APPLETON, WI (WTAQ) – New data released by the Fox Cities LIFE Study is showing growing salaries around the Fox Valley in the span from 2014-2018.
“Things are looking fairly steady for the most part within the Fox Cities, as well as the state,” says Department of Workforce Development Regional Economist Ryan Long, “Steady economic growth and economic process and gains the standard of living we’ve been seeing for the past decade.”
As for the actual numbers, there wasn’t a significant spike – but it’s enough to make a difference.
“Nominally, wages went up 12% from 2014-2018. But if we take a real measure of it and adjust it for inflation, that comes in around more like 3% – which is more in line with the actual standard of living,” Long tells WTAQ News, “People talk about the broader economic climate for the past couple years or so – or maybe going into the next year. Going forward I’m seeing more or less the same conditions.”
The fastest salary growth was seen in Calumet and Outagamie Counties.
“We see a little bit of variation of the growth rates within the Fox Cities region,” Long says, “Outagamie County on an inflation adjusted basis, their wages grew about 4.6-5%. Calumet’s went up about 3% and Winnebago County’s went up by about 1%. But one part of the reason that Winnebago County’s wage went up more slowly in terms of the percentage is that it’s actually the highest average annual wage in the Fox Cities.”
So what exactly does that mean for residents and those working in the Fox Cities?
“It hints towards labor productivity within the Fox Cities region more or less being in line with – or even exceeding the state and nation,” Long says, “Labor productivity, general broader economic growth as well as the standards of living that come with that.”
The new data released also shows that although the region has generally affordable housing, transportation costs are high. Transportation costs can equate to approximately 25% of a household income. When that cost is combined with 25% of income spent on housing, a household spends half of their income on transportation and housing costs.
Housing cost estimates include: contract rent, mortgage payments, condominium fees, property taxes, homeowner’s insurance, utilities, and fuels. Transportation costs are a function of automobile ownership, automobile use, transit use, and the household expenditures associated with those variables. A neighborhood is defined here as a Census block group.
These data points are part of the newly updated 31 data points within the study’s categories of basic needs, economy, and safety. Interactive charts and trend information are now available on the Fox Cities LIFE Study website, with a summary of the new 31 data points on the “What’s New” page.
