Report says Wilmington near the top for workers looking to get more for their money
WILMINGTON -- So you want to live in a place where your salary can be stretched the furthest, where there’s room for advancement and the economy is growing?
Well, according to online job search site Indeed, you might already be there.
Indeed ranked Wilmington No. 2 among 185 U.S. metros for having above-average employment opportunities and high projected growth potential. Duluth, Minnesota, topped the list.
In short, factoring in the cost of living, your dollar goes further in the Port City than pretty much anywhere else in the country.
Now, there are places with higher average salaries -- think Silicon Valley or Boston. There also are metros where your pay would give you more purchasing power -- Huntington, West Virginia, and Toledo, Ohio, finished high on that list.
But in bigger markets, according to Indeed, the cost-of-living is much more expensive, watering down the advantages of a large paycheck. And in places where housing and other expenses are low, the locations are often not seen as the most desirable and growth prospects can be slim.
“If you want it all -- high adjusted salaries, low unemployment today and good future prospects -- look instead at Duluth, Minnesota, Wilmington, N.C., and Lubbock, Texas,” stated a release from Indeed.
To come up with its list, Indeed looked at salary data from all job postings to its site between July 2017 and June 2018. Local cost-of-living data, which was then use to adjust salaries to make it an apples-to-apples comparison, came from the U.S. Bureau of Economic Analysis. Unemployment figures and future job potential came from the U.S. Bureau of Labor Statistics and Indeed’s analysis of that data.
The report's findings are sure to make Cape Fear-area politicians and economic development recruiters smile, not to mention developers and real estate professionals.
"With the population growth we are seeing, obviously this is reflective of that," Wilmington Mayor Bill Saffo said Friday. "People see you can get more for your money down here."
Saffo said among the factors drawing people to the Cape Fear coast are the region's jobs, ability to create new jobs, rich history, diverse geography and a growing economy.
"When people ask me why people are moving here, I tell them it is because the secret is out," he said. "People have found us and know we are a bargain, and they get a lot for it."
But Indeed does add a word of caution.
"Even if you’re only considering economic factors when choosing a new hometown, don’t stop at adjusted salaries," the release states. "Unless you’ve already got a secure job in hand, you should consider the ease of finding a job today and the odds of having one in the future."
Contact the Metro desk at 910-343-2384 or Breakingnews@StarNewsOnline.com.