Economists Salary Information

The salary statistics of economists are shown in Table 1. In the next few tables we compare the average salaries of economists within different industry sectors and in the 50 states of the United States. The economists annual salary statistics are from the national compensation survey conducted by the U.S. Bureau of Labor Statistics in 2017 and published in April 2018 [1].

Table 1. Economists Salary in the United States

Percentile BracketAverage Annual Salary
10th Percentile Wage
$56,400
25th Percentile Wage
$75,610
50th Percentile Wage
$102,490
75th Percentile Wage
$138,500
90th Percentile Wage
$172,580

Table 1 shows the average annual salary for economists. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) economists is $172,580. The median annual salary (50th percentile) is $102,490. The average annual salary for the bottom 10 percent is $56,400. Take note that in the United States, the annual salary of the 90th percentile (the top 10 percent of the highest paid) is almost 205% higher than that of the bottom 10 percent.

Salary Trend (2012 to 2017)

The table and chart below show the trend of the median salary of economists from 2012 to 2017.

YearMedian SalaryYearly Growth5-Year Growth
2017
$102,490
1.41% 10.37%
2016
$101,050
1.85% -
2015
$99,180
3.50% -
2014
$95,710
2.76% -
2013
$93,070
1.30% -
2012
$91,860
- -

Table 2. Economists Salary by Industry Sector

The average salaries of economists in 13 major industry sectors are shown in Table 2. We note that the salaries vary considerably within different industry sectors. The highest paying industry sector for economists occupations is the finance and insurance sector with an annual salary $121,920. The lowest paying sector is the educational services sector (annual salary $66,000).

Industry Sector Median Annual Salary
Finance and Insurance
$121,920
Transportation and Warehousing
$118,950
Mining
$112,440
Professional, Scientific, and Technical Services
$108,780
Management of Companies and Enterprises
$107,150
Manufacturing
$106,710
Federal, State, and Local Government
$97,950
Other Services (except Federal, State, and Local Government)
$97,490
Health Care and Social Assistance
$97,440
Information
$96,920
Utilities
$95,880
Administrative and Support and Waste Management and Remediation Services
$93,380
Educational Services
$66,000

Table 3. Median Annual Wage of Economists by States

From the above tables we note that not only economists salaries vary considerably based on one's education and experience, and the industry sectors, they also change considerably from state to state. In the following table we compare the median salary of economists in all 50 states of the United States. We note that the median annual salaries range from $36,490 to $119,600. The highest paying state for economists is Virginia with a median annual salary of $119,600. The lowest paying state is Puerto Rico with a median annual salary of $36,490. For more salary information of economists profession in a specific state, use the links in the table.

State Name Median Annual Salary
Virginia
$119,600
District of Columbia
$116,910
Maryland
$113,750
California
$112,670
Massachusetts
$106,660
New York
$103,510
Illinois
$102,130
Ohio
$100,170
Connecticut
$99,840
Georgia
$99,340
Texas
$97,550
Louisiana
$93,350
Colorado
$93,150
Alabama
$91,540
New Jersey
$91,000
Missouri
$89,320
Washington
$88,850
North Carolina
$88,620
Arizona
$88,350
Hawaii
$87,970
Pennsylvania
$85,460
Oregon
$84,150
Florida
$84,050
Alaska
$82,150
West Virginia
$79,390
Michigan
$78,710
Delaware
$77,910
Iowa
$77,640
Montana
$75,930
Vermont
$75,330
Utah
$75,090
Nevada
$73,630
Wyoming
$72,730
New Hampshire
$71,110
Nebraska
$71,030
Wisconsin
$69,910
Mississippi
$66,930
Tennessee
$65,450
Indiana
$64,420
New Mexico
$63,740
Kentucky
$62,850
Minnesota
$62,470
Idaho
$60,410
Maine
$60,230
Arkansas
$59,830
Kansas
$59,670
South Carolina
$58,260
Oklahoma
$49,330
Puerto Rico
$36,490



Related:

💰 Highest paying states for economists

💰 Highest paying cities for economists

💰 Highest paying industries for economists.