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Average Economists Salary in New York

Economists in New York command an impressive average annual salary of $169,520, significantly surpassing the national average of $145,650. This elevated compensation is largely driven by New York's dynamic economic landscape, robust demand for specialized analytical talent, and the higher operational costs associated with conducting business in a major financial hub.

Executive Summary

  • Average Salary: $169,520 per year.
  • Growth Trend: Salaries have shifted 12.9% ↗ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $254,280.
  • Outlook: With a local workforce of 870 economists and a Location Quotient of 0.89, New York presents a slightly less concentrated but still substantial market for these professionals. While not exceeding the national average concentration, the sheer volume of economic activity and the presence of numerous financial institutions, government agencies, and research organizations suggest a stable and consistent demand for skilled economists.
2024 Market Data

Salary Overview

$169,520

The average Economists in New York earns+16.4%above the national average.

BreakdownBased on 40h/week
Hourly

$81.5

Weekly

$3,260

Monthly

$14,127

Economists Salary Distribution in New York

The salary trajectory for economists in New York typically scales significantly with experience. Entry-level positions might start closer to the lower end of the pay scale, while seasoned professionals with advanced degrees and specialized expertise can command salaries well into the six figures, often exceeding $200,000. The widening gap between entry-level and senior-level salaries reflects the progression and increased value brought by years of experience and specialized knowledge.

Experience LevelMarket PercentileAnnual WageHourly Rate
Junior / AssociateEntry level. Focus on learning core skills & codebase.10% (Entry)$77,740$37.4
Engineer IProficient contributor. Handles tasks independently.25% (Junior)$127,140$61.1
Senior EngineerSystem design, complex problem solving, mentoring.50% (Median)$142,300$68.4
Lead / StaffTechnical strategy, architecture, cross-team impact.75% (Senior)$211,900$101.9
Principal / ArchitectIndustry expert. Driving technical vision & innovation.90% (Expert)$254,280$122.3

Detailed Economists Market Analysis

Relocation Context

Nominal Salary

$169,520

Gross Pay

Real Wage (Purchasing Power)

$135,508

Adjusted for COL (125.1)

While the nominal salary of $169,520 is attractive, New York's Cost of Living Index of 125.1 indicates that expenses are approximately 25% higher than the national average. This means that while economists earn more in absolute terms, their purchasing power needs to be carefully considered against the higher costs of housing, transportation, and daily living in the state.

Job Market Context

870

Total Jobs

0.092

Per 1K Jobs

0.89

Location Quotient

Below Average

New York has 0.89x 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.

A Location Quotient of 0.89 suggests that economists are slightly less concentrated in New York compared to the national average. This indicates that while the profession is well-established, the market is not overly saturated, potentially offering good opportunities for skilled individuals. It implies a healthy demand relative to the supply of economists within the state.

Nearby Job Markets

Nearby Cities for Economists

CitySalaryDist.
Albany-Schenectady-Troy, NY Economists Salary$101,250↓ 40%68 mi

Comparing salaries near New York

Hiring Economistss?

Frequently Asked Questions

How much does a Economists make in New York?

The median annual salary for a Economists in New York is $169,520. This typically ranges from $77,740 for entry-level positions to $254,280 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in New York is 16.4% higher than the national median of $145,650.

Is New York a lucrative place for Economists?

Yes, New York is a lucrative place for Economists.The average salary of $169,520 significantly exceeds the national average, indicating strong earning potential. However, this is tempered by a higher cost of living, requiring careful financial planning.

Is New York a good place to live for Economists?

The Cost of Living Index in New York is 125.1. While higher than average, this often correlates with higher wages.

Where are the highest paying cities near New York?

Some top paying nearby cities include Albany-Schenectady-Troy, NY ($101,250) and others.

How does the New York economist salary compare to the national average?

The average annual salary for economists in New York is $169,520, which is substantially higher than the national average of $145,650.

What is the concentration of economists in New York?

New York has a Location Quotient of 0.89 for economists, indicating a slightly lower concentration compared to the national average.

How does the cost of living affect the economist salary in New York?

With a Cost of Living Index of 125.1, New York is more expensive than the national average, meaning the higher nominal salary needs to be weighed against increased living expenses.

What is the total number of economists in New York?

There are approximately 870 economists employed within New York state.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 870 employees in the New York area with a job density of 0.092 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 New York