Economists in Maryland
Want to work as an Economists in Maryland? Here’s what you need to know. Conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy. May collect and process economic and statistical data using sampling techniques and econometric methods. Excludes “Market Research Analysts and Marketing Specialists” (13-1161).
What do Economists Make in Maryland?
The economists working in Maryland, wages run about $137,610 per year (or about $66.16/hour).Pay can range from $80,970 at the 10th percentile to $191,880 at the 90th percentile.
| Wage Statistic | Annual | Hourly |
|---|---|---|
| 10th percentile | $80,970 | $38.93 |
| 25th percentile | $105,810 | $50.87 |
| Median (50th) | $137,610 | $66.16 |
| 75th percentile | $175,070 | $84.17 |
| 90th percentile | $191,880 | $92.25 |
Location quotient — how concentrated this career is in Maryland relative to the national average — is 3.24, meaning that economists are more concentrated here than the national average.
National Wage Comparison
Nationally, economists earn a median of $73,611 per year ($35.39/hour), above the Maryland median.
Employment Outlook
There are roughly 34,480 economists in the U.S.. In Maryland alone, about 920 people work in this role. That’s more than the typical state, which employs around 210 economists.
Top Maryland Metros for Economists
These are the Maryland metros with the most economists in Maryland.
| Metro Area | Number Employed | Annual Median Salary |
|---|---|---|
| Baltimore-Columbia-Towson, MD | 200 | $125,630 |
Top States for Economists Employment
The table below shows the states where the most economists work.
| State | Number Employed |
|---|---|
| District of Columbia | 3,010 |
| California | 1,400 |
| Virginia | 970 |
| Maryland | 920 |
| New York | 870 |
| Massachusetts | 770 |
| Pennsylvania | 710 |
| South Carolina | 660 |
| Texas | 620 |
| Illinois | 590 |
| Washington | 470 |
| Florida | 460 |
| Georgia | 340 |
| Wisconsin | 330 |
| Michigan | 280 |
| Oregon | 270 |
| North Carolina | 250 |
| Colorado | 230 |
| Minnesota | 210 |
| Missouri | 210 |
Highest-Paying States for Economists
These states pay the most for economists.
| State | Annual Median Salary |
|---|---|
| District of Columbia | $162,610 |
| Virginia | $148,010 |
| New York | $142,300 |
| Maryland | $137,610 |
| Georgia | $127,220 |
| Ohio | $117,750 |
| Washington | $116,390 |
| Missouri | $115,520 |
| Kansas | $115,100 |
| Pennsylvania | $113,300 |
Skills
Top economists skills, rated on an importance scale of 0 to 5:
Knowledge Areas
Important knowledge areas for this occupation, rated on an importance scale of 0 to 5:
Abilities
The abilities that matter most for economists, rated on an importance scale of 0 to 5:
Daily Tasks
Day-to-day, economists typically:
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
- Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
- Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
- Explain economic impact of policies to the public.
- Review documents written by others.
- Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
- Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
- Supervise research projects and students' study projects.
- Conduct research on economic issues, and disseminate research findings through technical reports or scientific articles in journals.
- Develop economic guidelines and standards, and prepare points of view used in forecasting trends and formulating economic policy.
- Teach theories, principles, and methods of economics.
- Testify at regulatory or legislative hearings concerning the estimated effects of changes in legislation or public policy, and present recommendations based on cost-benefit analyses.
Work Activities
- Analyzing Data or Information
- Getting Information
- Working with Computers
- Processing Information
- Interpreting the Meaning of Information for Others
- Updating and Using Relevant Knowledge
- Communicating with Supervisors, Peers, or Subordinates
- Communicating with People Outside the Organization
- Making Decisions and Solving Problems
- Thinking Creatively
- Estimating the Quantifiable Characteristics of Products, Events, or Information
- Organizing, Planning, and Prioritizing Work
Tools & Technology
Common tools and software used in this occupation include: Hot technologies: C++, IBM SPSS Statistics, Microsoft Access In-demand technologies: Microsoft Excel, Microsoft Office software
What Major Will Prepare You For This Career?
Related college programs include:
- Economics
- Managerial Economics
- Agricultural Economics
- Natural Resource Management
Featured schools near , edit
Related Careers
Careers similar to economists include:
- Investment Fund Managers
- Market Research Analysts and Marketing Specialists
- Financial and Investment Analysts
- Personal Financial Advisors
- Financial Risk Specialists
- Financial Quantitative Analysts
Also Known As
Agricultural Economist, Business Economist, Consultant Economist, Econometrician, Economic Advisor, Economic Analyst, Economic Consultant, Economic Developer, Economic Development Manager, Economic Development Specialist, Economic Research Analyst, Economic Specialist, Economist, Environmental Economist, Financial Economist.
References
- U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics — https://www.bls.gov/oes/
- O*NET Online — https://www.onetonline.org/
- BLS Employment Projections — https://www.bls.gov/emp/
- O*NET-SOC code: 19-3011.00
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