By: Walter Bialas
One common news story – and a criticism of our economic recovery – is that we are creating a preponderance of low-wage jobs. Some have noted that it is easy to find work these days, but difficult to find a “good” job (aka. high paying), and that a large share of the jobs being created are in retail, health care (those are not doctors, in case you were wondering), and other service sectors. It is hard to “disassemble” the reasons here, but many site the flat wage growth in the US as evidence, and point to catalysts like the loss of higher-paying manufacturing jobs that helped bolster wage gains in past recoveries and the flat level of productivity that has plagued our US economy the last several years.
Our research team attended a local Moody’s Analytics conference a week or so ago that articulated the state of the union. They presented an interesting chart on recent job gains nationally by wage group (low, mid and high). As could be expected, job gains were pretty modest by region – and except for the West – strongly illustrated that the high-wage growth was missing, or at least, not a driver. Curious how DFW stacked-up, we asked if this information was available for our region. Ultimately, they offered to share their internal data with us for the Dallas part of the Metroplex.
As you can see, Dallas stands out! The fact that our annual growth rate is well above the other regions is not new news. What is newsworthy, though, is the gains we’ve seen across the wage sectors – and the very large share of high-wage jobs being created here. Not only does this underscore our economic diversity story, it also speaks to unique, robust growth across all wage earners.
Ultimately, this balanced growth and expansion of higher-wage opportunities will position us for the future by being able to attract more seasoned and senior talent