Facebook has helped push wages up $1,677 a week in the Silicon Valley suburb where its headquarters are now based, new figures suggest.
Since the company moved to San Mateo, California, at the end of 2011, the county has risen to become the highest paid in the U.S.
Wages in the county, where Facebook’s Menlo Park headquarters are based, soared 107 per cent in the last quarter of 2012.
The federal Bureau of Labor Statistics show the average wage in the period is now $3,240 a week, or $168,000 a year.
The huge increase means wages are now more than $1,000 higher than second place on the table – Manhattan, New York.
Although the Bureau did not release the reasons for the incredible rise in wages, it coincides with Facebook’s move.
The relocation is believed to have also spurred other companies to move to the area.
Rich Klein, Mayor of Menlo Park, said when the move was announced, he hoped it would inspire other companies to invest in the city.
The figures were included in a detailed report by the Bureau on employment in each of the country’s 3,000 counties.
It showed that there was a national job growth of 1.9 per cent across the U.S.
The average weekly wage of the nation also increased by 4.7 per cent during the final quarter of 2012, the figures show.
Within San Mateo, a total wage gain of $6.9billion in professional and
business services had the largest contribution to the increase in average weekly wages.
The income is equivalent to $82,891 a week but the figures include bonuses, stock and stock options, as well as the standard pay cheques.
The Wall Street Journal reported that Facebook’s contribution to the huge rise in wages in San Mateo at the end of 2012 included restricted stock units that vested in November.
Workers at Facebook’s headquarters also exercised about $1billion worth of stock options that contributed to the rise.
Doug Henton, chief executive of San Mateo firm Collaborative Economics told The Wall Street Journal: ‘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.’
San Mateo’s 107.3 per cent rise in weekly wages was more than double the next highest of Douglas, Colorado, Employment also rose by 3.6 per cent in the year 2011 to 2012, which coincided with Facebook’s move.
Facebook announced its move to Menlo Park, the former offices of Sun Microsystems, in 2011 and spent about a year transferring to its new campus.
The company moved to the 57 acre campus on a 15 year lease and have an option to buy the site after five years, meaning Facebook could become a permanent fixture in the area.
In the past few years, Facebook’s staff has grown at about 50 per cent a year and about 6,600 employees at Menlo Park.
source: dailymail UK