Average Economists Salary in Virginia
Economists in Virginia command an impressive average annual salary of $149,770, surpassing the national average of $145,650. This elevated compensation is likely driven by Virginia's robust economic landscape, strategic importance in policy and research sectors, and a concentration of specialized industries that require high-level economic expertise.
Executive Summary
- Average Salary: $149,770 per year.
- Growth Trend: Salaries have shifted 24.0% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $218,880.
- Outlook: Virginia's economist job market appears robust, supported by a local workforce of 970 professionals. The Location Quotient of 2.33 indicates a significant concentration of economists relative to the national average, suggesting strong demand and a well-established presence of economic roles within the state's industries.
Salary Overview
The average Economists in Virginia earns+2.8%above the national average.
$72
$2,880
$12,481
Economists Salary Trends (2020-2024)
While specific historical data isn't provided, it's reasonable to assume that salaries for economists in Virginia have experienced consistent growth over the past four years. Factors such as increasing demand for economic analysis in policy, finance, and technology sectors, coupled with inflation and the general upward trend in specialized professional salaries, likely contribute to this positive trajectory.
Economists Salary Distribution in Virginia
The salary spectrum for economists in Virginia significantly widens with experience. Entry-level positions typically start at lower percentiles, while senior economists with extensive expertise and specialized skills can command salaries in the upper percentiles. This progression highlights clear career advancement opportunities and the value placed on accumulated knowledge and leadership within the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Junior / AssociateEntry level. Focus on learning core skills & codebase. | 10% (Entry) | $79,100 | $38 |
| Engineer IProficient contributor. Handles tasks independently. | 25% (Junior) | $112,328 | $54 |
| Senior EngineerSystem design, complex problem solving, mentoring. | 50% (Median) | $148,010 | $71.2 |
| Lead / StaffTechnical strategy, architecture, cross-team impact. | 75% (Senior) | $187,213 | $90 |
| Principal / ArchitectIndustry expert. Driving technical vision & innovation. | 90% (Expert) | $218,880 | $105.2 |
Detailed Economists Market Analysis
Relocation Context
Nominal Salary
$149,770
Gross Pay
Real Wage (Purchasing Power)
$147,702
Adjusted for COL (101.4)
With an average annual salary of $149,770 and a Cost of Living Index of 101.4, Virginia offers a slightly above-average cost of living. This means that while the nominal salary is strong, the purchasing power is relatively stable compared to the national average, indicating a good balance between earnings and everyday expenses for economists in the state.
Job Market Context
970
Total Jobs
0.239
Per 1K Jobs
2.33
Location Quotient
Virginia has 2.3x 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.
A Location Quotient of 2.33 signifies that Virginia has more than double the expected concentration of economists compared to the national average. This suggests a highly specialized and potentially competitive job market, where employers actively seek out economic talent, and professionals benefit from a rich ecosystem of related industries and opportunities.
Nearby Job Markets
Nearby Cities for Economists
| City | Salary | Dist. |
|---|---|---|
| Richmond, VA Economists Salary | $143,270↓ 4% | 41 mi |
Comparing salaries near Virginia
Hiring Economistss?
Frequently Asked Questions
How much does a Economists make in Virginia?
The median annual salary for a Economists in Virginia is $149,770. This typically ranges from $79,100 for entry-level positions to $218,880 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Virginia is 2.8% higher than the national median of $145,650.
Is Virginia a lucrative place for Economists?
Yes, Virginia is a lucrative place for Economists.Economists in Virginia earn an average of $149,770 annually, which is higher than the national average. Coupled with a cost of living only slightly above the national average, this makes the state financially attractive for the profession.
Is Virginia a good place to live for Economists?
The Cost of Living Index in Virginia is 101.4. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Virginia?
Some top paying nearby cities include Richmond, VA ($143,270) and others.
How does Virginia's economist salary compare to the national average?
Economists in Virginia earn an average of $149,770 annually, which is approximately $4,120 more than the national average of $145,650.
What is the concentration of economists in Virginia?
Virginia has a Location Quotient of 2.33 for economists, meaning the concentration of these professionals is more than twice the national average.
How does the cost of living in Virginia affect an economist's salary?
Virginia's Cost of Living Index is 101.4, just slightly above the national average. This means the higher average salary of $149,770 provides good purchasing power for residents.
What does the number of jobs per 1,000 workers indicate for economists in Virginia?
With 0.239 jobs per 1,000 workers, Virginia shows a notable presence of economist roles within its overall labor market, reinforcing the demand indicated by the high Location Quotient.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 970 employees in the Virginia area with a job density of 0.239 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 Virginia