Tech paychecks are trending upward in the state of Virginia, according to a new report by the Federal Reserve Bank of Richmond.
The state’s tech companies are doing well despite low pay in the blue states.
The report said that over the last decade, paychecks in the top five pay categories rose by an average of 19.6% per year, and that the top 10 paychecks rose by 17.9% per annum.
That means the top 5 pay categories in the red state of Maryland saw paychecks rise by an annual average of 7.6%.
The report, titled The Next Golden Age in Tech Pay, noted that the blue and white states were also seeing a steady upward trend.
The median annual income in the states in the three blue states was $62,865, while the median annual salary in the white state was $49,400.
The study also showed that median wages in Virginia, Maryland and the white states grew faster than the national average over the same time period.
The average annual wages for workers in the seven states increased by an inflation-adjusted 0.5%, while the average hourly pay rose by 3.2%.
The Richmond Fed said that the rise in paychecks over the past decade was largely due to the growth in technology companies in the five states.
“While the overall pay growth was lower for most occupations, some occupations did see a substantial increase,” the report said.
“Among the fastest-growing occupations, for example, software engineers, computer programmers, and computer support workers, the average annual pay increases were 2.6%, while average hourly earnings increased 4.3% in those occupations.”