Columbus – First in the Nation With Wage Growth

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Money / CNN reports that hourly wages grew at a rate of 6.2% in Columbus, far higher than the national average of 2.1%.

Much of this can be attributed to the unemployment rate here in Central Ohio, which at 4.2% is getting to the point that we’ll start experiencing labor shortages as we already are in the construction trades.  Fast wage growth leads to more single family residential and condos, which leads to demand for more retail and restaurant, presuming workers can be found to build it.

Unemployment rate in Delaware County here in Central Ohio is already in the mid 3s.  That’s why you see the ‘now hiring’ signs almost everywhere as you’ve likely noticed at your local Krogers, Giant Eagle, Menards or Homo Depot.

1. Columbus, Ohio: 6.2%
2. San Francisco, Calif.: 6.0%
3. Virginia Beach, Va.: 5.9%
4. Louisville, Ky: 5.9%
5. Rochester, N.Y.: 4.9%
6. Sacramento, Calif: 4.7%
7. Boston, Mass: 4.5%

http://money.cnn.com/2015/08/10/news/economy/cities-fastest-wage-growth/index.html