In this article, we will look at the 10 states with highest average salary in America. We have also discussed some statistics related to the US economy in another article. If you are interested in reading about that along with a more extensive list, head straight to the 25 States with Highest Average Salary in America.
10. Virginia
Annual Average Salary: $65,590
In 2022, Virginia had a per capita income of $68,211 and a GDP of $654.5 billion, ranking 13th in the U.S. The state faced a temporary spike in jobless claims during the COVID-19 recession but rebounded, with a 2.9% unemployment rate in November 2023.
9. Alaska
Annual Average Salary: $66,130
As of October 2022, Alaska had a total employment of 316,900 across 21,077 employer establishments. With a 2018 gross state product of $55 billion, it ranked 48th in the US., while its per capita personal income reached $73,000, securing the 7th position country wide.
8. Colorado
Annual Average Salary: $67,870
In 2024, Colorado is expected to experience a stable job market, with the addition of 41,900 new jobs, a 1.4% increase in employment. The growth is anticipated in sectors such as professional and business services, government jobs, education, and health services. However, concerns arise for job sectors like construction, manufacturing, information, and financial activities, which are projected to lose jobs due to high-interest rates.
7. Connecticut
Annual Average Salary: $69,310
In 2019, Connecticut’s gross domestic product reached $289 billion, up from $277.9 billion in 2018. The average salary in the state is one of the highest nationally at $69,310, though income inequality was still high.
6. Maryland
Annual Average Salary: $69,750
In 2022, top private employers in the state were BYK Gardner, Clean Harbors, Holy Cross Hospital, Johns Hopkins institutions, Northrop Grumman, and the University of Maryland. Maryland is the state with the highest median household income of $90,203 as of 2021.
5. New Jersey
Annual Average Salary: $70,890
The state claimed the highest percentage of millionaires per capita and per square mile in 2020, with approximately 9.76% of households falling into this category. Moreover, 76.4% of places in New Jersey surpass the national average per capita income, and nine of its counties rank among the top 100 highest-income US counties.
4. Washington
Annual Average Salary: $72,350
Washington has a highly stable economy, ranking fifth in the US with the gross state product growing at a rapid 6.5 percent annually. The minimum wage is set at $16.28 per hour as of January 1, 2024, and is the highest nationwide.
3. California
Annual Average Salary: $73,220
California has the world’s largest state economy, with a 2022 GSP of $3.6 trillion, surpassing most countries. Responsible for 1/7th of the US GDP, it outpaces all states and rivals global economic powerhouses. The Port of Los Angeles-Port of Long Beach handles 40% of US imports and therefore crucially influences the global supply chain.
San Frasisco is the highest paying city in the US.
2. New York
Annual Average Salary: $74,870
New York’s GDP in Q2 2022 reached $2.0 trillion, making it the 11th largest economy globally. The metropolitan area, centered on New York City, produced a GMP exceeding $2.16 trillion, ranking as the world’s largest metropolitan economy. Anchored by Wall Street, NYC is a financial powerhouse with the NYSE and Nasdaq, the largest and second-largest stock exchanges.
1. Massachusetts
Annual Average Salary: $76,600
In 2020, Massachusetts had a gross state product of $584 billion. As of January 2023, the state’s general minimum wage is $15.00 per hour and was also ranked 15th for business in CNBC’s list. Massachusetts housed twelve Fortune 500 companies in 2015, including Liberty Mutual, GE, and Thermo Fisher Scientific. It is the state with the highest average salary in the US.
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