How much does a economist make?
The median economist in the United States earns $124,720 per year, about $59.96 an hour. That is the midpoint of the profession: half of all economists earn more, and half earn less.
Source: BLS OEWS, May 2025. SOC code 19-3011.
Economist salary range
Pay for economists spans a wide band. The lowest paid 10 percent earn under $67,360 a year, while the highest paid 10 percent take home more than $238,060. The average (mean) wage of $142,130 runs a bit higher than the median, which is normal for jobs where a group of top earners pulls the average up.
| Percentile | Annual | Hourly | |
|---|---|---|---|
| 10th percentile | $67,360 | $32.38 | Lowest paid |
| 25th percentile | $89,330 | $42.95 | |
| Median (50th) | $124,720 | $59.96 | Midpoint |
| 75th percentile | $174,720 | $84.00 | |
| 90th percentile | $238,060 | $114.45 | Highest paid |
Figures are national wage estimates for economists (SOC 19-3011), U.S. Bureau of Labor Statistics, OEWS, May 2025.
Economist salary by state
Where you work changes the paycheck. Economists earn the most in District of Columbia at $167,590 a year, and the least in Kentucky at $71,400. The table below lists every state with published data, ranked by median annual salary.
| State | Median annual | Employed |
|---|---|---|
| District of Columbia | $167,590 | 3,000 |
| New Jersey | $167,550 | 280 |
| Delaware | $159,120 | 70 |
| Maryland | $144,680 | 1,130 |
| Kansas | $138,790 | 80 |
| Virginia | $137,590 | 950 |
| New York | $136,660 | 910 |
| North Carolina | $136,150 | 290 |
| Idaho | $131,270 | 130 |
| Alabama | $129,960 | 40 |
| Georgia | $122,570 | 260 |
| Oregon | $122,120 | 320 |
| Texas | $121,420 | 560 |
| Colorado | $121,410 | 240 |
| Ohio | $120,000 | 140 |
| California | $119,410 | 860 |
| Tennessee | $117,650 | 80 |
| Missouri | $117,010 | 280 |
| Pennsylvania | $115,000 | 560 |
| Alaska | $111,040 | 80 |
| Washington | $109,300 | 450 |
| Massachusetts | $106,380 | 1,030 |
| Michigan | $106,350 | 320 |
| Minnesota | $105,120 | 500 |
| Florida | $102,430 | 500 |
| Connecticut | $101,400 | 210 |
| Iowa | $96,310 | 70 |
| Arkansas | $91,560 | 50 |
| Maine | $91,480 | 70 |
| Nevada | $91,340 | 70 |
| Oklahoma | $89,980 | 80 |
| Montana | $89,340 | 90 |
| New Hampshire | $86,130 | 50 |
| Wisconsin | $84,000 | 280 |
| Hawaii | $83,050 | 50 |
| Indiana | $80,750 | 80 |
| Arizona | $79,610 | 340 |
| Nebraska | $75,880 | 90 |
| Louisiana | $73,050 | 140 |
| Kentucky | $71,400 | 100 |
State median wages for economists (SOC 19-3011), U.S. Bureau of Labor Statistics, OEWS state files, May 2025. States where the BLS does not publish a median are not shown.
Job outlook for economists
The BLS projects employment of economists to grow 4.7% from 2025 to 2035. That is about as fast as the 3.5% average for all occupations. That works out to roughly 18,600 jobs in 2025 moving toward 19,500 by 2035.
Across the decade, the BLS expects about 1,100 openings a year for economists. Most come from the need to replace workers who move to other jobs or leave the workforce, on top of any new positions from growth.
Source: U.S. Bureau of Labor Statistics, Employment Projections program, 2025-35 (Table 1.2, Occupational projections and worker characteristics).
How to become an economist
The typical entry-level education for economists is a master's degree, according to the BLS.
Education, training, and experience data: U.S. Bureau of Labor Statistics, Employment Projections program.
What affects how much an economist earns
Degree level, employer type, and field of research drive the numbers. Roles in private industry and government labs often pay above academic and entry-level positions.
Location is one of the clearest factors. The gap between the top paying state (District of Columbia, $167,590) and the lowest (Kentucky, $71,400) shows how much geography alone can move the number, before experience or specialization.
About 17,790 people work as economists in the United States. At $124,720 a year, the job pays above the $50,980 median for all U.S. jobs.
Economist salary FAQ
How much does an economist make an hour?
The median hourly wage for an economist is $59.96. The middle half of economists earn between $42.95 and $84.00 per hour.
What is the highest economist salary?
The highest paid 10 percent of economists earn more than $238,060 per year. Top earners usually have the most experience and work in the best paying regions and industries.
How much does an economist make a year?
The median annual salary for an economist is $124,720. The average (mean) wage of $142,130 runs a bit higher than the median, which is normal for jobs where a group of top earners pulls the average up.
Is being an economist a well paid job?
At $124,720 a year, an economist earns above the $50,980 median for all U.S. jobs. About 17,790 people work as economists in the United States.
Which state pays economists the most?
District of Columbia has the highest median salary for economists at $167,590 a year. New Jersey ($167,550) and Delaware ($159,120) follow. State medians come from the BLS OEWS state files, May 2025.
Is being an economist a good career?
Employment of economists is projected to grow 4.7% from 2025 to 2035, about as fast as the 3.5% average for all occupations. The BLS projects about 1,100 openings each year, from growth and from workers leaving the occupation.
Do you need a degree to become an economist?
The BLS lists the typical entry-level education for economists as a master's degree, so a college degree is usually expected.
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