GRAND RAPIDS, Mich. — New research shows Grand Rapids ranked last in terms of wage growth among the nation’s largest metropolitan areas.
The study examines the economic impacts of the COVID-19 pandemic and their effect on wage increases, Smartest Dollar explains.
The consumer advocate group says weekly pay in the U.S. shot up to $1,339 on average in 2020’s fourth quarter, increasing again to $1,418 a year later. However, we’re told those wages dropped by less than 1% when adjusted for inflation.
Smartest Dollar tells us only 13 states witnessed actual wage growth after inflation adjustments.
Among large metro U.S. cities, Grand Rapids ranks #53 on the study’s list of inflation-adjusted wage increases with a 5.5% decrease.
The study lists the following as the large metro areas with the highest wage increases after inflation:
- Miami/Fort Lauderdale/Pompano Beach, Florida (+5%)
- Raleigh/Cary, North Carolina (+2.7%)
- Tampa/St. Petersburg/Clearwater, Florida (+2.2%)
- San Jose/Sunnyvale/Santa Clara, California (+2%)
- Denver/Aurora/Lakewood, Colorado (+1.6%)
Read a more detailed report on this study here.