Economists

Detailed Occupation

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2020 Workforce

29.6k

Average Age

43.3

Estimated Job Growth

14.6%

10-year projection

Average Salary

$135,106

Average Male Salary

$142,714

Average Female Salary

$118,465

About

Economists are most often employed by the Administration of economic programs & space research industry. The average yearly wage for Economists was $135,106 in 2016. The top 3 most similar occupations to Economists by wage are Sales engineers, Aircraft pilots & flight engineers, and Computer & information systems managers.

Economists are part of the Life, physical, & social science occupations, along with Agricultural & food scientists, Biological scientists, Conservation scientists & foresters, Medical scientists, & life scientists, all other, Astronomers & physicists, and 17 more.

The top 3 locations that employ the most Economists are District of Columbia (Central) PUMA, DC, Bethesda, Potomac & North Bethesda PUMA, MD, and District of Columbia (West) PUMA, DC. The top 3 locations with a relatively high concentration of Economists are District of Columbia (Central) PUMA, DC, Bethesda, Potomac & North Bethesda 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

Information on the businesses and industries that employ Economists and on wages and locations 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. Economists are paid most in Chelsea, Clinton & Midtown Business District PUMA, NY but are relatively concentrated in District of Columbia (Central) PUMA, DC.

Wages

Yearly Wage

$135,106

AVERAGE SALARY

± $16,298

In 2020, Economists earned an average of $135,106, $79,152 more than than the average national salary of $55,954.

Aircraft pilots & flight engineers make somewhat more than Economists while Sales engineers make somewhat less. This chart shows the various occupations closest to Economists as measured by average annual salary in the US.

Wage Distribution

0.365

WAGE GINI

In 2015, Economists had a wage GINI coefficient of 0.365, which is lower than than the national average of 0.478. In other words, wages are distributed more evenly for Economists (shown in red) than for the overall labor force (shown in gray).

Wage by Location

HIGHEST PAYING PUMAS

This map shows the Public Use Microdata Areas (PUMAs) in the United States shaded by average annual wage for Economists.

Spatial Concentration

PUMAs with a Relatively High Concentration of Economists

This map displays which Public Use Microdata Areas (PUMAs) in the United States have a relatively high population of Economists.

Industries

Most Common

The most common industries employing Economists, by number of employees, are Administration of economic programs & space research, Management, scientific & technical consulting services, National security & international affairs, Scientific research & development services, Banking & related activities, Executive offices & legislative bodies, Securities, commodities, funds, trusts & other financial investments, Public finance activities, Colleges, universities & professional schools, including junior colleges, Civic, social, advocacy organizations, & grantmaking & giving services, and Nondepository credit & related activities.

Highest Paying

The highest paying industries for Economists, by average wage, are Oil & gas extraction, Banking & related activities, and Securities, commodities, funds, trusts & other financial investments.

Industries by Share

29.6k

2020 Workforce

± 4,226

11.6%

1 YEAR GROWTH

± 18.6%

The number of people employed as Economists has been growing at a rate of 11.6%, from 26,552 people in 2019 to 29,641 people in 2020.

This graphic shows the share of Economists employed by various industries. Administration of economic programs & space research employs the largest share of Economists at 18.3%, followed by Management, scientific & technical consulting services with 12.8% and National security & international affairs with 11.5%.

Diversity

Demographic information on Economists in the US. The average age of male Economists in the workforce is 44.3 and of female Economists is 40.9, and the most common race/ethnicity for Economists is White (Non-Hispanic).

Composition by Sex

20.3k

MALE WORKFORCE

± 3,501

9.3k

FEMALE WORKFORCE

± 2,368

68.6% of Economists are Male, making them the more common sex in the occupation. This chart shows the sex breakdown of Economists.

Race & Ethnicity

Most Common Race or Ethnicity of Economists

White (Non-Hispanic)
Asian (Non-Hispanic)
White (Hispanic)

65.5% of Economists are White (Non-Hispanic), making that the most common race or ethnicity in the occupation. Representing 14.8% of Economists, Asian (Non-Hispanic) is the second most common race or ethnicity in this occupation. This chart shows the racial and ethnic breakdown of Economists.

Age by Sex

44.3

AVERAGE MALE AGE

± 2.37

40.9

AVERAGE FEMALE AGE

± 2.87

The median age of Economists is 43.3, and Male employees are generally 3.38 years older than than their Female counterparts.

Education

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 a relatively high number of Economists hold a major in Social Sciences.

Majors

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

MOST COMMON MAJORS

MOST SPECIALIZED MAJORS

Skills

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 and Mathematics. The revealed comparative advantage (RCA) shows that Economists need more than the average amount of Management of Financial Resources, Programming, and Mathematics.

Radar Distribution

Bar Chart

Projections

Projections on job growth for Economists from the Bureau of Labor Statistics. The 10-year national workforce is projected to grow 3.71%, but Economists are expected to see a growth of 14.6% over the same period. This occupation is expected to grow more than the national average.

Job Growth

14.6%

Estimated Job Growth

10-year Projection

3.71%

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 more than than 3.71%, the average rate of national job growth.