CA Has The 2nd Fastest Growing Salaries Since 2010: Report

SANTA MONICA, CA — Californians have had the second-highest increase in average annual wages since 2010, according to a new report from Approve.com.

In 2010, the average annual salary nationwide was $43,265 and increased to $58,494 in 2020, a rise of 35 percent, or an increase of $15,228. The growth in wages exceeded inflation rates in the U.S., however, this was not the case for every state.

Washington had the largest increase among the states over the 10 year period. The Evergreen state saw the biggest bump in wages by an boost of 58.28 percent. In 2010, Washington’s average annual wage was only the tenth highest of all the states. And, in 2020, its wages were the fourth highest in the country at $76,791.

Californians have had a 49.16 percent rise in wages since 2010. Although this is almost 1 less than in Washington, it is still around 14 percent higher than the national average wage increase.

In 2020, the average annual wage in the Golden State was $79,480, compared to $53,285 in 2010.

Wyoming saw the smallest increase as wages only grew 21.5 percent. This is around 14 percent less than the nationwide average. Louisiana ranked behind where wages grew 25.33 percent. Although wages were lower in Louisiana than Wyoming in 2010, by 2020 they crept up slightly higher.

Mississippi also observed a slower increase, dropping down the rankings to the lowest-earning state by 2020.

States with the current highest wages

Massachusetts is currently the state with the highest average annual wages. The $83,738 average across the Bay State is $25,244 higher than the national average and $40,516 higher than the average in Mississippi.

New York ranks second behind Massachusetts, with Empire State residents earning an average $600 less than people in Massachusetts.

"The motto of New York is the Latin word Excelsior meaning ever upward, but on the contrary average annual wages in the Empire State are growing slower than elsewhere and they no longer have the highest wages in the country as they did in 2010," according to the report.

California ranks as the state with the third-highest average annual wages, climbing up from the fifth-highest in 2010. Despite being more than $4,000 lower than Massachusetts, California has average wages around $21,000 more than the national average.

What could happen by 2030?

Massachusetts, New York and California are the top three earning states currently, but by 2030 this is set to change if wage trends continue over the next decade, according to the report.

The average annual wage is estimated to be $79,266 nationwide by 2030.

Washington could jump to first place from fourth and is projected to be the top-earning state with an average annual wage of $121,545 by 2030. Massachusetts is on track to drop down to second place if growth rates reflect the last 10 years. Wages will average $121,379 which still far exceeds the country-wide average by over $40,000. California is expected to maintain its position where the average salary will reach $118,553.

See where other states ranked and check out the full report from Approve.com.

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