U.S. Northeast Wages Diverge Between New England and the Mid Atlantic
(Bloomberg) -- The Yankees and the Red Sox aren’t the only Northeast-vs-Middle Atlantic duels going on.
The two regions are increasingly taking divergent wage growth paths and New Englanders are winning.
Data from the Atlanta Federal Reserve show that since late last summer, a 100 basis point gap in annual wage growth has developed between the two areas for the first time since early 2002.
New York City and Boston are the two major urban centers in northeastern United States.
According to Numbeo, a cost of living data collection website, purchasing power in Boston, Mass. is more than 21 percent higher than in New York, N.Y. This is largely attributable to rent prices, which are 27 percent lower in Boston but even the cost of a domestic Beer is seen costing 14.3% less in Boston, according to the website.
Both regions are identified by the U.S. Census as being in the Northeast, an area further classified into the Middle Atlantic consisting of Pennsylvania, New Jersey, New York; and New England -- bracketing Connecticut, Rhode Island, Massachusetts, Vermont, New Hampshire and Maine.
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