The average annual salaries for postsecondary economics teachers in the state of Michigan are shown in Table 1. The comparison of the salary statistics of postsecondary economics teachers among Michigan metropolitan areas is shown in Table 2. The salary statistics are based on the national compensation survey conducted by the U.S. Bureau of Labor Statistics in 2022 and published in April 2023 [1].
| Percentile bracket | Average annual salary |
|---|---|
| 10th Percentile Wage | $63,100 |
| 25th Percentile Wage | $88,620 |
| 50th Percentile Wage | $109,100 |
| 75th Percentile Wage | $136,080 |
| 90th Percentile Wage | $174,940 |
Table 1 shows the average annual salary for postsecondary economics teachers in Michigan in 5 percentile scales. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) is $174,940. The median (50th percentile) annual salary is $109,100. The average annual salary for the bottom 10 percent is $63,100.
The table and chart below show the trend of the median salary of postsecondary economics teachers from 2012 to 2022.
| Year | Median Salary | Yearly Growth | 10-Year Growth |
|---|---|---|---|
| 2022 | $109,100 | 2.54% | 11.12% |
| 2021 | $106,330 | -2.75% | - |
| 2020 | $109,250 | 1.21% | - |
| 2019 | $107,930 | 3.97% | - |
| 2018 | $103,650 | 0.02% | - |
| 2017 | $103,630 | -5.51% | - |
| 2016 | $109,340 | -0.70% | - |
| 2015 | $110,110 | 8.76% | - |
| 2014 | $100,460 | 1.21% | - |
| 2013 | $99,240 | 2.29% | - |
| 2012 | $96,970 | - | - |
Table 3 shows the median annual salary of postsecondary economics teachers in some Michigan cities and metropolitan areas. We note that the median annual salary of postsecondary economics teachers in state of Michigan ranges from $79,160 to $153,660. The highest paying area for postsecondary economics teachers in Michigan is Ann Arbor with a median annual salary of $153,660. The second highest paying city/area in Michigan State is Lansing-East Lansing (mean annual salary $115,020). The lowest paying area is Warren-Troy-Farmington Hills with a median annual salary of $79,160.