NEW: RI Wages Increased 2.8% in 2010
Tuesday, July 05, 2011
The average annual wage earned in Rhode Island in 2010 was $44,651, 2.8% higher than the 2009 average wage of $43,447 according to the Labor Market Information Unit at the RI Department of Labor and Training.
Annual wages also increased countrywide as the US saw a 2.6% increase showing a $46,742 mark in 2010.
Annual average wage gains were reported in 18 out of 20 industry sectors in Rhode Island this year. The Management of Companies sector claimed the largest percent increase, with workers making an annual average wage of $101,240,a 9.5% higher figure than the previous year. The Finance & Insurance sector had the second largest increase percentage wise, reporting 8.1 percent gains over the year to reach an average annual wage of $73,450. Construction and Agriculture, Fishing & Hunting, were the lone sectors to report decreases in the annual average wages paid, declining 1.3 and 0.7 percent, respectively.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTPrivate sector wages in Rhode Island grew 2.9% in 2010, with workers earning an annual average wage of $42,530. Public sector also saw an increase in 2010, improving 2.2% over the year, reaching $58,283. Local government employees saw a 2.7% over the year to reach $53,001, while the average wage of federal government employees increased by 2.2% to reach $73,950.State government employees saw their wages drop 0.2% $59,004.
Rhode Island Management of Companies ($101,240) also reported the highest annual wages among the state's industry sectors in 2010, followed by Utilities ($83,249), Finance and Insurance ($73,450), Professional & Technical Services ($63,861), Wholesale Trade ($63,199) and Information ($61,341). The sector reporting the lowest wages in 2010 was Retail Trade ($27,059).
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