Phoenix Hits The Top 5 in Small Business Wage Gains

https://www.investinphoenix.com/news/4

<div class="ExternalClass7832515722AA40F98D6C1E76F40E301E">A 4.7 percent average gain in weekly small business earnings placed Phoenix fifth in the nation for year-over-year wage growth in the March 2022 Paychex IHS Markit Small Business Employment Watch.Metro area average weekly earnings approached $993, just shy of the western states' average of $1,036. Phoenix's average small business hourly wage climbed 5.1 percent to $29.70 when comparing March 2022 to March 2021, ranking seventh among metropolitan areas in the U.S.Paychex IHS Markit publishes a monthly report based on data collected from companies using Paychex to manage small business payrolls. Phoenix small businesses have been pushing up the average paycheck over the past year.Last March, the Valley ranked 17th when compared to March 2020, with an average weekly wage of $930. By July 2021, year-over-year data showed the average weekly earnings moved up to $949. By December, the average small business weekly wages hit $963, and Phoenix moved into the top ten among U.S. metro areas.Arizona ranked fourth in the nation with small business upping weekly wages by 4.5 percent over last year. The statewide average wage is $946 per week. The average U.S. small business pays $29.99 per hour, still more than the Phoenix metro area. Statewide the average is $28.63. Media Contact: Athena Sanchez, Interim Communications Manager <a href="mailto:athena.sanchez@phoenix.gov/">athena.sanchez@phoenix.gov/</a> +1 602 621 0507 </div>

Small Business

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2/3/2023 10:49:50 PM