Weekly Wages Rise In Pittsburgh For Third Straight Year
Heads up Pittsburghers—you’re making more money.
According to PittsburghTODAY, average weekly wages in the Pittsburgh region rose by 1.94 percent between the second quarter of 2011 and the second quarter of 2012. The study also noted wages rose, on average, from $875 to $892 a week.
The increase has been a continuing trend for the city--average weekly wages increased by 3.16 percent between 2009 and 2010 and another 3.55 percent between 2010 and 2011.
Doug Heuck, Director of PittsburghTODAY, said Pittsburgh’s unique and diverse economy has helped.
“I mean, we’ve been a real anomaly,” Heuck said. “We are one of the few regional economies that have done well even actually through the recession and then the recovery, one of four (regions) where we’ve actually had more jobs post-recession than we had going in.”
While Pittsburgh had the fourth largest increase in weekly wages among its peer cities, it still ranked eighth out of 14 of comparable regions.
However, the wage increase doesn’t take into effect the low cost of living in the Pittsburgh region, according to Heuck, which he said is third best among the benchmark cities. While the transportation cost of living component is one of the highest, the housing component is the second-lowest—only trailing St. Louis--and the health care component is the lowest of any region.
Heuck also said this news should be an prediction of increased consumer spending.
“If your wages are rising, you are feeling more confident, you’re more likely to spend and hopefully save, and it creates kind of a virtuous circle,” Heuck said.