Workers see fatter paychecks in 2007

By Sean F. Driscoll

BusinessRockford.com

Pay growth slow in metro area

Health-care workers in Boone and Winnebago counties earned more than $1 billion in 2007 as the industry continues to be the fastest growing in the area.

According to data released today by the U.S. Department of Commerce’s Bureau of Economic Analysis, the area’s payroll grew 3.8 percent in 2007, slower than the national average of 5.2 percent.

Manufacturing continued to be the biggest issuer of paychecks, contributing $2.4 billion. That’s up 2 percent from 2006, and continues a four-year increase since compensation in that field hit a $2.1 billion low in 2004.

Health care, however, continued a sharp climb in compensation. Since 2001, its payroll has increased 37 percent in that field. Each year’s growth has increased at least 2.5 percent, with the largest single year-over-year jump occurring in 2002.

Farm compensation also had a big increase in 2007, up 19 percent to $10.5 million. Farm compensation has varied widely since 2001, hitting a low of $7.9 million in 2002. The 2007 figure was the best since the start of the decade.

State and local government continued to have high payrolls, with $761 million contributed in 2007. That’s up 5.5 percent over 2006 and more than 25 percent since 2001.

Compensation grew in 90 percent of the 3,111 counties in the United States, and the average annual compensation per job grew 4.1 percent to $53,892.

Reach staff writer Sean F. Driscoll at 815-987-1346 or sdriscoll@rrstar.com.