DENVER (KDVR) — Coloradans’ pay has risen faster than most states in the last year, according to a new report.
The years after the COVID pandemic have been characterized by inflation, both of living costs and of wages. Employers had to raise wages and salaries in order to attract and retain workers, particularly among the industries most impacted by the pandemic.
In Colorado, wages have been rising faster than virtually anywhere east of the Rocky Mountains. This is according to the most recent analysis of payroll data by ADP Pay Insights.
Between June 2022 and June 2023, the state’s median yearly pay rose 7.4%, the 10th-highest rate among U.S. states and the District of Columbia. As of June, the state’s median yearly pay was $62,500.
Western states’ pay increased the most. In Wyoming, the pay increased by 9.5% in the last year. It increased by 9.3% in Montana, 8.4% in Oregon, 8.1% in Idaho and 8% in New Mexico.
ADP’s records said wage growth has outpaced inflation in the last year.
Denver-area inflation has been higher in the last year than in the short term. Compared to last year, metro inflation had risen 5.1% — the fourth highest in the country.