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Average Economists Salary in Massachusetts

Economists in Massachusetts earn an impressive average annual salary of $142,140, slightly below the national average of $145,650. This competitive compensation is largely driven by the state's robust economy, strong presence of research institutions, and a high demand for specialized economic analysis.

Executive Summary

  • Average Salary: $142,140 per year.
  • Growth Trend: Salaries have shifted 27.4% ↗ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $213,210.
  • Outlook: With a local workforce of 770 economists and a Location Quotient of 2.05, Massachusetts demonstrates a significantly higher concentration of these professionals than the national average. This indicates a robust and active job market for economists within the state, suggesting strong demand and a healthy environment for career opportunities.
2024 Market Data

Salary Overview

$142,140

The average Economists in Massachusetts earns-2.4%below the national average.

BreakdownBased on 40h/week
Hourly

$68.3

Weekly

$2,733

Monthly

$11,845

Economists Salary Distribution in Massachusetts

The salary progression for economists in Massachusetts typically scales significantly with experience. Entry-level positions might start at a lower percentile, while seasoned professionals with specialized expertise and a proven track record can command salaries well into the upper percentiles. The widening gap between entry-level and senior roles signifies clear career advancement opportunities and increased earning potential.

Experience LevelMarket PercentileAnnual WageHourly Rate
Junior / AssociateEntry level. Focus on learning core skills & codebase.10% (Entry)$66,300$31.9
Engineer IProficient contributor. Handles tasks independently.25% (Junior)$106,605$51.3
Senior EngineerSystem design, complex problem solving, mentoring.50% (Median)$103,170$49.6
Lead / StaffTechnical strategy, architecture, cross-team impact.75% (Senior)$177,675$85.4
Principal / ArchitectIndustry expert. Driving technical vision & innovation.90% (Expert)$213,210$102.5

Detailed Economists Market Analysis

Relocation Context

Nominal Salary

$142,140

Gross Pay

Real Wage (Purchasing Power)

$95,782

Adjusted for COL (148.4)

While the nominal average salary for economists in Massachusetts is $142,140, the state's Cost of Living Index stands at 148.4, significantly above the national average. This means that despite a high nominal income, the purchasing power of an economist's salary in Massachusetts is considerably reduced compared to national standards, requiring careful financial planning.

Job Market Context

770

Total Jobs

0.211

Per 1K Jobs

2.05

Location Quotient

Major Hub

Massachusetts has 2.0x 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.

The Location Quotient of 2.05 for economists in Massachusetts signifies a market where these professionals are more than twice as concentrated as the national average. This suggests a highly specialized and potentially competitive job market, with a strong presence of employers seeking economic expertise, possibly in sectors like finance, technology, or academia.

Nearby Job Markets

Nearby Cities for Economists

CitySalaryDist.
Boston-Cambridge-Newton, MA-NH Economists Salary$151,950↑ 7%24 mi

Comparing salaries near Massachusetts

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Frequently Asked Questions

How much does a Economists make in Massachusetts?

The median annual salary for a Economists in Massachusetts is $142,140. This typically ranges from $66,300 for entry-level positions to $213,210 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Massachusetts is 2.4% lower than the national median of $145,650.

Is Massachusetts a lucrative place for Economists?

Yes, with caveats.Massachusetts offers a high average salary for economists, exceeding $142,000 annually. However, the significantly higher cost of living means that the real purchasing power of this salary is somewhat diminished compared to national averages.

Is Massachusetts a good place to live for Economists?

The Cost of Living Index in Massachusetts is 148.4. While higher than average, this often correlates with higher wages.

Where are the highest paying cities near Massachusetts?

Some top paying nearby cities include Boston-Cambridge-Newton, MA-NH ($151,950) and others.

How does the number of economists in Massachusetts compare to the national average?

Massachusetts has a Location Quotient of 2.05, indicating that economists are more than twice as concentrated in the state compared to the national average, suggesting a higher density of these professionals.

What is the average salary for an economist in Massachusetts?

The average annual salary for an economist in Massachusetts is $142,140.

How does the Massachusetts economist salary compare to the national average?

The average salary for economists in Massachusetts ($142,140) is slightly lower than the national average ($145,650).

Is the cost of living high for economists in Massachusetts?

Yes, the cost of living in Massachusetts is significantly higher than the national average, with an index of 148.4, meaning expenses are nearly 50% higher than the national baseline.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 770 employees in the Massachusetts area with a job density of 0.211 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.

Semantic Salary Analysis for Economists • Data source: BLS OEWS 2024 •Jobs in Massachusetts