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    Home Depot Announces $1 Billion Investment in Raising Wages and Benefits for Associates


    Home Depot announced on Tuesday that it will invest $1 billion in raising wages and benefits for its frontline hourly associates.[0] The home improvement retailer will increase the minimum wage for its hourly store employees to $15 an hour, effective February 17. Additionally, those who are currently employed will receive commensurate raises.[1]

    The move follows similar decisions by Walmart, the nation’s largest private employer, to raise its minimum wage to $14 an hour for store employees and have an average U.S. hourly wage of more than $17.50, as of early March.

    “The most important investment we can make is in our people,” said Ted Decker, chair, president and CEO of Home Depot.[2] This investment is expected to give us a competitive edge in the market, allowing us to acquire and maintain the talent necessary for delivering the quality customer experience we aspire to.[2]

    As the competition for low-skilled workers continues to grow with the unemployment rate hovering at near-record lows, Home Depot’s decision to increase wages demonstrates the growing pressure businesses are feeling to attract and retain employees in this job market. The wage increase is also a sign that companies are looking to make longer-term investments despite fears of an impending recession.

    Unlimited articles on and our mobile app, as well as and our mobile app, are available with a subscription.[3] ©2023 NPR[4] For further information, go to https://www.npr[4]

    0. “Walmart, Home Depot: Here Are The Major Companies Raising Employee Wages In 2023” Forbes, 21 Feb. 2023,

    1. “Walmart, Home Depot spend major cash on worker wages to hoard them” Business Insider, 22 Feb. 2023,

    2. “Home Depot Makes a Major Change That Will Cost Billions” Henry Herald, 21 Feb. 2023,


    4. “The Home Depot says it is spending $1 billion to raise its starting wage to $15” WBHM, 22 Feb. 2023,

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