Two of the major storylines of the 2022 economy were the soaring energy sector and the retrenching tech sector.
New government data released Wednesday shows just how that played out in the wages of workers based in energy and tech-heavy regions.
The detailed numbers on employment, wages, and job creation in local areas of the U.S. last year show that average wages surged in key oil and gas areas — like Midland County, Texas, a hub for the energy-rich Permian Basin, where average weekly wages jumped 14% year over year.
- On the flip side, Silicon Valley and the Bay Area suffered sharp drops in average wages, as the tech sector shed jobs.
- California's San Mateo County — where Facebook is headquartered — saw the steepest decline.