District of Columbia pays economists $162,610 a year. South Carolina pays $51,980. Same job title, wildly different paycheck.
That gap tells you something simple: where you work can matter almost as much as what you do.
The national median economist salary is $102,371 per year, or $49 an hour. The 10th percentile earns $84,390, while the 90th percentile reaches $218,880. That is a huge spread, and geography is one of the biggest reasons it happens.
If you're comparing offers, planning a move, or deciding whether graduate school is worth it, state-level pay data matters more than generic career advice.
For broader numbers, see our Economist salary data.
Economist Salary by State: Highest Paying Locations
If your goal is maximum pay, these states and districts sit at the top of the table.
Top 5 Highest-Paying States for Economists
- District of Columbia — $162,610
- Virginia — $148,010
- New York — $142,300
- Maryland — $137,610
- Georgia — $127,220
The headline here is obvious: Washington, D.C. dominates.
That should not surprise you. Federal agencies, policy shops, think tanks, trade groups, consulting firms, and research organizations cluster there. If your work touches regulation, labor markets, international trade, public finance, or forecasting, D.C. is where many of the best-paying seats are.
Virginia and Maryland benefit from the same ecosystem. A lot of economists work near D.C. without working inside D.C.
New York lands high because finance still pays for quantitative skill. Banks, investment firms, data vendors, and corporate strategy teams all hire economists.
Georgia is the interesting one. Atlanta's business base, logistics economy, and lower costs help make it a strong outlier.
High salary does not always mean high purchasing power. A $142,300 salary in New York can feel smaller than $127,220 in Georgia once housing costs show up.
Lowest Paying States for Economists
Not every market values economist roles the same way.
5 Lowest-Paying States
- South Carolina — $51,980
- Kentucky — $65,470
- Nebraska — $66,690
- Wisconsin — $76,940
- Idaho — $78,770
For contrast, South Carolina's average pay is less than one-third of D.C.'s figure.
That does not automatically mean bad jobs. It usually means fewer large employers, fewer specialized economist roles, smaller public-sector budgets, and lower local wage levels overall.
If you're in one of these states, remote work or relocation can change your earning path faster than waiting for a local raise.
National Economist Salary Range: Entry, Mid, Senior
Titles vary. One company says Research Analyst. Another says Senior Economist. A government office may use pay grades. Still, the national data gives a clean framework.
Entry-Level Economist Salary
Most early-career economists land near the lower end of the range.
- Typical starting range: $84,390 to around $117,960 n- Often includes analyst, junior economist, research associate, or government GS-track roles
- Master's degree holders may start higher than bachelor's-only candidates
At this level, employers pay for technical foundation: statistics, Excel, Stata, R, Python, econometrics, and clear writing.
Mid-Career Economist Salary
Once you can run projects instead of just supporting them, pay jumps.
- Common range: $117,960 to $191,880
- Usually 5–10 years of experience
- Strong performers manage studies, forecasting models, presentations, and client or stakeholder communication
This is where specialization starts paying real money. Labor economics, healthcare economics, pricing, energy markets, and macro forecasting can all command premiums.
Senior Economist Salary
The top end is where leadership and scarce expertise meet.
- Upper range: up to $218,880+
- Titles may include Senior Economist, Chief Economist, Principal Economist, Director, VP, or Lead Researcher
- Often includes managing teams, owning strategy, advising executives, or representing an organization publicly
The lesson: you do not get to $200K+ by knowing formulas alone. You get there by combining analysis with judgment, communication, and business impact.
Why Location Matters So Much for Economists
Economists are not evenly distributed across the country. Demand clusters where decisions and money cluster.
1. Government and Policy Centers
D.C., Virginia, and Maryland benefit from federal agencies and contractors. If policy moves markets, economists get hired.
2. Finance Hubs
New York pays for forecasting, market analysis, risk, and macro insight.
3. Corporate Headquarters
Large companies need pricing models, labor strategy, demand forecasts, and expansion planning.
4. University and Research Networks
Some metro areas build talent pipelines through major universities and research institutions.
5. Cost of Living Pressure
High-cost states often need higher wages to attract talent. That does not always make workers richer.
Best States for Real Buying Power
If you only chase the biggest salary number, you can miss the bigger picture.
A $162,610 paycheck in D.C. sounds great. It is great. But rent, taxes, and commuting costs can take a bite.
Meanwhile, Georgia at $127,220 may leave more room in your budget depending on your housing situation.
Virginia can also be compelling because it combines high pay with access to D.C.-area employers.
If you're choosing between offers, compare:
- Base salary n- Bonus potential
- Retirement match
- Housing costs
- State taxes
- Commute time
- Promotion path
- Remote flexibility
The best economist salary is the one you keep after expenses and stress.
How to Increase Your Economist Salary Faster
You do not need to wait 15 years for better pay.
Build Technical Skills Employers Actually Buy
Learn tools tied to decisions:
- Python
- SQL
- R
- Tableau or Power BI
- Forecasting models
- Experimental design
- Causal inference
Get Industry Expertise
An economist who understands healthcare reimbursement or energy pricing is usually worth more than a generalist with vague experience.
Improve Communication
Many smart analysts stay underpaid because they cannot explain findings clearly. Executives pay for clarity.
Move Markets, Not Just Companies
Sometimes the fastest raise comes from switching cities or taking a remote role with a national employer.
For comparison with another high-skill profession, see Dentist salary data.
Is Economist Pay Growing?
Yes. Economist pay rose +4.2% versus 2023.
That is a healthy increase, especially in a field where advanced education is common and specialized skills matter. Employers still pay premiums for people who can turn messy data into decisions.
Total employed nationwide: 15,000.
That is a relatively small profession compared with broader business occupations. Smaller talent pools can help qualified candidates, especially in niche sectors.
Bottom Line
Economist salaries reward specialization and geography.
If you stay in a low-paying market, your ceiling may be lower than your skills deserve. If you target D.C., Virginia, New York, Maryland, or Georgia, the math changes quickly.
The national median is $102,371. But economists who choose the right market, build technical depth, and grow into leadership can move far beyond that.
Frequently Asked Questions
What state pays economists the most?
District of Columbia pays the most, with average annual economist pay of $162,610.
What is the average economist salary by state?
It varies widely. Top markets exceed $140K, while some lower-paying states fall below $70K.
Is $100,000 a good salary for an economist?
Yes. It is close to the national median of $102,371, though local costs determine how far it goes.
Can economists make over $200,000?
Yes. The national 90th percentile reaches $218,880, typically in senior, specialized, or leadership roles.