Facebook and Its IPO Made San Mateo County the Highest-Paid County in AmericaBy: Josh Wolford - July 3, 2013
According to figures just released by the Bureau of Labor Statistics, Facebook’s May 2012 IPO made San Mateo county, California the most well-paid area in the country.
The average weekly worker wage in San Mateo County, California (home to Facebook’s Menlo Park campus) was $3,240 in Q4 of 2012. That’s over a thousand dollars a month more than the second-place county, New York, NY ($2,107). It’s an increase of over 107% from Q4 2011. Overall, the average weekly wage in all of America increased 4.7%.
That amounts to a $1,677 a week increase in San Mateo, compared to a $45 increase overal in the U.S. That average salary for San Mateo county workers comes out to $168,480.
Of course, in the time between Q4 2011 and Q4 2012, Facebook launched their IPO. We knew it would make a bunch of Facebook employees millionaires – but we didn’t know just how massive of an effect it would have on the economy of the area.
As you may expect, the specific industry in San Mateo County that gained the most over the past year was “computer systems design services.” That particular sector accounted for $6.8 billion of total wages in Q4 – or $82,891 per week.
Of course, this doesn’t signify weekly take home pay. “Wages” includes things like stock and stock options.
“That kind of a jump can only be explained by what’s happening with stock and stock options from recent IPOs. It will be interesting to see if that wealth bump is reflected in giving back to the community,” said Doug Henton of a local San Meteo consulting firm.
Basically, Facebook’s IPO singlehandedly made one county the most well-paid county in the entire United States. Whoa.[via The Wall Street Journal]