Workers in these states saw the biggest salary boosts in 2024
A new report shows that the pace of pay growth slowed in December, with some states seeing larger salary boosts than others in 2024.
The ADP Pay Insights report, published earlier this month, analyzed payroll transactions data from nearly 10 million employees over a 12-month period to provide a view on their wages and salaries.
Job growth slowed
By the numbers:
According to the report, the median annual pay for job stayers in December 2024 was $59,400, meaning year-over-year pay growth for job-stayers slowed to 4.6%, marking the slowest increase since July 2021.
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For job-changers, pay growth also saw a decline, down to 7.1% in Dec. 2023 from 8.1% in Dec. 2023.
What they're saying:
"The labor market downshifted to a more modest pace of growth in the final month of 2024, with a slowdown in both hiring and pay gains," Nela Richardson, the chief economist at ADP, said in a statement.
Wyoming, Montana see largest salary boosts in 2024
By the numbers:
In December, Wyoming and Montana saw the biggest median year-over-year changes in annual pay by state.
Wyoming saw a 6.5% pay increase, while Montana saw a 6.2% boost.
This was followed by Idaho (6%), Arkansas (5.7%) and Oregon (5.5%).
December 2024 year-over-year change in annual pay
- Wyoming: 6.5%
- Montana: 6.2%
- Idaho: 6%
- Arkansas: 5.7%
- Oregon: 5.5%
- Washington: 5.5%
- New Mexico: 5.3%
- Hawaii: 5.2%
- North Dakota: 5.2%
- Washington DC: 5.1%
- California: 5%
- Maine: 5%
- Colorado: 4.9%
- Kansas: 4.9%
- Kentucky: 4.9%
See the full report here.
Average salary considered ‘successful’
Big picture view:
New research published in November by financial services company Empower found that the average salary considered "successful" was $270,000 per year – and $5.3 million in overall net worth. The study was based on survey responses from more than 2,000 American adults.
In another study, Bankrate analyzed the U.S. Census Bureau’s 2022 American Community Survey (ACS) data and ranked 152 bachelor’s degrees based on median annual income, unemployment rate and the percentage of workers with an advanced degree.
According to the data, STEM bachelor’s degrees were most often associated with steady employment and a solid income.
Electrical engineering took the No. 1 spot this year on the ranking with a median annual salary of $115,000 and an unemployment rate of 1.9 percent. It has the highest median salary of all the majors Bankrate analyzed.