San Francisco County had the largest year-over-year increase in wages of all large counties in the United States with a 30% gain in average weekly wages in 2Q21 to $3,412 a week, according to a news release from the Federal Bureau of Labor Statistics.
The growth was driven by a 117% rise in wages for financial activities, the equivalent of $4,526 a week. In the same period employment in San Francisco County grew by approximately 3% and inflation by 4%.
San Francisco was joined among the large counties with high wage growth by Elkhart Indiana and Santa Clara, California. Elkhart saw average wages spike by 22% to $1120 a week, while Santa Clara saw wages rise by 14.6% to $3,516 a week.
In the United States as a whole wages grew by 4.5% in large counties to an average of $1,241 a week while employment grew by 6.7%.
Wells Fargo and the San Francisco Federal Reserve Bank are based in San Francisco.
(By Feike de Jong)