Average Economists Salary in Michigan
Economists in Michigan earn an impressive average annual salary of $147,280, slightly surpassing the national average of $145,650. This competitive compensation reflects the state's specific economic landscape and the demand for specialized analytical talent within its industries. Factors such as the concentration of relevant businesses and the overall economic health of Michigan contribute to this favorable salary structure.
Executive Summary
- Average Salary: $147,280 per year.
- Growth Trend: Salaries have shifted 44.8% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $232,850.
- Outlook: With a total local workforce of 280 Economists, Michigan presents a focused, albeit not densely concentrated, job market for this profession. The Location Quotient of 0.62 indicates that while Economists are present, they are less concentrated than the national average, suggesting potential opportunities for skilled professionals entering the market. The number of jobs per 1,000 workers (0.064) further underscores a niche but present demand for economic expertise within the state.
Salary Overview
The average Economists in Michigan earns+1.1%above the national average.
$70.8
$2,832
$12,273
Economists Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that the salaries for Economists in Michigan have seen consistent growth over the past four years, mirroring national trends. Economic fluctuations and evolving industry needs typically drive salary increases, especially for roles requiring advanced analytical skills. This upward trajectory is likely influenced by the state's economic development initiatives and the increasing reliance on data-driven decision-making across sectors.
Economists Salary Distribution in Michigan
The career path for an Economist typically involves significant salary progression based on experience. Entry-level positions might start at a lower percentile of the salary range, while seasoned professionals with extensive experience and specialized knowledge can command salaries well into the upper percentiles. The widening gap between entry-level and senior economist salaries signifies robust career advancement opportunities and the increasing value placed on expertise and leadership within the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Junior / AssociateEntry level. Focus on learning core skills & codebase. | 10% (Entry) | $64,240 | $30.9 |
| Engineer IProficient contributor. Handles tasks independently. | 25% (Junior) | $110,460 | $53.1 |
| Senior EngineerSystem design, complex problem solving, mentoring. | 50% (Median) | $94,850 | $45.6 |
| Lead / StaffTechnical strategy, architecture, cross-team impact. | 75% (Senior) | $184,100 | $88.5 |
| Principal / ArchitectIndustry expert. Driving technical vision & innovation. | 90% (Expert) | $232,850 | $111.9 |
Detailed Economists Market Analysis
Relocation Context
Nominal Salary
$147,280
Gross Pay
Real Wage (Purchasing Power)
$162,561
Adjusted for COL (90.6)
An average annual salary of $147,280 in Michigan offers considerable purchasing power, especially when contrasted with the state's Cost of Living Index of 90.6. This index is below the national average of 100, meaning that everyday expenses such as housing, utilities, and transportation are generally more affordable than in many other parts of the country. Consequently, the nominal salary translates into a strong real income, allowing for a comfortable standard of living.
Job Market Context
280
Total Jobs
0.064
Per 1K Jobs
0.62
Location Quotient
Michigan has 0.62x the national average concentration of Economists jobs. This means there are fewer opportunities per capita here compared to the U.S. average — competition for roles may be higher.
The Location Quotient of 0.62 for Economists in Michigan suggests that this profession is less concentrated in the state compared to the national average. This implies that while there is a stable presence of Economists, the market is not saturated. For professionals seeking employment, this could mean a less competitive environment for securing roles, while for employers, it may indicate a need to actively recruit talent to meet demand.
Nearby Job Markets
Nearby Cities for Economists
| City | Salary | Dist. |
|---|---|---|
| Lansing-East Lansing, MI Economists Salary | $99,160↓ 33% | 42 mi |
Comparing salaries near Michigan
Hiring Economistss?
Frequently Asked Questions
How much does a Economists make in Michigan?
The median annual salary for a Economists in Michigan is $147,280. This typically ranges from $64,240 for entry-level positions to $232,850 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Michigan is 1.1% higher than the national median of $145,650.
Is Michigan a lucrative place for Economists?
Yes, Michigan offers a lucrative environment for Economists.The average salary of $147,280 significantly exceeds the national average, and the cost of living is below the national average, enhancing real income.
Is Michigan a good place to live for Economists?
With a Cost of Living Index of 90.6 (lower than the national average of 100), your salary goes further here.
Where are the highest paying cities near Michigan?
Some top paying nearby cities include Lansing-East Lansing, MI ($99,160) and others.
How does Michigan's cost of living affect an Economist's salary?
With a Cost of Living Index of 90.6, Michigan's lower cost of living means that the $147,280 average salary provides greater purchasing power compared to higher-cost states.
Is the job market for Economists in Michigan growing?
While the provided data doesn't show historical growth, the stable number of jobs per 1,000 workers and a Location Quotient below 1 suggest a consistent, albeit specialized, demand for Economists.
What is the significance of the Location Quotient for Economists in Michigan?
A Location Quotient of 0.62 indicates that Economists are less concentrated in Michigan than nationally, potentially signaling fewer candidates competing for available positions.
How does experience impact an Economist's salary in Michigan?
Experience is a key driver of salary growth for Economists, with senior roles commanding significantly higher compensation than entry-level positions, reflecting increased expertise and responsibility.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 280 employees in the Michigan area with a job density of 0.064 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 Michigan