What does this measure?
The overall percentage change in average salary, total and by sector, since 2000.
Why is this important?
Salaries are a gauge of overall economic health and a measure of the degree to which employees are sharing in the prosperity of a community. They also indicate the vitality of a region and its ability to compete and attract workers.
How is our county doing?
Although there have been shifts in average salaries among employment sectors, the overall average salary in Essex County in 2021 was $71,200, a 15% increase from 2000. This increase was less than the state and the nation, where the average salary increased by 26% and 22% respectively.
The greatest increases in average salary were in the Financial Activities (62%), Natural Resources and Mining (42%) and Professional and Business Services (31%) sectors in Essex County, while the Information sector had the only decline (-1%). Although Essex County, the state and nation had similar changes in many sectors, the state and nation both had increases in average salaries in the Information sector (43% and 64%, respectively).
How do we compare to similar counties?
Lake, IL and Middlesex, MA, both with an increase of 29% in overall average salary since 2000, were the highest among the comparison counties, with Westchester, NY trailing with an increase of 21%. The sectors with the greatest increase within each comparison county since 2000 were Natural Resources and Mining in Middlesex, MA (72%), Manufacturing in Lake, IL (67%), and Financial Activities in Westchester, NY (42%). The only decline in average salary was in the Information sector in Essex (-1%).
Notes about the data
Data have been converted to 2021 dollars. Industries in which most of the workforce is full time (e.g., Manufacturing) will appear to pay significantly higher wages than ones that employ many part-timers (e.g., Retail or Leisure and Hospitality).