Average Economists Salary in Baltimore-Columbia-Towson, MD
Economists in the Baltimore-Columbia-Towson, MD metropolitan area earn an average annual salary of $124,720. This figure is notably below the national average of $145,650, suggesting that local market dynamics and demand play a significant role in compensation within this region. While the nominal salary is lower than the national benchmark, understanding the local economic landscape is crucial for interpreting this figure.
Executive Summary
- Average Salary: $124,720 per year.
- Growth Trend: Salaries have shifted 9.1% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $181,210.
- Outlook: The Baltimore-Columbia-Towson, MD area supports a local workforce of 200 economists, with 0.146 jobs per 1,000 workers. The Location Quotient of 1.42 indicates a higher concentration of economists relative to the national average, suggesting a specialized demand for these professionals within the region's economy.
Salary Overview
The average Economists in Baltimore-Columbia-Towson, MD earns-14.4%below the national average.
$60
$2,398
$10,393
Economists Salary Trends (2020-2024)
While specific historical data is not provided, it is generally assumed that the field of economics has experienced steady growth over the past four years. This growth is likely reflected in salary trends, with economists in Baltimore-Columbia-Towson, MD likely seeing incremental increases in their compensation, mirroring broader economic recovery and the increasing reliance on data-driven decision-making across industries.
Economists Salary Distribution in Baltimore-Columbia-Towson, MD
Salary progression for economists is strongly tied to experience. Entry-level positions typically command salaries at the lower end of the spectrum, while senior economists with extensive experience and specialized skills can expect significantly higher compensation. The percentile gaps in salary distribution highlight clear opportunities for career advancement and increased earning potential as professionals move up the experience ladder.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Junior / AssociateEntry level. Focus on learning core skills & codebase. | 10% (Entry) | $71,690 | $34.5 |
| Engineer IProficient contributor. Handles tasks independently. | 25% (Junior) | $93,540 | $45 |
| Senior EngineerSystem design, complex problem solving, mentoring. | 50% (Median) | $125,630 | $60.4 |
| Lead / StaffTechnical strategy, architecture, cross-team impact. | 75% (Senior) | $155,900 | $75 |
| Principal / ArchitectIndustry expert. Driving technical vision & innovation. | 90% (Expert) | $181,210 | $87.1 |
Detailed Economists Market Analysis
Relocation Context
Nominal Salary
$124,720
Gross Pay
Real Wage (Purchasing Power)
$124,720
Adjusted for COL (100)
The average annual salary of $124,720 in Baltimore-Columbia-Towson, MD aligns perfectly with the national average cost of living index of 100. This means that the purchasing power of an economist's salary in this region is equivalent to that of an economist earning the national average salary in a location with a national average cost of living, offering a stable financial foundation.
Job Market Context
200
Total Jobs
0.146
Per 1K Jobs
1.42
Location Quotient
With a location quotient of 1.42, Baltimore-Columbia-Towson, MD has a slightly higher-than-average concentration of Economists roles compared to the national norm.
With a Location Quotient of 1.42, the Baltimore-Columbia-Towson, MD market demonstrates a concentration of economists that is 42% higher than the national average. This suggests a robust and potentially competitive job market for economists, where demand may outpace supply in certain specialized areas, offering good opportunities for skilled professionals.
Nearby Job Markets
Nearby Cities for Economists
| City | Salary | Dist. |
|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV Economists Salary | $160,290↑ 29% | 35 mi |
Comparing salaries near Baltimore-Columbia-Towson, MD
Hiring Economistss?
Frequently Asked Questions
How much does a Economists make in Baltimore-Columbia-Towson, MD?
The median annual salary for a Economists in Baltimore-Columbia-Towson, MD is $124,720. This typically ranges from $71,690 for entry-level positions to $181,210 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Baltimore-Columbia-Towson, MD is 14.4% lower than the national median of $145,650.
Is Baltimore-Columbia-Towson, MD a lucrative place for Economists?
Yes, with caveats.Economists earn $124,720 annually, which is below the national average, but the cost of living is also at the national average, making the salary competitive locally. The higher concentration of economists (LQ 1.42) indicates strong regional demand.
Is Baltimore-Columbia-Towson, MD a good place to live for Economists?
The Cost of Living Index in Baltimore-Columbia-Towson, MD is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Baltimore-Columbia-Towson, MD?
Some top paying nearby cities include Washington-Arlington-Alexandria, DC-VA-MD-WV ($160,290) and others.
How does the Baltimore-Columbia-Towson, MD economist salary compare to the national average?
The average annual salary for economists in Baltimore-Columbia-Towson, MD is $124,720, which is lower than the national average of $145,650.
What is the cost of living in Baltimore-Columbia-Towson, MD for economists?
The cost of living index in Baltimore-Columbia-Towson, MD is 100, which is exactly the national average, meaning your salary has average purchasing power.
How concentrated are economists in the Baltimore-Columbia-Towson, MD job market?
The concentration of economists, measured by the Location Quotient, is 1.42, indicating a higher presence than the national average.
What does the job market outlook suggest for economists in this region?
With a Location Quotient above 1.0 and a local workforce of 200, the market suggests a specialized and potentially robust demand for economists in Baltimore-Columbia-Towson, MD.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 200 employees in the Baltimore-Columbia-Towson, MD area with a job density of 0.146 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
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Semantic Salary Analysis for Economists • Data source: BLS OEWS 2024 •Jobs in Baltimore-Columbia-Towson, MD