Average Economists Salary in the United States
The national median salary for Economists is $115,440 per year. The middle 50% earn between $82,260 and $166,030, with 15,880 workers employed nationally.
Source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics survey, May 2024 estimates . Data covers 42 states and 61 metro areas.
Wage range
Pay distribution
Here is how Economists pay is distributed across workers nationally. The 10th percentile typically reflects entry-level or early-career pay, the median is the midpoint, and the 90th percentile represents the top earners in the field.
- 10th
- $62,340
- 25th
- $82,260
- Median
- $115,440
- 75th
- $166,030
- 90th
- $212,710
All values are percentiles of annual wages.
Pay is well above the national median for all US workers. This is an upper-income occupation.
Pay varies significantly across workers. Seniority, employer size, and specialization all move the needle, so it is normal for two economists at different points in their careers to earn very different salaries.
BLS projections
Job outlook
BLS projects employment for economists from 2024 to 2034. Growth is below the US average of roughly 4% across all occupations. The field is relatively stable but not expanding quickly.
- Projected growth
- +1.2%
- 200 net jobs over the projection period.
- Annual openings
- 900
- Includes growth plus replacements for workers who leave.
- Typical entry education
- Master's degree
A master's degree is the typical entry point, which tends to limit supply and support higher pay.
Where Economists earn the most
Location matters a lot. The gap between top-paying and bottom-paying states is large, so where economists work can reshape their total compensation. Right now, the top-paying state is District of Columbia at $162,610, about 40.9% above the national median. At the metro level, New York-Newark-Jersey City, NY-NJ leads with a median of $168,850.
By state
Top-paying states
| State | Median salary | Employment |
|---|---|---|
| District of Columbia | $162,610 | 3,010 |
| Virginia | $148,010 | 970 |
| New York | $142,300 | 870 |
| Maryland | $137,610 | 920 |
| Georgia | $127,220 | 340 |
| Ohio | $117,750 | 130 |
| Washington | $116,390 | 470 |
| Missouri | $115,520 | 210 |
By metro
Top-paying metros
| Metro area | Median salary | Employment |
|---|---|---|
| New York-Newark-Jersey City, NY-NJ | $168,850 | 730 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | $157,980 | 4,300 |
| San Francisco-Oakland-Fremont, CA | $134,410 | 440 |
| Houston-Pasadena-The Woodlands, TX | $131,160 | 160 |
| Seattle-Tacoma-Bellevue, WA | $129,280 | 250 |
| Atlanta-Sandy Springs-Roswell, GA | $127,220 | 310 |
| Baltimore-Columbia-Towson, MD | $125,630 | 200 |
| Virginia Beach-Chesapeake-Norfolk, VA-NC | $124,780 | 40 |
Compare two locations side by side
Pick two states or metros to see economists pay in each, along with a cost-of-living adjusted view.
Salary trend and related occupations
Between 2019 and 2024, the national median salary for Economists rose from $105,020 to $115,440, a gain of +9.9% in nominal dollars.
Over the same period, US consumer prices rose by +22.7%. Just to keep pace with inflation, the 2019 median of $105,020 would need to be worth $128,859 in 2024 dollars.
The actual 2024 median of $115,440 is −$13,419 below that inflation-adjusted benchmark, a real change of -10.4% in purchasing power.
Adjusted for inflation, pay has lost ground. Nominal growth of 9.9% has not kept up with rising prices.
- Nominal change
- +9.9%
- 2019–2024
- Cumulative inflation
- +22.7%
- US CPI, 2019–2024
- Real change
- -10.4%
- After adjusting for inflation
Annual history
Median salary over time
Economists median pay by year, going back through the available BLS releases.
- 2019
- $105,020
- 2020
- $108,350
- 2021
- $105,630
- 2022
- $113,940
- 2023
- $115,730
- 2024
- $115,440
Similar jobs
Related occupations
Other occupations in the same field, with median pay for comparison.
- Psychologists, All Other
- $117,580
- Sociologists
- $101,690
- Geographers
- $97,200
- Political Scientists
- $139,380
- School Psychologists
- $86,930
Common salary questions for Economists
What does the median salary mean? +
The median is the midpoint of all wages. Half of Economists workers earn more and half earn less. It is a better measure of typical pay than the average, which can be skewed by very high or very low earners.
Why does pay vary so much by location? +
Local labor markets, cost of living, industry concentration, and employer competition all affect wages. High-cost metros like San Francisco and New York often pay more in nominal terms, though some of that premium is offset by higher living costs.
How current is this salary data? +
This page uses the May 2024 BLS Occupational Employment and Wage Statistics release. BLS publishes OEWS data once per year, typically in the spring for the previous May reference period.
What do the percentile ranges tell me? +
The 10th and 90th percentiles show the full pay band. The 25th to 75th percentile range, the middle 50%, is where most workers fall. A wide spread usually means experience, specialization, or location matter a lot for this occupation.