Dallas leads U.S. cities in small business job growth and hourly earnings growth for workers, according to a recent study.
Hourly earnings growth for workers of U.S. small businesses slowed in September, according to the latest Paychex | IHS Markit Small Business Employment Watch, however the researchers report the Dallas metro area is performing better than other cities, with our median wage at $31.38 and a month-over-month 7.44%. That makes the seventh month Dallas has led the country in rate of growth.
That doesn’t mean our workers earn as much as those in, for example, Seattle ($36) or San Francisco ($39), but increasing pay at a quicker rate than any other area. (Plus our cost of living is more reasonable than it is in those places, which I will touch on in a minute). Our small business hourly workers earn slightly more than the national average as of September.
High performing industries for workers include leisure and hospitality, trade transportation and utilities, construction, manufacturing, professional and business services, financial activities and education and health services, according to the study.
Martin Mucci, Paychex chairman and CEO, points out that workers around the country are getting in more work hours. “With low unemployment levels continuing, small businesses are relying on their current staff to do more, driving an increase hours worked,” he says.
Dallas ranks 19th for hours logged in September.
“The moderation in hourly earnings growth is of particular note, Mucci adds, as it may be a sign that the Fed’s actions are possibly having an impact in the battle against inflation.”
As we mentioned in this month’s cover story about affordable housing, Dallas residents’ incomes are going to be of particular interest as more developers take tax breaks in return for supplying units affordable to folks at 80% or below the area median income. The area median income in Dallas is $68,200. For a family of four in the Dallas metro area, the median income is $97,400.
For a single person, 80% of the AMI is $54,560 annually. For a family of four it is $77,920.
Visit the study here for methodology and the full report. Visit this story for more on the affordable housing effort.