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 2022 and published in April 2023 [1].
| Percentile Bracket | Average Annual Salary |
|---|---|
| 10th Percentile Wage | $62,480 |
| 25th Percentile Wage | $81,810 |
| 50th Percentile Wage | $113,940 |
| 75th Percentile Wage | $156,940 |
| 90th Percentile Wage | $207,230 |
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 $207,230. The median annual salary (50th percentile) is $113,940. The average annual salary for the bottom 10 percent is $62,480. 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 231% higher than that of the bottom 10 percent.
The table and chart below show the trend of the median salary of economists from 2012 to 2022.
| Year | Median Salary | Yearly Growth | 10-Year Growth |
|---|---|---|---|
| 2022 | $113,940 | 7.29% | 19.38% |
| 2021 | $105,630 | -2.58% | - |
| 2020 | $108,350 | 3.07% | - |
| 2019 | $105,020 | 0.65% | - |
| 2018 | $104,340 | 1.77% | - |
| 2017 | $102,490 | 1.41% | - |
| 2016 | $101,050 | 1.85% | - |
| 2015 | $99,180 | 3.50% | - |
| 2014 | $95,710 | 2.76% | - |
| 2013 | $93,070 | 1.30% | - |
| 2012 | $91,860 | - | - |
The average salaries of economists in 15 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 wholesale trade sector with an annual salary $227,130. The lowest paying sector is the construction sector (annual salary $59,770).
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 $39,130 to $143,060. The highest paying state for economists is District of Columbia with a median annual salary of $143,060. The lowest paying state is Puerto Rico with a median annual salary of $39,130. For more salary information of economists profession in a specific state, use the links in the table.