INDIANAPOLIS — Newly released data reveals that while Hoosier pay grew over the last 12 months, the increase lagged far behind previous year-to-year growths.
According to ADP Research Institute’s latest data, Hoosiers who stayed at their job over the last 12 months saw their wages rise by an average of 4.8%. But this February-to-February growth lags behind previous years 7.1% and 7.4% year-to-year growth.
ADP reports that in February 2024, Hoosiers’ median annual pay is an even $57,000. This is up from February 2023 where the median annual pay was $55,500.
But that is only an increase of $1,500.
For comparison, Hoosier pay rose from $48,300 to $53,100 from 2021 to 2022 — a nearly $5,000 increase as Indiana ramped up in the wake of the pandemic. From 2022 to 2023, Hoosier pay jumped from a median of $53,100 to $55,500 — a $2,400 jump.
Indiana’s latest year-to-year, 4.8% growth also lagged behind the national average, which was 5.1%. ADP noted that this national year-to-year gain is the smallest since August 2021.
Indiana is fairing better than the pandemic era growth, however, which only grew 2.9% between February 2020 and February 2021.
But what about company loyalty? Well, according to ADP’s data, those seeing the highest pay growth are workers who switched jobs. The year-to-year growth for those jumped jobs in the last year is 7.6%.
ADP’s data is sourced from payroll transactions from nearly 10 million employees across the United States and released as a monthly report tracking year-to-year changes in wage growth.
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