Economist Salary in Michigan
Based on 320+ workers in Michigan
Median Annual Salary (MI)
$106,350
$51.13/hr
vs National Average
$111,296
-4.4% vs national median
Salary Range (10th–90th)
$73K – $178K
320 employed in Michigan
Economists in Michigan earn a median salary of $106,350 per year, according to current labor data. With approximately 320 economists employed throughout the state, this represents a solid career option for those pursuing economic research and analysis. However, the economist salary in Michigan falls about 4 percent below the national average, reflecting regional economic differences and cost-of-living variations.
Compensation for economists in Michigan varies considerably based on experience, education, and employer type. Entry-level positions start near $72,860 annually, while experienced economists can earn upward of $178,170. Factors influencing salary range include industry sector, whether positions are in academia or government, years of professional experience, and specific expertise in areas like policy analysis or corporate forecasting.
Salary Distribution — Economist in Michigan
| Percentile | Annual Salary |
|---|---|
| 10th percentile | $72,860 |
| 25th percentile | $82,030 |
| Median (50th percentile) | $106,350 |
| 75th percentile | $150,000 |
| 90th percentile | $178,170 |
Top-Paying Industries for Economist (U.S.)
Which industries pay Economists the most — nationwide figures (industry-level data is not available by state). Economists in Michigan tend to follow these industry patterns.
| Industry (U.S.) | Median Salary | Employed (U.S.) |
|---|---|---|
| Mining, Quarrying, and Oil and Gas Extraction | $210,780 | 30 |
| Wholesale Trade | $207,400 | 40 |
| Manufacturing | $180,320 | 90 |
| Finance and Insurance | $173,990 | 2K |
| Management of Companies and Enterprises | $160,150 | 170 |
Source: U.S. BLS OEWS National Industry-Specific estimates, May 2025. National figures (not state-specific).
Historical Salary Trend — Economist in Michigan vs National
| Year | Median Salary (Michigan) |
|---|---|
| 2024 | $94,850 |
| 2025 | $106,350 |
| 2026 (projected) | $112,731 |
The latest year is a projection based on recent wage trends — BLS has not yet released that year’s data.
| Year | Michigan Median | National Median |
|---|---|---|
| 2024 | $94,850 | $102,371 |
| 2025 | $106,350 | $111,296 |
| 2026 (projected) | $112,731 | $117,974 |
Economist Salary by Experience Level in Michigan
| Experience Level | Years | Median Annual Salary |
|---|---|---|
| Junior | 0-2 yrs | $82,030 |
| Mid-level | 3-5 yrs | $106,350 |
| Senior | 6-9 yrs | $150,000 |
| Staff / Lead | 10+ yrs | $178,170 |
Economist Salary in Other States
Related Economist Salaries in Michigan
How other high-demand occupations in Michigan compare to Economist ($106,350 median).
| Occupation | Median Salary | vs Economist | Hourly |
|---|---|---|---|
| Financial Manager in MI | $139,370 | +31.0% | $67.00/hr |
| Actuary in MI | $100,640 | -5.4% | $48.38/hr |
| Budget Analyst in MI | $96,430 | -9.3% | $46.36/hr |
| Financial Analyst in MI | $95,420 | -10.3% | $45.88/hr |
| Accountant in MI | $78,820 | -25.9% | $37.89/hr |
| Personal Financial Advisor in MI | $77,930 | -26.7% | $37.47/hr |
| Compliance Officer in MI | $77,390 | -27.2% | $37.21/hr |
| Tax Examiner in MI | $75,040 | -29.4% | $36.08/hr |
| Credit Analyst in MI | $74,640 | -29.8% | $35.88/hr |
| Loan Officer in MI | $74,470 | -30.0% | $35.80/hr |
| Securities Sales Agent in MI | $73,480 | -30.9% | $35.33/hr |
| Financial Examiner in MI | $71,050 | -33.2% | $34.16/hr |
Frequently Asked Questions
How much do economists make in Michigan?
- The median salary for economists in Michigan is $106,350 per year, or approximately $51 per hour. This is about 4.4% below the national average for the profession.
What is the salary range for economists working in Michigan?
- Economist salaries in Michigan range from $72,860 at the lower end to $178,170 at the upper end, representing a significant variation based on experience and specialization.
Is an economist salary in Michigan competitive compared to the national average?
- Michigan economist salaries are slightly below the national average at $106,350 median, which represents a 4.4% difference. However, the median still provides solid compensation within the state's job market.
How many economists are employed in Michigan?
- There are approximately 320 economists currently employed in Michigan, representing the total workforce in this profession across the state.