How Much do Economists Make?

Do economists make a lot of money? What is the average pay for economists?

According to the Bureau of Labor Statistics, economists in the United States earn an average of $116,630 a year, equivalent to $56.07 an hour. Economists make 118% more than the average American worker.

Economists in New York are the best paid, making $145,840 a year, while economists in Idaho make the least at $64,770.

  • Latest wage data is for May 2019
  • Pre-tax earnings; Wages only - does not include benefits
Economist Wages by Percentile
Percentile Hourly Annually
90th $88.95 $185,020
75th $69.05 $143,620
50th $50.49 $105,020
25th $37.89 $78,800
10th $28.58 $59,450
Economist Wages by State

In what states do economists make the most? In what states do economists make the least?

In the map below, green represents higher pay and red represents lower pay. Keep scrolling down to see a table with the average wages in each state.

State Hourly Annually
Alabama $47.98 $99,800
Alaska $45.43 $94,490
Arizona $44.18 $91,900
Arkansas $36.81 $76,560
California $57.97 $120,580
Colorado $49.83 $103,650
Connecticut $44.07 $91,660
Florida $43.17 $89,790
Georgia $49.05 $102,030
Hawaii $40.73 $84,710
Idaho $31.14 $64,770
Illinois $51.77 $107,680
Indiana $45.70 $95,070
Iowa $42.33 $88,040
Kentucky $45.90 $95,470
Louisiana $52.24 $108,660
Maryland $57.56 $119,720
Massachusetts $54.51 $113,380
Michigan $45.10 $93,800
Minnesota $48.34 $100,550
Mississippi $35.77 $74,400
Missouri $43.76 $91,030
Montana $38.49 $80,060
Nebraska $34.26 $71,270
Nevada $39.85 $82,890
New Hampshire $33.18 $69,010
New Jersey $43.33 $90,120
New Mexico $44.02 $91,560
New York $70.12 $145,840
North Carolina $38.98 $81,080
Ohio $51.31 $106,730
Oklahoma $38.91 $80,940
Oregon $43.91 $91,330
Pennsylvania $41.28 $85,850
South Carolina $33.08 $68,810
Tennessee $34.90 $72,590
Texas $50.62 $105,290
Utah $46.40 $96,520
Vermont $53.94 $112,200
Virginia $60.33 $125,490
Washington $49.68 $103,330
West Virginia $31.98 $66,510
Wisconsin $36.79 $76,530
Metro Areas Where Economists Earn the Most
  • Data is for the entire metro area, not just the city
Metro Area Hourly Annually
San Jose, CA $74.30 $154,540
New York, NY $71.81 $149,360
Washington, DC $64.43 $134,010
San Francisco, CA $64.03 $133,180
Tampa, FL $62.79 $130,600
Los Angeles, CA $61.39 $127,700
Baltimore, MD $61.20 $127,300
Cleveland, OH $60.47 $125,770
San Diego, CA $58.70 $122,100
Ogden, UT $55.45 $115,340
Economist Wages by Year
Year Hourly Annually
2019 $56.07 $116,630
2018 $55.78 $116,020
2017 $54.16 $112,650
2016 $54.26 $112,860
2015 $52.51 $109,230
2014 $50.62 $105,290
2013 $48.78 $101,450
2012 $47.83 $99,480
2011 $48.20 $100,270