High pay, limited prospects

Compensation in New England may be high but job growth is not / Source: U.S. Bureau of Labor Statistics
Compensation in New England may be high but job growth is not / Source: U.S. Bureau of Labor Statistics

New England is one of the best-paying regions in the nation, according to the U.S. Bureau of Labor Statistics. But that pay seems to come with a cost.

In 2005 total compensation private-industry employers in New England paid their workers averaged 8 percent more than in the U.S. By 2014 that difference had more than doubled to 16 percent.

At the same time, job growth in New England averaged 0.2 percent per quarter, while across the nation it averaged 0.6 percent. Rhode Island actually averaged a job loss of 0.2 percent in that time.

It would be simple-minded to say that the high costs are the only reason that job growth in the region has been anemic. But it surely is an important factor. •

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