Cities with the biggest pay hikes

While the average worker in the U.S. saw their wages rise 2.5% over the past year, workers in these five cities saw a much bigger bump, according to PayScale.

3 of 5

3. Chicago (tie)

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Thanks to healthier markets, Chicago's finance industry has added jobs and boosted pay.

One-year pay increase: 3.1%

As financial exchanges around the globe have gained ground, so too have Chicago's. Home to the Chicago Mercantile Exchange, Chicago Board of Trade and the Chicago Board Options Exchange, much of the city's economy revolves around the financial markets.

And when those markets are doing well, there is money to be had.

Pay in the financial services industry rose by 3.5% over the past 12 months nationwide, helping to lift the city's overall wages.

The area has also become an important center for higher education, with dozens of colleges and universities in the Chicago metro area awarding more than 145,000 degrees a year and contributing to the highly-educated workforce, according to Jeff Malehorn, CEO of World Business Chicago, the city's economic development arm.

NEXT: 3. Phoenix (tie)

Source: PayScale
The PayScale Index tracks changes in what full-time employees earn over time based on quarterly compensation trends. This report is based on the year-over-year percentage change in compensation for the 12 months ending June 30, 2013.

By Les Christie @CNNMoney - Last updated July 15 2013 09:19 AM ET

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