Nationally, compensation grew 2.3%, while inflation was 3.3%.
Now sure, our wages grew faster than the national average, but we've got room to grow. South Dakota's average compensation per job in 2008 was $40,726. Across the U.S., average compensation per job is $56,116. Adjust for cost of living, and South Dakota's average wages are still 79% of the national average.
Locally, wages are even thinner: Average compensation in Lake County is $36,439.
Some interesting facts from the BEA data:
- In the 618 counties of the Plains region (from ND to MO), 46.5% of compensation is concentrated in just 10 counties.
- Nationwide, 168 large metropolitan counties (out of 3112 counties total) account for 65.8% of compensation. That means nearly two thirds of our wages are made by folks who supposedly aren't real Americans.
- The sector providing the fastest growing compensation on the Plains: mining, up 16.6%.
- The sector contracting fastest on the Plains: information, down 0.8% (and here I thought going to DSU would be a moneymaker!).
- In the economically largest counties (those with total compensation of $10 billion of more), the sector paying the largest share of compensation is professional, scientific, and technical services (10.7% of total compensation).
- In the next tier of counties (paying out $1 billion to $10 billion), the sector paying the largest share of compensation is health care and social assistance (11.7% of total compensation).
- In the vast bottom tier of counties paying out less than $1 billion (72.8% of counties), the sector generating the biggest share of compensation is local government (16.5% of total compensation).