Economists

Detailed Occupation

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2023 Workforce

35.5k

Average Age

Estimated Job Growth

1.14%

10-year projection

Average Salary

$160,084

Average Male Salary

$170,455

Average Female Salary

$141,145

About

Economists are most often employed by the Administration of economic programs & space research industry. The average yearly wage for Economists was $160,084 in 2023.

The locations that employ the most Economists are District of Columbia (Central) PUMA, DC, District of Columbia (South Central) PUMA, DC, and South Montgomery County--South Bethesda & Chevy Chase PUMA, MD. The locations with a relatively high concentration of Economists are District of Columbia (Central) PUMA, DC, South Montgomery County--South Bethesda & Chevy Chase PUMA, MD, and District of Columbia (West) PUMA, DC.

Photo by Rob Pongsajapan

Management, business, science, & arts occupations Computer, engineering, & science occupations Life, physical, & social science occupations

Employment and salary information for the Economists workforce. Economists workforce in 2023 was 35,526 people, of which 35.4% were women and 64.6% were men. Economists are paid most in Middlesex County--Watertown, Arlington & Belmont PUMA, MA but are relatively concentrated in District of Columbia (Central) PUMA, DC.

Employment Over Time

Metric

Grouping

22,955

Male Workforce

± 3.72k

12,571

Female Workforce

± 2.75k

The Economists workforce in 2023 was 35,526 people (35.4% women and 64.6% men). This implies an average annual growth of 41.7% between 2014 (25,063) and 2023 (35,526).

Employment by Location

Level

Metric

This map shows the states in the United States shaded by average wage for Economists.

During 2023, the states that concentrated the best average annual wage were Connecticut ($285,345), New York ($208,730), and Kentucky ($202,666).

Yearly Wage Ranking

$160,084

AVERAGE WAGE

#15 in the ranking (2023)

$67,727

NATIONAL AVERAGE WAGE

For all occupations across the US

In 2023, Economists earned an average of $160,084, $92,357 more than the average national salary of $67,727

The graph shows the ranking of Economists in relation to all Detailed Occupation in 2023.

Wage Distribution

Gender

0.355

WAGE GINI

In 2023, Economists had a wage GINI coefficient of 0.355, which is lower than the national average of 0.476. In other words, wages are distributed more evenly for Economists (shown in red) than for the overall labor force (shown in gray).

The graphic shows the distribution of average salaries by buckets for Economists compared to the entire workforce in the country.

Industry

Information on the industries that employ Economists and on wages for those in the field. Administration of economic programs & space research is the industry that employs the most Economists, both by share and by number, though the highest paid industry for Economists, by average wage, is Oil & gas extraction ($362,759).

Occupations by Industries

Metric

Value

35.5k

2023 Workforce

± 4,627

6.86%

1 YEAR GROWTH

± 17.5%

This graphic shows the share of Economists employed by various industries. Administration of economic programs & space research employs the largest share of Economists at 34%, followed by uninformed with 33.3% and Management, scientific & technical consulting services with 23.5%.

Diversity

Demographic information on Economists in the US. The workforce of Economists in 2023 was 35,526 people, with 35.4% woman, and 64.6% men. The average age of male Economists in the workforce is 45.3 and of female Economists is 41.6, and the most common race/ethnicity for Economists is White.

Gender and Age

Metric

The workforce of Economists in 2023 was 35,526 people, with 35.4% woman, and 64.6% men.

The age ranges that concentrated the largest workforce were 30 to 34 years (5,426 people), 35 to 39 years (5,292 people), and 40 to 44 years (4,829 people). Among them they concentrated 44.1% of the total workforce.

Ethnicity

Gender

In 2023, 13.6% of Economists workers were Hispanic and 86.4% non-Hispanic.

The treemap shows the distribution of Hispanic workers according to their origin, highlighting Mexican (29.3%), Colombian (16.9)%, and Dominican (10.2)%

You can review this information by gender using the selectors above.

Races

In 2023, 65.6% of the Economists workforce were White, of which 32.2% were women and 67.8% men. Other races that concentrated a significant number of workers were Asian (14.9%) and Two or More Races (9.8%).

Education & Skills

Data on higher education choices for Economists from The Department of Education and Census Bureau. The most common major for Economists is Social Sciences but the most specialized major according to RCA in 2023 were Social Sciences.

Among the necessary skills for Economists, Reading Comprehension stands, but the revealed comparative advantage (RCA) shows that Economists need more than the average amount of Mathematics.

Majors

ACS PUMS data only shows the major for bachelor's degrees. However, we can filter the data based on highest degree obtained.

Type of Majors

Degree

The most common majors achieved by Economists in 2023 (counting all academic degrees) were Social Sciences (17,973 people), Business (5,011 people), and Math & Statistics (1,550 people).

You can review this information for different academic grades by modifying the option selected in the selector above.

Education Levels

Metric

The main educational levels achieved by the Economists workers were Graduate Degree (26,691 people), Bachelors Degree (8,835 people), and false (0 people).

The graphic shows the Economists workforce by gender and educational level.

Skills

Chart

Value

Data on the critical and distinctive skills necessary for Economists from the Bureau of Labor Statistics. Economists need many skills, but most especially Reading Comprehension, Critical Thinking, Writing.

Projections

Projections on job growth for Economists from the Bureau of Labor Statistics. The 10-year national workforce is projected to grow 3.07%, but Economists are expected to see a growth of 1.14% over the same period. This occupation is expected to grow less than the national average.

Job Growth

1.14%

Estimated Job Growth

10-year Projection

3.07%

National Growth

10-year Projection

This line chart shows the projected 10-year growth in the number of jobs for Economists. This profession is expected to grow less than than 3.07%, the average rate of national job growth.