Steaks on grills and cabernet in wine glasses may be a little tastier in California’s San Mateo County this Fourth of July, as its average weekly wage in the fourth quarter of 2012 more than doubled compared with the previous-year period, according to a report in The Wall Street Journal’s Corporate Intelligence blog. Why? All signs point to Facebook.
According to the Bureau of Labor Statistics, as reported by Corporate Intelligence, the average weekly wage in San Mateo County during the fourth quarter of 2012 was $ 3,240, or an annual equivalent of $ 168,000, up 107 percent from the fourth quarter of 2011, and more than 50 percent higher than second-place New York County (Manhattan), at $ 2,107 per week, or about $ 110,000 per year.
Facebook is based in Menlo Park, which, naturally, is located in San Mateo County.
Corporate Intelligence clarified that wages are not simply salary, but also bonuses, stock, and stock options, which is where Facebook’s May 2012 initial public offering plays a role, with numerous restricted stock units issued to employees of the social network.
Collaborative Economics is a San Mateo-based consulting firm that has worked with detailed county financial reports for “more than two decades,” and its CEO, Doug Henton, told Corporate Intelligence:
That kind of a jump can only be explained by what’s happening with stock. It will be interesting to see if that wealth bump is reflected in giving back to the community.
Readers: Are you taking a break from your Fourth of July festivities to email your résumés to Facebook?