Workplace
Compensation growth in Seattle area largest in the nation.
By Seattle Business Magazine August 5, 2015
The rapid increase in labor costs in the region could lower the impact of rising minimum wages by helping to reduce the gap between wages in Seattle and those in the rest of the region. Here’s the press release from the bureau of labor statistics with the June numbers:
New BLS Data: Seattle area employee compensation costs up 4.3% over the year
The latest BLS News Release showing total compensation costs for private industry workers in the Seattle-Tacoma-Olympia metropolitan area is now available online at https://www.bls.gov/regions/west/news-release/employmentcostindex_seattle.htm.
This release covers data from the Employment Cost Index, a quarterly survey which measures changes in labor costs (employee wages and employee benefits) over time. Items of note include:
- Local total compensation costs (wages + benefits) for private industry workers increased 4.3% from June 2014 to June 2015, compared to the U.S. average of 1.9%
- Seattle had the largest total compensation % increase among the 15 major metropolitan areas nationwide
- Local wages and salaries increased 3.2% over the year, compared to the U.S. average increase of 2.2%
- Since 2011 employer costs for employee compensation in the Seattle area have risen on average 2.8% annually
