000’s for Miami.

Anonymous
Anonymous

Jesus, what are you talking about?

Don’t you have five thousand people to feed with two fish and a loaf of bread or something?

Anonymous
Anonymous

Why not bring some offices down south? There’s land East of the Turnpike south of SW 216th Street that would be a great place for offices, and it would actually make it feasible for some people to drive to work in this city.

Anonymous
Anonymous

This is an increase in wages not dollar amount. So we were a city that pays low paying wages that increased more than the national increase. We are still low and we still can’t afford to live in the urban core

marc
marc

I work at UM and we didn’t get a cost of living raise this year. Bastards

Anonymous
Anonymous

This is human resources. Don’t bother coming in tomorrow.

Anonymous
Anonymous

That’s because the administrators at UM do not know what it means to maintain the ship afloat whenever they build a new building (i.e Lennar Bldg in Coral Gables) or incur any other major capital expenditure. The employees are the ones that end up paying the price so that they can balance their sheets at the end of the fiscal year.

Edin
Edin

For UM 5 percent increase.

Anonymous
Anonymous

Construction boom! Let’s keep it going as it positively affects South Florida economy.

Anonymous
Anonymous

That statement drips of excrement.

Anonymous
Anonymous

Good. We’re one of the worst areas in the country for income inequality so we need to keep moving up on this front

Jesus
Jesus

That’s awesome news but there still needs to be a greater increase in incomes in the area! I would like to also see the cost of living decline slightly to allow for more disposable income among the people to spend money on other goods and services that could accelerate the increases in wages. Housing prices should decline for sure and while all of you may disagree with that, there could be more incentives from the government to reduce the housing burden on the people of Miami. Overall, great news and let’s keep the tide rising!

Anonymous
Anonymous

Great, but still has waysssssss to go to catch up to other large metropolitan areas like NYC, Seattle, DC SF…

mondocondo
mondocondo

Why should wages in Miami track NYC? Cheers

Yohan Perez
Yohan Perez

Cause they were rock bottom to begin with.

Anonymous
Anonymous

with that impending glut of apartments about to come online in the next year this piecemeal wage increase should maybe allow people to afford to live in Miami..

Anonymous
Anonymous

THAT IS NOT TRUE,AND IT IS IMPOSSIBLE IN MIAMI TO PAY RENTS!!!!!!!!!!!!

Anonymous
Anonymous

WHY ARE YOU YELLING!?!??!?!

Anonymous
Anonymous

2.5 – 2.9% ???!!!!!!! LMAO !!!!!!!!!!!!!

Anonymous
Anonymous

“Miami Wages & Salaries Are Increasing Faster Than Anywhere In America”

……..and are still the lowest for any metro area its size

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