Private workers in these industries had the biggest pay raises over the past year
Workers have had the advantage over employers in recent years—for the first time in about two decades. The presence of more job openings than unemployed people has meant many businesses have had to offer higher pay, better benefits, and other perks to draw in workers.
On average, private sector wages increased 4.3% in the year from March 2022 to March 2023. That wage increase was outpaced by inflation, which rose 5% in that same period, though it is slowing. In April, inflation was slightly lower, at 4.9%.
Among the most lucrative fields for workers have been industries that bounced back from the coronavirus pandemic, top among them the travel and energy sectors.
International travel in 2022 reached 63% of the level in 2019—the year before the pandemic began—and global tourism is expected to improve even more in 2023, though economic uncertainty could change that projection.
As far as energy, restrictions on businesses reduced demand during the pandemic. But demand returned to pre-pandemic levels quickly as countries emerged from lockdowns. Average wages rose in the oil and gas sector—particularly in Texas, for example.
Just six of the 80 industries included in the analysis saw wage decreases over the year.
Stacker used Bureau of Labor Statistics data to compare 80 industries and find the ones with the largest pay increases from March 2022 to March 2023. Some percentages that appear to be ties are not at more precise decimal values. The analysis also shows the monthly change in pay.
