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“The Big Money Show” panel discusses President Donald Trump’s optimistic economic forecasts, rising real wages, private sector job growth and how upcoming tax refunds could shape the 2026 midterm elections.
American workers at the bottom of the pay scale should see the minimum wage increase in 19 states starting on New Year’s Day, while three other states also plan minimum wage increases later in 2026.
While 20 states choose to leave their minimum wage at the federal minimum of $7.25 per hour, the majority of states have set higher minimums that can be periodically adjusted based on the hour. take inflation into account or to reflect a change in national labor compensation laws.
The minimum wage helps support workers at the lower end of the pay scale, although its critics point out that higher minimum wage levels increase costs for businesses and can dampen job growth as companies seek to automate tasks that might otherwise be performed by low-wage workers.
Here’s a look at which states will raise their minimum wages in 2026 and when those changes are expected to happen.
The minimum wage will increase on New Year’s Day in 19 states, including California. (Robert Gauthier/Los Angeles Times via Getty Images / Getty Images)
Minimum wage increases on January 1
Arizona: $15.15 per hour, although local rates may vary.
California: $16.90 per hour.
Colorado: $15.16 per hour, local rates may vary.
Connecticut: $16.94 per hour.
Hawaii: $16 per hour.
Maine: $15.10 per hour.
Michigan: $13.73 per hour.
Minnesota: $11.41 per hour, local rates may vary.
Missouri: $15 per hour.
Montana: $10.85 per hour.
Nebraska: $15 per hour.
US ECONOMY GROWED FASTER THAN EXPECTED IN THIRD QUARTER, DELAYED REPORT SHOWS
New Jersey: $15.92 per hour for businesses with six or more employees; $15.23 for seasonal workers or businesses with fewer than six employees; $14.20 for agricultural workers; $18.92 for direct care workers in long-term care facilities.
new York: $17 per hour in New York, Long Island and Westchester; $16 for the rest of the state; Home health aides may have different minimum wage rates.
Ohio: $11 per hour, although small businesses meeting income requirements can pay the federal minimum.
Rhode Island: $16 per hour.
South Dakota: $11.85 per hour.
Vermont: $14.42 per hour.
Virginia: $12.77 per hour.
Washington: $17.13 per hour, local rates may be higher.
New York’s minimum wage plan provides for different minimums in different regions of the state, including New York City. (Gary Hershorn/Getty Images/Getty Images)
Minimum wage will increase later in 2026
Alaska: increases from $13 to $14 per hour starting July 1.
Florida: Increased to $15 per hour on September 30.
Oregon: The standard rate of $15.05 per hour will be adjusted based on CPI inflation data on July 1; Portland’s metro rate is $16.30 per hour, while the non-urban county rate is $14.05 per hour.
The minimum wage in Florida will increase on September 30. (Jeffrey Greenberg/Education Images/Universal Images Group/Getty Images)
