Economists

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2019 Workforce
30.7k
Average Age
42.8
Estimated Job Growth
14.6%
10-year projection
Average Salary
$125,158
Average Male Salary
$129,766
Average Female Salary
$116,284

Employment

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 Nondepository credit & related activities. Economists are paid most in McLean & Idylwood PUMA, VA but are relatively concentrated in District of Columbia (North) PUMA, DC.

Wages

Yearly Wage

$125,158
AVERAGE SALARY
± $14,836

In 2019, Economists earned an average of $125,158, $69,634 more than than the average national salary of $55,524.

Podiatrists make somewhat more than Economists while Nuclear medicine technologists and medical dosimetrists make somewhat less. This chart shows the various occupations closest to Economists as measured by average annual salary in the US.

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Wage Distribution

0.392
WAGE GINI

In 2018, Economists had a wage GINI coefficient of 0.392, 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).

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Wage by Location

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

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Spatial Concentration

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

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Industries

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Industries by Share

30.7k
2019 Workforce
± 4,302
17.9%
1 YEAR GROWTH
± 17.5%

The number of people employed as Economists has been growing at a rate of 17.9%, from 26,060 people in 2018 to 30,716 people in 2019.

This graphic shows the share of Economists employed by various industries. Administration of economic programs & space research employs the largest share of Economists at  14.1%, followed by Management, scientific & technical consulting services with 11.8% and National security & international affairs with 10.9%.

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Diversity

Demographic information on Economists in the US. The average age of male Economists in the workforce is 44.7 and of female Economists is 39.2, and the most common race/ethnicity for Economists is White (Non-Hispanic).

Gender Composition

20.2k
MALE WORKFORCE
± 3,491
10.5k
FEMALE WORKFORCE
± 2,516

65.8% of Economists are Male, making them the more common gender in the occupation. This chart shows the gender breakdown of Economists.

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Race & Ethnicity

Most Common Race or Ethnicity of Economists
  1. White (Non-Hispanic)
  2. Asian (Non-Hispanic)
  3. White (Hispanic)

65.9% of Economists are White (Non-Hispanic), making that the most common race or ethnicity in the occupation. Representing 17.8% 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.

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Age by Gender

44.7
AVERAGE MALE AGE
± 2.59
39.2
AVERAGE FEMALE AGE
± 2.4

The median age of Economists is 42.8, and Male employees are generally 5.59 years older than than their Female counterparts.

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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.
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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.

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Bar Chart

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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.

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