17 October 2017

Wage Growth in Energy Industry in US


Wage Growth in Energy Industry in US

In US, the oil and gas industry is having the highest wage growth as compared to the other industries.

In 2012, the salary for full-time workers in the mining, oil, and gas exploration industry was raised to almost 6 percent as compared to national wages which was 3.5 percent, according to new data from salary comparison website PayScale.

In 2009, the mining and gas industry in US also had recession along with other industries. Despite the recession the industry came back sooner and stronger than other industries, because even in recession there was a healthy demand for services which energy industry provided such as electricity to light the homes and fuel for vehicles, according to Katie Bardaro, leading economist at PayScale.

The natural gas industry jobs are well-paying jobs and there is a substantial growth for the employees. These jobs are also related jobs for service providers, truck drivers, engineers and others apart from the direct jobs in the field. The jobs are also extended to manufacturers, hotel workers, and construction trades, hence it has benefited throughout the US economy, according to Daniel Whitten, spokesman for America’s Natural Gas Alliance.

The total number of jobs supported by the nation’s shale regions is expected to reach 1.6 million by 2035, according to financial analytics firm IHS Global Insight.

In 2012, Mining, Oil & Gas Exploration had a wage growth of 5.8 %, Real Estate & Rental Services with 4.5 % growth, Professional, Scientific & Tech Services with 4.3% growth, Manufacturing with 4.1% and Utilities with 4.1% are the five best industries for wage growth for workers. In the same year, other industries such as Business Operation Support Services had a wage growth of 1.7% growth, Arts; Entertainment & Recreation with 2.3% growth, Wholesale Trade with 2.5% growth, Healthcare & Social Assistance with 2.7%, and Retail with 2.9% growth are the five worst industries for wage growth, as per the data given by PayScale.

Source: usnews.com

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