Average Economists Salary in Maryland
Economists in Maryland earn an average annual salary of $138,830, which is slightly below the national average of $145,650. This localized figure reflects Maryland's unique economic landscape, including its strong presence in government, research, and technology sectors, which often command specialized compensation for analytical roles.
Executive Summary
- Average Salary: $138,830 per year.
- Growth Trend: Salaries have shifted 9.3% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $191,880.
- Outlook: Maryland boasts a robust job market for economists, evidenced by a total local workforce of 920 professionals. The Location Quotient of 3.24 signifies a significantly higher concentration of economists in Maryland compared to the national average, indicating strong and sustained demand for their expertise within the state.
Salary Overview
The average Economists in Maryland earns-4.7%below the national average.
$66.8
$2,670
$11,569
Economists Salary Trends (2020-2024)
While specific historical data is not provided, it is generally assumed that the demand for skilled economists in Maryland has led to consistent salary growth over the past four years. Factors such as increased reliance on data analysis across industries and government policy formulation likely contribute to this upward trend, ensuring competitive compensation for the profession.
Economists Salary Distribution in Maryland
The career trajectory for economists in Maryland typically shows a significant salary increase with experience. Entry-level positions might start closer to the lower percentiles, while seasoned professionals with specialized skills and extensive experience can command salaries in the upper percentiles, reflecting a clear progression and reward for accumulated expertise.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Junior / AssociateEntry level. Focus on learning core skills & codebase. | 10% (Entry) | $80,970 | $38.9 |
| Engineer IProficient contributor. Handles tasks independently. | 25% (Junior) | $104,123 | $50.1 |
| Senior EngineerSystem design, complex problem solving, mentoring. | 50% (Median) | $137,610 | $66.2 |
| Lead / StaffTechnical strategy, architecture, cross-team impact. | 75% (Senior) | $173,538 | $83.4 |
| Principal / ArchitectIndustry expert. Driving technical vision & innovation. | 90% (Expert) | $191,880 | $92.3 |
Detailed Economists Market Analysis
Relocation Context
Nominal Salary
$138,830
Gross Pay
Real Wage (Purchasing Power)
$110,975
Adjusted for COL (125.1)
While the nominal salary of $138,830 appears substantial, Maryland's Cost of Living Index of 125.1 indicates that expenses are approximately 25.1% higher than the national average. This means that the purchasing power of an economist's salary in Maryland is somewhat diminished compared to states with a lower cost of living, requiring careful financial planning.
Job Market Context
920
Total Jobs
0.334
Per 1K Jobs
3.24
Location Quotient
Maryland has 3.2x the national concentration of Economists jobs — a major employment hub for this role. Job seekers will find significantly more opportunities here than in most other areas.
Maryland's Location Quotient of 3.24 strongly suggests a highly concentrated and specialized job market for economists. This indicates that the state is a significant hub for this profession, offering abundant opportunities but also implying a potentially competitive environment for new entrants seeking to establish themselves.
Nearby Job Markets
Nearby Cities for Economists
| City | Salary | Dist. |
|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV Economists Salary | $160,290↑ 15% | 17 mi |
| Baltimore-Columbia-Towson, MD Economists Salary | $124,720↓ 10% | 19 mi |
Comparing salaries near Maryland
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Frequently Asked Questions
How much does a Economists make in Maryland?
The median annual salary for a Economists in Maryland is $138,830. This typically ranges from $80,970 for entry-level positions to $191,880 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Maryland is 4.7% lower than the national median of $145,650.
Is Maryland a lucrative place for Economists?
Yes, with caveats.Maryland offers a high average salary for economists, significantly above many other states. However, the elevated cost of living means that the real value of this salary should be carefully considered.
Is Maryland a good place to live for Economists?
The Cost of Living Index in Maryland is 125.1. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Maryland?
Some top paying nearby cities include Washington-Arlington-Alexandria, DC-VA-MD-WV ($160,290) and Baltimore-Columbia-Towson, MD.
How does the number of jobs per 1,000 workers compare nationally?
With 0.334 jobs per 1,000 workers, Maryland's concentration of economist roles is notably higher than the national average, underscoring the demand within the state.
What industries employ the most economists in Maryland?
Given Maryland's economic profile, economists are likely employed across government agencies, research institutions, defense contractors, and the burgeoning tech sector, all of which rely heavily on economic analysis.
Does experience significantly impact an economist's salary in Maryland?
Yes, experience is a major driver of salary for economists in Maryland, with senior roles commanding substantially higher compensation than entry-level positions.
How does the high concentration of economists affect job prospects?
The high concentration (LQ of 3.24) suggests a mature market where opportunities exist, but competition may also be more intense, particularly for specialized roles.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 920 employees in the Maryland area with a job density of 0.334 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 Maryland