Average salary increase research summary: Despite salaries increasing over time on paper, the reality is that many American salaries have failed to outpace inflation. Below is a chart analyzing the salary increases of different occupations over the past ten years, adjusted for inflation.
Key Takeaways:
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The Airline Pilot occupation has seen the largest salary increase over the past ten years, at 71.9% overall and a 25.1% value change when adjusted for inflation
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When adjusted for inflation, only seven occupations have seen a positive salary value change within the past ten years.
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The occupations whose salaries have decreased the most within the past ten years are Dentists (-23.4%), Actors (-19.9%), and Architects (-17.1%).
For further analysis, we broke down the data in the following ways:
Trends | Value
| Occupation | Average salary (2022) | Average salary (2010; Adjusted for inflation) | Percentage of salary increase | Value of change (when adjusted for inflation) |
|---|---|---|---|---|
| Average annual salary | $58,260 | $61,016 | 31.2% | -4.5% |
| Surgeon | $294,520 | $309,668 | 30.7% | -4.9% |
| Airline pilot | $198,190 | $158,413 | 71.9% | 25.1% |
| Dentist | $167,160 | $218,138 | 5.3% | -23.4% |
| Lawyer | $148,030 | $177,840 | 14.4% | -16.8% |
| Pharmacist | $125,690 | $150,280 | 14.9% | -16.4% |
| Software Developer | $120,990 | $113,562 | 46.4% | 6.5% |
| Economist | $120,830 | $136,499 | 21.6% | -11.5% |
| Physician Assistant | $119,460 | $119,724 | 37.1% | -0.2% |
| Veterinarian | $109,920 | $127,184 | 18.7% | -13.6% |
| Engineer | $107,644 | $121,765 | 21.5% | -11.6% |
| Financial Analyst | $106,340 | $118,212 | 23.6% | -10.0% |
| Computer Programmer | $96,650 | $102,907 | 29.0% | -6.1% |
| Physical Therapist | $92,920 | $107,152 | 19.1% | -13.3% |
| Architect | $89,400 | $107,894 | 13.8% | -17.1% |
| Musician | $86,237 | $86,361 | 37.2% | -0.1% |
| Nurse | $82,750 | $93,042 | 22.2% | -11.1% |
| Writer | $81,120 | $90,624 | 23.0% | -10.5% |
| Police Officer | $70,740 | $76,418 | 27.2% | -7.4% |
| High School Teacher | $69,490 | $76,926 | 24.1% | -9.7% |
| Actor | $65,125 | $81,275 | 10.1% | -19.9% |
| Plumber | $63,350 | $69,191 | 25.8% | -8.4% |
| Electrician | $63,310 | $71,183 | 22.2% | -11.1% |
| Interior Designer | $62,570 | $71,581 | 20.1% | -12.6% |
| Graphic Designer | $59,970 | $66,141 | 24.6% | -9.3% |
| Chef | $56,920 | $61,524 | 27.1% | -7.5% |
| Firefighter | $55,290 | $65,577 | 15.8% | -15.7% |
| Dancer | $50,939 | $47,296 | 48.0% | 7.7% |
| Photographer | $48,210 | $49,434 | 34.0% | -2.5% |
| Construction Worker | $44,130 | $46,150 | 31.4% | -4.4% |
| Truck Driver | $37,300 | $44,158 | 16.1% | -15.5% |
| Farmer | $31,795 | $30,281 | 44.3% | 5.0% |
| Bartender | $30,340 | $29,278 | 42.4% | 3.6% |
| Server | $29,010 | $28,564 | 39.5% | 1.6% |
| Fast Food Worker | $26,060 | $25,569 | 40.0% | 1.9% |
Average Salary Increase Trends
Some jobs have seen impressive salary increases over the past ten years, while others have suffered stagnant growth. In general, the average salary increase doesn’t account for inflation but does show popular and in-demand jobs. Many of the fastest and slowest growing jobs within the past few years were impacted by the COVID-19 Pandemic.
For example, Airline Pilots experienced the highest average salary increase of 71.9%. The COVID-19 Pandemic had a profound effect on the airline industry, as many pilots retired or accepted buyouts from their employers. In turn, this generated a pilot shortage that led to a tight labor market. To stay competitive, airline companies have to offer pilots more.
Servers (39.5%), Fast food workers (40%), and Bartenders (42.2%) have also experienced large salary increases. Much of this growth can also be attributed to the Pandemic, as hospitality sector employers are trying to entice workers back to their jobs with higher salaries. Though the “Fight For $15” campaign has also played a role in helping these workers.
Conversely, Dentists received the lowest average salary increase of only 5.3%. This means that when accounting for inflation, a Dentist’s annual salary is now worth over $50,000 less than in 2010. Even more disheartening, the average cost of dental school in the US increased drastically during the same period, from over $131,000 in 2010 to over $210,000 in 2022.
Value of Average Salary Increases
The average salary increase over the past ten years isn’t the whole story, as the value of these increases compared to inflation is also an important factor. Sadly, inflation has outpaced most salary increases, leading to overall negative growth in salary value for most occupations.
The average annual salary has declined in value by -4.5%. Some professions felt this sting more than others. For example, Pharmacists who earned an average salary of just over $150,000 per year in 2010, when adjusted for inflation, now make only $125,600 in 2022. This represents a shocking -16.4% decrease in salary value.
However, there are seven occupations where the value of salary increases has remained positive. These occupations include:
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Airline Pilot (25.1%)
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Dancer (7.7%)
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Software Developer (6.5%)
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Farmer (5.0%)
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Bartender (3.6%)
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Fast Food Worker (1.9%)
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Server (1.6%)
Average Salary Increase FAQ
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What is the average yearly raise?
The average yearly raise hovers around 3% but has been higher in recent years. For instance, the average yearly raise in 2022 was 4.6%, which is significantly higher than the average.
In part, the higher-than-average rise in 2022 can be attributed to the Great Resignation, the Pandemic, and other factors. As some industries have struggled to maintain and rebuild employment levels post-COVID, it has been necessary to offer more incentives and higher salaries to prospective employees.
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How much should my salary increase with inflation?
On average, your salary would need to increase by 10% per year to match inflation. This explains why so many jobs haven’t kept up with inflation, as the average annual increase is far below 10%.
What’s more, it’s considered very risky to ask an employer for a 10% raise, meaning that keeping up with inflation isn’t common practice.
Conclusion
As Americans continue to feel the string of inflation in 2023, the unfortunate fact is that most salaries haven’t kept pace. Only one-fifth of major occupations have seen net positive increases in salary value over the past ten years, leading many Americans to feel frustrated by their paychecks.
While it is uncertain what the future holds, many companies have already begun to respond to the subsequent lack of employment by offering higher salaries and better benefits. However, whether or not these new increases in some industries will be enough to create real positive change remains to be seen.
Author
Jack Flynn is a writer for Zippia. In his professional career he’s written over 100 research papers, articles and blog posts. Some of his most popular published works include his writing about economic terms and research into job classifications. Jack received his BS from Hampshire College.
