Average Economists Salary in New York-Newark-Jersey City, NY-NJ
Economists in the New York-Newark-Jersey City, NY-NJ metropolitan area earn a substantial average annual salary of $182,320. This figure significantly surpasses the national average of $145,650, indicating a premium for economic expertise in this dynamic region. The concentration of financial institutions, policy centers, and diverse industries likely drives this elevated compensation.
Executive Summary
- Average Salary: $182,320 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $273,480.
- Outlook: With a local workforce of 730 Economists and a Location Quotient of 0.76, the job market in New York-Newark-Jersey City presents a nuanced picture. While not as concentrated as the national average, the absolute number of professionals suggests a stable demand for economic analysis within the region's complex economy. This indicates a solid, albeit not hyper-inflated, job market for skilled economists.
Salary Overview
The average Economists in New York-Newark-Jersey City, NY-NJ earns+25.2%above the national average.
$87.7
$3,506
$15,193
Economists Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Economists in the New York-Newark-Jersey City area have experienced consistent growth over the past four years. Economic shifts, inflation, and increasing demand for sophisticated analytical skills typically lead to upward salary trends in major metropolitan hubs like this one.
Economists Salary Distribution in New York-Newark-Jersey City, NY-NJ
Salary progression for Economists is strongly tied to experience and specialization. Entry-level positions typically command lower salaries, while senior economists with extensive experience and specialized knowledge in areas like econometrics or financial modeling can earn significantly more. The gap between the lower and upper percentiles of salaries clearly illustrates the substantial earning potential as one advances in their career.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Junior / AssociateEntry level. Focus on learning core skills & codebase. | 10% (Entry) | $80,240 | $38.6 |
| Engineer IProficient contributor. Handles tasks independently. | 25% (Junior) | $136,740 | $65.7 |
| Senior EngineerSystem design, complex problem solving, mentoring. | 50% (Median) | $168,850 | $81.2 |
| Lead / StaffTechnical strategy, architecture, cross-team impact. | 75% (Senior) | $227,900 | $109.6 |
| Principal / ArchitectIndustry expert. Driving technical vision & innovation. | 90% (Expert) | $273,480 | $131.5 |
Detailed Economists Market Analysis
Relocation Context
Nominal Salary
$182,320
Gross Pay
Real Wage (Purchasing Power)
$182,320
Adjusted for COL (100)
The average annual salary of $182,320 in New York-Newark-Jersey City aligns perfectly with the national average Cost of Living Index of 100. This means that while the nominal salary is considerably higher than the national average, the purchasing power of that salary is effectively equivalent to the national average. Therefore, relocating here offers higher nominal earnings without a significant decrease in real income due to living expenses.
Job Market Context
730
Total Jobs
0.078
Per 1K Jobs
0.76
Location Quotient
New York-Newark-Jersey City, NY-NJ has 0.76x 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 0.76 suggests that Economists are slightly less concentrated in the New York-Newark-Jersey City area compared to the national average. This indicates that while there is a healthy presence of economists, the market is not saturated. This could translate to a competitive environment for job seekers, but also suggests that employers actively seek specialized economic talent.
Nearby Job Markets
Nearby Cities for Economists
| City | Salary | Dist. |
|---|---|---|
| Trenton-Princeton, NJ Economists Salary | $84,750↓ 54% | 52 mi |
Comparing salaries near New York-Newark-Jersey City, NY-NJ
Hiring Economistss?
Frequently Asked Questions
How much does a Economists make in New York-Newark-Jersey City, NY-NJ?
The median annual salary for a Economists in New York-Newark-Jersey City, NY-NJ is $182,320. This typically ranges from $80,240 for entry-level positions to $273,480 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in New York-Newark-Jersey City, NY-NJ is 25.2% higher than the national median of $145,650.
Is New York-Newark-Jersey City, NY-NJ a lucrative place for Economists?
Yes, it is a highly lucrative place for Economists.The average salary of $182,320 is substantially higher than the national average, and the cost of living is on par with the national average, offering excellent purchasing power.
Is New York-Newark-Jersey City, NY-NJ a good place to live for Economists?
The Cost of Living Index in New York-Newark-Jersey City, NY-NJ is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near New York-Newark-Jersey City, NY-NJ?
Some top paying nearby cities include Trenton-Princeton, NJ ($84,750) and others.
How does the New York-Newark-Jersey City economist salary compare to the national average?
The average salary for Economists in New York-Newark-Jersey City is $182,320, which is significantly higher than the national average of $145,650.
What is the Cost of Living in New York-Newark-Jersey City for Economists?
The Cost of Living Index in New York-Newark-Jersey City is 100, which is exactly the national average. This means your higher salary maintains its purchasing power.
How concentrated are Economists in the New York-Newark-Jersey City job market?
The Location Quotient is 0.76, indicating that Economists are slightly less concentrated here than the national average, suggesting a healthy but not overly saturated job market.
What is the total number of Economists in the New York-Newark-Jersey City area?
There are approximately 730 Economists employed within the New York-Newark-Jersey City metropolitan area.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 730 employees in the New York-Newark-Jersey City, NY-NJ area with a job density of 0.078 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 New York-Newark-Jersey City, NY-NJ