Occupational Employment and Wage Statistics
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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.
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 |
States with the highest concentration of jobs and location quotients in Economists:
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 |
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 |
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 |
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 areas with the highest concentration of jobs and location quotients in Economists:
Top paying nonmetropolitan areas for Economists:
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
United States Department of Labor
