Houston may be rich in oil and gas companies, but it apparently doesn't pay to work for them. A list of the top 15 highest-paying companies from 24/7 Wall Street did not include any from Houston or Texas.
State economist Ray Perryman says for as much as the region depends on the oil and medical industries, other sectors simply pay more.
“In essence, what we're seeing as much as anything in these rankings is that the tech sector, the consulting sector and investment banking pays very well,” he tells KTRH News.
Employees at a medical company in Arizona average $220,000 a year. Both New York's Booze & Company and the Boston Consulting Group paid workers an average $140,000 or more each year. California-based Yahoo, Twitter and Google all paid an average $125,00 a year.
According the Census, the median income in the Houston area is just under $45,000. While Silicon Valley, New York, Washington, D.C and Boston rank among the highest for median income, Houston was just 58.
“A lot of the income from the energy sector is royalty income and things of that nature,” says Perryman. “This particular list is talking about the actual money people make working at their jobs.
Perryman believes Texas still offers more bang for your buck.
“If you're a high tech pioneer or a high tech specialist, that's not something that is heavily concentrated in Houston so you're more likely to move to Austin,” he says. “The energy sector is in Houston, there's a big health complex in Houston and an international component to Houston, all of which can offer very lucrative opportunities.”