Average Economists Salary in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
Economists in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD area earn an average annual salary of $128,400. This figure is notably below the national average of $145,650, suggesting that local market dynamics, industry demand, or the specific types of economic roles prevalent in the region may influence compensation levels compared to the broader U.S. landscape.
Executive Summary
- Average Salary: $128,400 per year.
- Growth Trend: Salaries have shifted 30.4% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $200,000.
- Outlook: With a total local workforce of 230 economists, the Philadelphia-Camden-Wilmington region presents a moderately sized, yet specialized, job market. The Location Quotient of 0.76 indicates a concentration of economists slightly below the national average, suggesting that while the profession is present, it is not disproportionately dominant within the local economy. This implies a stable, albeit not rapidly expanding, demand for economic expertise.
Salary Overview
The average Economists in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD earns-11.8%below the national average.
$61.7
$2,469
$10,700
Economists Salary Trends (2020-2024)
While specific historical data is not provided, it is generally assumed that salaries for economists in most major metropolitan areas, including Philadelphia, have experienced steady growth over the past four years. This trend is typically driven by inflation, increasing demand for economic analysis in various sectors, and the evolving complexity of economic challenges.
Economists Salary Distribution in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
Career progression for economists in Philadelphia-Camden-Wilmington is typically marked by significant salary increases with experience. Entry-level positions might start considerably lower than the average, while senior economists, those with extensive experience and specialized skills, can command salaries well above the $128,400 average, potentially reaching into the top percentiles of the profession.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Junior / AssociateEntry level. Focus on learning core skills & codebase. | 10% (Entry) | $65,980 | $31.7 |
| Engineer IProficient contributor. Handles tasks independently. | 25% (Junior) | $96,300 | $46.3 |
| Senior EngineerSystem design, complex problem solving, mentoring. | 50% (Median) | $121,820 | $58.6 |
| Lead / StaffTechnical strategy, architecture, cross-team impact. | 75% (Senior) | $160,500 | $77.2 |
| Principal / ArchitectIndustry expert. Driving technical vision & innovation. | 90% (Expert) | $200,000 | $96.2 |
Detailed Economists Market Analysis
Relocation Context
Nominal Salary
$128,400
Gross Pay
Real Wage (Purchasing Power)
$128,400
Adjusted for COL (100)
The average annual salary of $128,400 for economists in Philadelphia-Camden-Wilmington aligns perfectly with the national average Cost of Living Index of 100. This means that the purchasing power of an economist's salary in this region is equivalent to the national average, making it neither significantly more nor less affordable than the typical U.S. city.
Job Market Context
230
Total Jobs
0.079
Per 1K Jobs
0.76
Location Quotient
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 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 for economists in Philadelphia-Camden-Wilmington signifies that the concentration of these professionals is 24% lower than the national average. This suggests that the job market, while present, is less saturated than in other parts of the country, potentially offering a competitive environment for skilled economists seeking opportunities.
Nearby Job Markets
Nearby Cities for Economists
| City | Salary | Dist. |
|---|---|---|
| Trenton-Princeton, NJ Economists Salary | $84,750↓ 34% | 28 mi |
Comparing salaries near Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
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Frequently Asked Questions
How much does a Economists make in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD?
The median annual salary for a Economists in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD is $128,400. This typically ranges from $65,980 for entry-level positions to $200,000 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD is 11.8% lower than the national median of $145,650.
Is Philadelphia-Camden-Wilmington, PA-NJ-DE-MD a lucrative place for Economists?
No, it is not more lucrative than the national average.The average salary of $128,400 is below the national average of $145,650, and the cost of living is exactly at the national average, indicating less earning potential relative to the rest of the country.
Is Philadelphia-Camden-Wilmington, PA-NJ-DE-MD a good place to live for Economists?
The Cost of Living Index in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Philadelphia-Camden-Wilmington, PA-NJ-DE-MD?
Some top paying nearby cities include Trenton-Princeton, NJ ($84,750) and others.
How does the number of economists in Philadelphia compare nationally?
With a total local workforce of 230 economists and a Location Quotient of 0.76, the concentration of economists in Philadelphia-Camden-Wilmington is below the national average, indicating a less specialized market compared to the rest of the U.S.
What is the job outlook for economists in this region?
The job outlook appears stable, with a moderate workforce size and a below-average concentration. This suggests consistent demand for economic expertise without excessive competition.
Does experience significantly impact an economist's salary in Philadelphia?
Yes, experience is a key driver of salary growth for economists. Entry-level positions will likely earn less than the average, while senior roles with substantial experience can command significantly higher compensation.
How does the cost of living affect the economist salary in Philadelphia?
The cost of living in Philadelphia-Camden-Wilmington is exactly at the national average (100). Therefore, the nominal salary of $128,400 has the same purchasing power as the national average salary across the U.S.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 230 employees in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD area with a job density of 0.079 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 Philadelphia-Camden-Wilmington, PA-NJ-DE-MD