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Occupational Employment and Wage Statistics

Occupational Employment and Wages, May 2023

19-3011 Economists

Conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy. May collect and process economic and statistical data using sampling techniques and econometric methods. Excludes “Market Research Analysts and Marketing Specialists” (13-1161).


National estimates for Economists
Industry profile for Economists
Geographic profile for Economists

National estimates for Economists:

Employment estimate and mean wage estimates for Economists:

Employment (1) Employment
RSE (3)
Mean hourly
wage
Mean annual
wage (2)
Wage RSE (3)
16,420 3.5 % $ 63.78 $ 132,650 2.6 %

Percentile wage estimates for Economists:

Percentile 10% 25% 50%
(Median)
75% 90%
Hourly Wage $ 30.06 $ 39.58 $ 55.64 $ 79.84 $ 104.28
Annual Wage (2) $ 62,520 $ 82,330 $ 115,730 $ 166,070 $ 216,900


Industry profile for Economists:

Industries with the highest published employment and wages for Economists are provided. For a list of all industries with employment in Economists, see the Create Customized Tables function.

Industries with the highest levels of employment in Economists:

Industry Employment (1) Percent of industry employment Hourly mean wage Annual mean wage (2)
Federal, State, and Local Government, excluding State and Local Government Schools and Hospitals and the U.S. Postal Service (OEWS Designation) 4,540 0.21 $ 66.52 $ 138,360
Management, Scientific, and Technical Consulting Services 2,780 0.15 $ 73.92 $ 153,750
State Government, excluding Schools and Hospitals (OEWS Designation) 2,030 0.10 $ 36.99 $ 76,940
Scientific Research and Development Services 1,480 0.16 $ 70.51 $ 146,670
Local Government, excluding Schools and Hospitals (OEWS Designation) 1,400 0.03 $ 46.07 $ 95,820

Industries with the highest concentration of employment in Economists:

Industry Employment (1) Percent of industry employment Hourly mean wage Annual mean wage (2)
Monetary Authorities-Central Bank 560 2.59 $ 92.93 $ 193,300
Federal, State, and Local Government, excluding State and Local Government Schools and Hospitals and the U.S. Postal Service (OEWS Designation) 4,540 0.21 $ 66.52 $ 138,360
Scientific Research and Development Services 1,480 0.16 $ 70.51 $ 146,670
Management, Scientific, and Technical Consulting Services 2,780 0.15 $ 73.92 $ 153,750
Business, Professional, Labor, Political, and Similar Organizations 430 0.10 $ 57.20 $ 118,970

Top paying industries for Economists:

Industry Employment (1) Percent of industry employment Hourly mean wage Annual mean wage (2)
Legal Services (8) (8) $ 124.36 $ 258,660
Securities, Commodity Contracts, and Other Financial Investments and Related Activities 300 0.03 $ 107.17 $ 222,920
Monetary Authorities-Central Bank 560 2.59 $ 92.93 $ 193,300
Credit Intermediation and Related Activities (5221 and 5223 only) 150 0.01 $ 92.28 $ 191,950
Accounting, Tax Preparation, Bookkeeping, and Payroll Services 60 0.01 $ 92.27 $ 191,930


Geographic profile for Economists:

States and areas with the highest published employment, location quotients, and wages for Economists are provided. For a list of all areas with employment in Economists, see the Create Customized Tables function.



Map of employment of economists by state, May 2023


States with the highest employment level in Economists:

State Employment (1) Employment per thousand jobs Location quotient (9) Hourly mean wage Annual mean wage (2)
District of Columbia 3,290 4.69 43.42 $ 78.62 $ 163,540
California 1,570 0.09 0.81 $ 64.32 $ 133,790
Virginia 1,080 0.27 2.50 $ 69.75 $ 145,070
Maryland 900 0.34 3.12 $ 65.56 $ 136,370
Texas 710 0.05 0.48 $ 63.21 $ 131,480


Map of location quotient of economists by state, May 2023


States with the highest concentration of jobs and location quotients in Economists:

State Employment (1) Employment per thousand jobs Location quotient (9) Hourly mean wage Annual mean wage (2)
District of Columbia 3,290 4.69 43.42 $ 78.62 $ 163,540
Maryland 900 0.34 3.12 $ 65.56 $ 136,370
Virginia 1,080 0.27 2.50 $ 69.75 $ 145,070
Wisconsin 630 0.22 2.02 $ 38.11 $ 79,270
South Carolina 430 0.19 1.79 $ 25.81 $ 53,680


Map of annual mean wages of economists by state, May 2023


Top paying states for Economists:

State Employment (1) Employment per thousand jobs Location quotient (9) Hourly mean wage Annual mean wage (2)
District of Columbia 3,290 4.69 43.42 $ 78.62 $ 163,540
Virginia 1,080 0.27 2.50 $ 69.75 $ 145,070
Massachusetts 580 0.16 1.47 $ 67.17 $ 139,720
Maryland 900 0.34 3.12 $ 65.56 $ 136,370
California 1,570 0.09 0.81 $ 64.32 $ 133,790



Map of employment of economists by area, May 2023


Metropolitan areas with the highest employment level in Economists:

Metropolitan area Employment (1) Employment per thousand jobs Location quotient (9) Hourly mean wage Annual mean wage (2)
Washington-Arlington-Alexandria, DC-VA-MD-WV 4,730 1.53 14.16 $ 75.92 $ 157,910
San Francisco-Oakland-Hayward, CA 630 0.26 2.42 $ 71.40 $ 148,510
Chicago-Naperville-Elgin, IL-IN-WI 550 0.12 1.12 $ 59.33 $ 123,410
Boston-Cambridge-Nashua, MA-NH 490 0.18 1.64 $ 68.13 $ 141,700
Atlanta-Sandy Springs-Roswell, GA 390 0.14 1.27 (8) (8)
Los Angeles-Long Beach-Anaheim, CA 330 0.05 0.49 $ 70.55 $ 146,750
Columbia, SC 230 0.61 5.65 $ 25.02 $ 52,040
Sacramento--Roseville--Arden-Arcade, CA 230 0.22 2.03 $ 45.08 $ 93,770
Dallas-Fort Worth-Arlington, TX 220 0.06 0.52 $ 64.14 $ 133,410
Minneapolis-St. Paul-Bloomington, MN-WI 170 0.09 0.83 $ 55.88 $ 116,220


Map of location quotient of economists by area, May 2023


Metropolitan areas with the highest concentration of jobs and location quotients in Economists:

Metropolitan area Employment (1) Employment per thousand jobs Location quotient (9) Hourly mean wage Annual mean wage (2)
Washington-Arlington-Alexandria, DC-VA-MD-WV 4,730 1.53 14.16 $ 75.92 $ 157,910
Olympia-Tumwater, WA 140 1.16 10.76 $ 44.46 $ 92,470
Columbia, SC 230 0.61 5.65 $ 25.02 $ 52,040
Harrisburg-Carlisle, PA 150 0.46 4.23 $ 37.64 $ 78,290
Springfield, IL 40 0.39 3.57 $ 47.15 $ 98,080
Kalamazoo-Portage, MI 50 0.36 3.34 $ 70.49 $ 146,620
Madison, WI 140 0.35 3.22 $ 38.47 $ 80,010
Durham-Chapel Hill, NC 110 0.34 3.10 $ 48.95 $ 101,810
Lincoln, NE 60 0.32 2.95 $ 29.26 $ 60,860
Trenton, NJ 60 0.27 2.48 $ 41.74 $ 86,810


Map of annual mean wages of economists by area, May 2023


Top paying metropolitan areas for Economists:

Metropolitan area Employment (1) Employment per thousand jobs Location quotient (9) Hourly mean wage Annual mean wage (2)
Bridgeport-Stamford-Norwalk, CT (8) (8) (8) $ 76.22 $ 158,540
Washington-Arlington-Alexandria, DC-VA-MD-WV 4,730 1.53 14.16 $ 75.92 $ 157,910
San Jose-Sunnyvale-Santa Clara, CA 50 0.04 0.40 $ 72.15 $ 150,080
San Francisco-Oakland-Hayward, CA 630 0.26 2.42 $ 71.40 $ 148,510
Los Angeles-Long Beach-Anaheim, CA 330 0.05 0.49 $ 70.55 $ 146,750
Kalamazoo-Portage, MI 50 0.36 3.34 $ 70.49 $ 146,620
Boston-Cambridge-Nashua, MA-NH 490 0.18 1.64 $ 68.13 $ 141,700
Houston-The Woodlands-Sugar Land, TX 160 0.05 0.47 $ 66.36 $ 138,030
Richmond, VA 150 0.22 2.07 $ 66.09 $ 137,460
Springfield, MA-CT 60 0.19 1.71 $ 65.78 $ 136,810

Nonmetropolitan areas with the highest employment in Economists:

Nonmetropolitan area Employment (1) Employment per thousand jobs Location quotient (9) Hourly mean wage Annual mean wage (2)
Alaska nonmetropolitan area 50 0.46 4.22 $ 51.90 $ 107,940
Southwest Montana nonmetropolitan area 40 0.29 2.68 $ 49.53 $ 103,030
Central Kentucky nonmetropolitan area 30 0.18 1.67 $ 33.10 $ 68,840

Nonmetropolitan areas with the highest concentration of jobs and location quotients in Economists:

Nonmetropolitan area Employment (1) Employment per thousand jobs Location quotient (9) Hourly mean wage Annual mean wage (2)
Alaska nonmetropolitan area 50 0.46 4.22 $ 51.90 $ 107,940
Southwest Montana nonmetropolitan area 40 0.29 2.68 $ 49.53 $ 103,030
Central Kentucky nonmetropolitan area 30 0.18 1.67 $ 33.10 $ 68,840

Top paying nonmetropolitan areas for Economists:

Nonmetropolitan area Employment (1) Employment per thousand jobs Location quotient (9) Hourly mean wage Annual mean wage (2)
Alaska nonmetropolitan area 50 0.46 4.22 $ 51.90 $ 107,940
Southwest Montana nonmetropolitan area 40 0.29 2.68 $ 49.53 $ 103,030
Central Kentucky nonmetropolitan area 30 0.18 1.67 $ 33.10 $ 68,840


About May 2023 National, State, Metropolitan, and Nonmetropolitan Area Occupational Employment and Wage Estimates

These estimates are calculated with data collected from employers in all industry sectors, all metropolitan and nonmetropolitan areas, and all states and the District of Columbia. The top employment and wage figures are provided above. The complete list is available in the downloadable XLS files.

The percentile wage estimate is the value of a wage below which a certain percent of workers fall. The median wage is the 50th percentile wage estimate—50 percent of workers earn less than the median and 50 percent of workers earn more than the median. More about percentile wages.


(1) Estimates for detailed occupations do not sum to the totals because the totals include occupations not shown separately. Estimates do not include self-employed workers.

(2) Annual wages have been calculated by multiplying the hourly mean wage by a "year-round, full-time" hours figure of 2,080 hours; for those occupations where there is not an hourly wage published, the annual wage has been directly calculated from the reported survey data.

(3) The relative standard error (RSE) is a measure of the reliability of a survey statistic. The smaller the relative standard error, the more precise the estimate.

(8) Estimate not released.

(9) The location quotient is the ratio of the area concentration of occupational employment to the national average concentration. A location quotient greater than one indicates the occupation has a higher share of employment than average, and a location quotient less than one indicates the occupation is less prevalent in the area than average.


Other OEWS estimates and related information:

May 2023 National Occupational Employment and Wage Estimates

May 2023 State Occupational Employment and Wage Estimates

May 2023 Metropolitan and Nonmetropolitan Area Occupational Employment and Wage Estimates

May 2023 National Industry-Specific Occupational Employment and Wage Estimates

May 2023 Occupation Profiles

Technical Notes

 

Last Modified Date: April 3, 2024