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 2016 and published in April 2017 [1].

Table 1. Economists Salary in the United States

Percentile BracketAverage Annual Salary
10th Percentile Wage
$55,150
25th Percentile Wage
$73,890
50th Percentile Wage
$101,050
75th Percentile Wage
$138,120
90th Percentile Wage
$181,060

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 $181,060. The median annual salary (50th percentile) is $101,050. The average annual salary for the bottom 10 percent is $55,150. It is noted that in the United States, the annual salary of the 90th percentile (the top 10 percent of the highest paid) is almost 228% higher than that of the bottom 10 percent.

Salary Trend (2012 to 2016)

The following table and chart show the trend of the median salary of economists from 2012 to 2016.

YearMedian SalaryYearly Growth4-Year Growth
2016101,0501.85%9.09%
201599,1803.50%-
201495,7102.76%-
201393,0701.30%-
201291,860--

Table 2. Economists Salary by Industry Sector

The average salaries of economists in 11 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 $124,660. The lowest paying sector is the educational services sector (annual salary $62,490).

Industry Sector Median Annual Salary
Finance and Insurance
$124,660
Mining
$116,220
Transportation and Warehousing
$115,370
Professional, Scientific, and Technical Services
$106,760
Management of Companies and Enterprises
$104,870
Manufacturing
$104,340
Utilities
$101,100
Other Services (except Federal, State, and Local Government)
$99,130
Federal, State, and Local Government
$95,250
Administrative and Support and Waste Management and Remediation Services
$93,380
Educational Services
$62,490

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 $36,590 to $121,730. The highest paying state for economists is Virginia with a median annual salary of $121,730. The lowest paying state is Puerto Rico with a median annual salary of $36,590. For more salary information of economists profession in a specific state, use the links in the table.

State Name Median Annual Salary
Virginia
$121,730
District of Columbia
$114,150
Idaho
$113,040
Maryland
$112,650
Louisiana
$109,770
California
$109,580
Texas
$105,160
New York
$104,110
Alabama
$103,110
Ohio
$102,330
Illinois
$101,270
Connecticut
$99,330
Georgia
$98,590
Massachusetts
$93,460
Colorado
$91,610
New Jersey
$90,660
Hawaii
$90,580
Missouri
$88,480
North Carolina
$87,690
Washington
$87,160
Arizona
$86,000
Florida
$85,640
Alaska
$82,910
West Virginia
$81,030
Tennessee
$80,860
Oregon
$79,420
Montana
$78,380
Utah
$78,260
Iowa
$78,200
Pennsylvania
$76,940
Wisconsin
$76,900
Michigan
$74,380
Vermont
$73,420
Oklahoma
$72,870
Nebraska
$71,030
Mississippi
$69,650
Kentucky
$62,960
South Carolina
$62,210
New Mexico
$62,060
Minnesota
$60,860
Maine
$60,230
Indiana
$60,070
Arkansas
$59,720
Kansas
$59,670
Puerto Rico
$36,590



Related:

Highest paying states for economists

Highest paying cities for economists

Highest paying industries for economists.