Average Project Management Specialists Salary in Richmond, VA
Project Management Specialists in Richmond, VA, command an impressive average annual salary of $105,760. This figure slightly trails the national average of $108,900, suggesting a competitive but localized compensation structure. Factors such as the specific industry demands and the concentration of project management roles within the Richmond metropolitan area likely influence this pay scale.
Executive Summary
- Average Salary: $105,760 per year.
- Growth Trend: Salaries have shifted 16.4% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $160,160.
- Outlook: Richmond, VA, hosts a substantial workforce of 5,630 Project Management Specialists, indicating a significant presence in the local job market. The Location Quotient of 1.32 further underscores this concentration, suggesting that project management roles are more prevalent in Richmond than the national average. This robust presence points to a stable and potentially growing demand for skilled professionals in this field within the region.
Salary Overview
The average Project Management Specialists in Richmond, VA earns-2.9%below the national average.
$50.9
$2,034
$8,813
Project Management Specialists Salary Trends (2020-2024)
While specific historical data for Richmond is not provided, it is reasonable to assume that salaries for Project Management Specialists in the area have experienced growth over the past four years, mirroring national trends. Increased demand for project oversight across various industries, coupled with inflation and the evolving complexity of projects, typically drives salary increases for experienced professionals in this domain.
Project Management Specialists Salary Distribution in Richmond, VA
The career trajectory for Project Management Specialists in Richmond, VA, shows a clear correlation between experience and earning potential. Entry-level positions typically start at the lower end of the salary spectrum, while seasoned professionals with extensive experience and specialized certifications can command salaries significantly above the average. The widening gap between entry-level and senior-level salaries reflects the increasing value placed on expertise, leadership, and successful project delivery.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $60,220 | $29 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $79,320 | $38.1 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $100,540 | $48.3 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $132,200 | $63.6 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $160,160 | $77 |
Detailed Project Management Specialists Market Analysis
Relocation Context
Nominal Salary
$105,760
Gross Pay
Real Wage (Purchasing Power)
$105,760
Adjusted for COL (100)
With an average annual salary of $105,760 and a Cost of Living Index of 100, Project Management Specialists in Richmond, VA, experience a salary that aligns perfectly with the national average cost of living. This means that the purchasing power of their income in Richmond is equivalent to the national average, offering a stable financial foundation for residents.
Job Market Context
5,630
Total Jobs
8.616
Per 1K Jobs
1.32
Location Quotient
With a location quotient of 1.32, Richmond, VA has a slightly higher-than-average concentration of Project Management Specialists roles compared to the national norm.
The Location Quotient of 1.32 for Project Management Specialists in Richmond, VA, signifies a market where these roles are more concentrated than the national average. This indicates a healthy demand and a potentially competitive environment for talent, as the number of jobs per 1,000 workers (8.616) is also notably higher than the national benchmark. Professionals in this field may find ample opportunities but should also be prepared for a competitive landscape.
Nearby Job Markets
Nearby Cities for Project Management Specialists
| City | Salary | Dist. |
|---|---|---|
| Southside Virginia nonmetropolitan area Project Management Specialists Salary | $93,350↓ 12% | 41 mi |
| Northern West Virginia nonmetropolitan area Project Management Specialists Salary | $90,480↓ 14% | 41 mi |
| Southwest Virginia nonmetropolitan area Project Management Specialists Salary | $91,690↓ 13% | 41 mi |
| Northwest Virginia nonmetropolitan area Project Management Specialists Salary | $95,900↓ 9% | 41 mi |
| Southern West Virginia nonmetropolitan area Project Management Specialists Salary | $83,880↓ 21% | 41 mi |
Comparing salaries near Richmond, VA
Hiring Project Management Specialistss?
Frequently Asked Questions
How much does a Project Management Specialists make in Richmond, VA?
The median annual salary for a Project Management Specialists in Richmond, VA is $105,760. This typically ranges from $60,220 for entry-level positions to $160,160 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Richmond, VA is 2.9% lower than the national median of $108,900.
Is Richmond, VA a lucrative place for Project Management Specialists?
Yes, Richmond, VA offers a competitive salary for Project Management Specialists.The average salary of $105,760 is strong, and the cost of living being at the national average means your earnings have equivalent purchasing power. The higher-than-average concentration of these roles also suggests robust local demand.
Is Richmond, VA a good place to live for Project Management Specialists?
The Cost of Living Index in Richmond, VA is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Richmond, VA?
Some top paying nearby cities include Southside Virginia nonmetropolitan area ($93,350) and Northern West Virginia nonmetropolitan area.
How does the Richmond salary compare to the national average?
The average salary for Project Management Specialists in Richmond, VA is $105,760, which is slightly below the national average of $108,900.
What is the cost of living in Richmond, VA for Project Management Specialists?
The Cost of Living Index in Richmond, VA is 100, which is exactly the national average, meaning the cost of goods and services is comparable to the rest of the country.
Is there a high demand for Project Management Specialists in Richmond, VA?
Yes, the Location Quotient of 1.32 and 8.616 jobs per 1,000 workers indicate a higher concentration and demand for Project Management Specialists in Richmond compared to the national average.
What does the Location Quotient of 1.32 mean for Project Management Specialists in Richmond?
A Location Quotient of 1.32 means that Project Management Specialists are 32% more concentrated in Richmond, VA, than the national average, suggesting a strong presence and potentially more job opportunities in this field.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 5,630 employees in the Richmond, VA area with a job density of 8.616 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
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Semantic Salary Analysis for Project Management Specialists • Data source: BLS OEWS 2024 •Jobs in Richmond, VA