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 2020.

The 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 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

Employment and salary information for the Economists workforce. Economists workforce in 2020 was 29,641 people, of which 31.4% were women and 68.6% were men. Economists are paid most in Chelsea, Clinton & Midtown Business District PUMA, NY but are relatively concentrated in District of Columbia (Central) PUMA, DC.

Employment Over Time

Metric

Grouping

20,341

Male Workforce

± 3.5k

9,300

Female Workforce

± 2.37k

The Economists workforce in 2020 was 29,641 people (31.4% women and 68.6% men). This implies an average annual growth of 19.4% between 2014 (24,824) and 2020 (29,641).

Employment by Location

Level

Metric

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

During 2020, the states that concentrated the best average annual wage were Tennessee ($229,495), Minnesota ($200,881), and Connecticut ($182,363).

Yearly Wage Ranking

$135,106

AVERAGE WAGE

#14 in the ranking (2020)

$55,954

NATIONAL AVERAGE WAGE

For all occupations across the US

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

The graph shows the ranking of Economists in relation to all Detailed Occupation in 2020.

Wage Distribution

Gender

0.377

WAGE GINI

In 2020, Economists had a wage GINI coefficient of 0.377, which is lower 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).

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 ($307,505).

Occupations by Industries

Metric

Value

29.6k

2020 Workforce

± 4,226

11.6%

1 YEAR GROWTH

± 18.6%

This graphic shows the share of Economists employed by various industries. Administration of economic programs & space research employs the largest share of Economists at 42.9%, followed by Management, scientific & technical consulting services with 30.1% and National security & international affairs with 27%.

Diversity

Demographic information on Economists in the US. The workforce of Economists in 2020 was 29,641 people, with 31.4% woman, and 68.6% men. 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.

Gender and Age

Metric

The workforce of Economists in 2020 was 29,641 people, with 31.4% woman, and 68.6% men.

The age ranges that concentrated the largest workforce were 30 to 34 years (4,539 people), 35 to 39 years (4,283 people), and 25 to 29 years (3,843 people). Among them they concentrated 43.4% of the total workforce.

Ethnicity

Gender

In 2020, 12.8% of Economists workers were Hispanic and 87.2% non-Hispanic.

The treemap shows the distribution of Hispanic workers according to their origin, highlighting Mexican (57.7%), Argentinean (21.7)%, and Dominican (20.6)%

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

Races

In 2020, 71.4% of the Economists workforce were White, of which 30.4% were women and 69.6% men. Other races that concentrated a significant number of workers were Asian (15.3%) and Black (6.19%).

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 2020 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 Management of Financial Resources.

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 2020 (counting all academic degrees) were Social Sciences (14,802 people), Business (4,416 people), and Engineering (1,177 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 (21,462 people), Bachelors Degree (8,179 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, Mathematics, Writing.

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.