Tampa Bay Salaries Soar: Nine Occupational Median Annual Salaries Reach Six Figures Post-Pandemic
According to a recent analysis of Bureau of Labor Statistics data by The Business Journals, nine occupations in the Tampa Bay area saw a median annual salary of $100,000 or more between 2019 and 2021. These jobs include optometrists, veterinarians, lawyers, electronic engineers, training and development trainers, first-line supervisors, nurse practitioners, and computer and information research scientists. The gains in salary are attributed to the tight labor market and elevated turnover rates caused by the pandemic, leading to significant raises and bonuses.
Computer and information research scientists saw the largest increase, with median annual salaries growing from $97,240 in 2019 to $118,250 in 2021, a 22% jump. Despite the Federal Reserve's efforts to control inflation by raising interest rates, the job market remains tight, with approximately 10.5 million job openings in November 2022, and an unemployment rate hovering around 3.5%, the lowest it has been in decades.
In June 2022, workers in Tampa Bay saw 6.7% annual median wage growth over the same period in 2021. This growth eventually slowed to 6.1% but remains higher than any point in the last 25 years. The Federal Reserve Bank of New York found that the average reservation wage in November 2022, which is the lowest wage survey respondents would accept for a new job, increased to $73,667, the highest it had recorded.
Here are some current job openings in the Tampa Bay area for the above-mentioned jobs:
- Optometrists: Multi-location optometrist practice is seeking an optometrist to join their team.
- Veterinarians: Emergency animal hospital is looking for a licensed veterinarian to join their team.
- Lawyers: Law firm is seeking an experienced litigator to handle a full caseload of civil cases.
- Electronic Engineers: Engineering firm is looking for an experienced electronic engineer to design and develop electronic systems.
- Training and Development Trainers: Leading consulting firm is looking for a training and development trainer to design and deliver training programs.
- First-Line Supervisors: Manufacturing company is seeking a first-line supervisor to oversee production activities and personnel.
- Nurse Practitioners: Urgent care center is looking for a nurse practitioner to provide quality patient care.
- Computer and Information Research Scientists: IT company is seeking a computer and information research scientist to conduct research and development in the field of computer science.
Overall, it is evident that the pandemic has led to significant salary increases for various occupations in the Tampa Bay area, with job opportunities still available in these high-paying fields.