Pay Increases Based on City

A recent article on CNN's Money edition put the average pay increase of the US worker at 2.5%.  But, according to the article, a few cities managed to sustain surprisingly above average pay raises. CNN Listed San Francisco as the city with the largest average pay increase over the last year, estimated at 4.3%.  A popular destination for up and coming tech firms, as well as the headquarters for giants like Google, HP, and Apple, San Francisco is booming with technology, and the money that follows it.  Another factor in the pay increases, however, could very possibly be the increasingly expensive cost of living in the Bay Area.

San Francisco outpaced the national average of pay increase, citing a 4.3% one-year raise.

Next up the article shows Baltimore, with an average one-year pay increase of 3.5%.  The area's financial service market has added  1600 jobs in the past year according the Bureau of Labor Statistics, and combine that with a strong Health Services industry in the area, Baltimore's number of high-paying jobs kept them above that 2.5% nation mean. Chicago and Phoenix came in next, tied at a 3.1% average increase, but for starkly different reasons.  According to CNN, while recovering and growing financial markets in Chicago have provided job growth, construction has been a large source of growth in Phoenix.  Chicago has also become an increasingly popular destination for students of universities and other forms of higher education, which has undoubtedly contributed to stability in local markets. Low cost of living in Phoenix, combined with warm weather and a steady climate have made it an attractive place for retirees thinking of relocating, the article says.  The cost of housing in Phoenix is calculated at 56% lower than in LA, and 69% cheaper than in San Francisco. Last but not least on the top 5, CNN puts Atlanta at a 3% average one-year pay increase for its workers, with healthcare at the forefront.  CNN quotes Georgia Governor Nathan Deal as saying calling health care information technology an "exploding industry" for the area.