Wages in New Hanover County saw a steady rise in the first quarter of 2024, according to the latest data from the Bureau of Labor Statistics (BLS).
- The average weekly wage increased to $1,202, reflecting a 3.7% bump from the fourth quarter of 2023 and a 2.5% rise compared to the same period last year.
- This year-over-year increase of 2.5% marks an acceleration from the 1.1% gain seen in the previous quarter, though it falls short of the 6.6% jump reported in Q1 2023.
A Good Quarter: Despite the slowdown from last year, New Hanover County aligns with the national trend, joining 356 other counties (96.7% of U.S. counties) that also experienced year-over-year wage growth.
Labor Market: However, the employment picture in New Hanover County was more tempered. The county saw a slight dip in employment, falling 0.6% from Q4 2023 to a total of 129,100 jobs.
- Despite this quarterly decline, employment remained 1.5% higher than it was a year ago.
- This 1.5% increase, though positive, represents the smallest year-over-year gain since the first quarter of 2021 and is down from the 2.0% rise seen in the previous quarter.
Nationally, wage growth varied significantly, with some counties far outpacing the rest of the country. Santa Clara, CA, led the nation with a staggering 14.6% over-the-year increase in average weekly wages, followed by Williamson, TX (+10.6%) and San Mateo, CA (+10.5%).
- In terms of employment growth, Monterey, CA, and St. Johns, FL, were standout performers, each posting a 4.8% rise over the same period.
While wage growth in New Hanover County continues to show resilience, the employment slowdown highlights a more cautious local labor market, mirroring trends seen in other regions across the country.
