Economists in Puerto Rico
Considering working as an Economists in Puerto Rico? 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 Puerto Rico?
For economists working in Puerto Rico, the typical annual salary is $68,180 per year (or roughly $32.78/hour).Pay can range from $40,970 at the 10th percentile to $82,510 at the 90th percentile.
| Wage Statistic | Annual | Hourly |
|---|---|---|
| 10th percentile | $40,970 | $19.70 |
| 25th percentile | $61,940 | $29.78 |
| Median (50th) | $68,180 | $32.78 |
| 75th percentile | $68,180 | $32.78 |
| 90th percentile | $82,510 | $39.67 |
The job concentration index in Puerto Rico nationwide is 0.85, suggesting fewer economists per worker than the national average.
National Wage Comparison
Nationally, economists earn a median of $73,611 per year ($35.39/hour), lower than the Puerto Rico median.
Employment Outlook
There are roughly 34,480 economists in the U.S.. In Puerto Rico alone, around 80 people work in this role. That’s fewer than the typical state, which employs around 210 economists.
Top Puerto Rico Metros for Economists
These are the Puerto Rico metros with the most economists in Puerto Rico.
| Metro Area | Number Employed | Annual Median Salary |
|---|---|---|
| San Juan-Bayamon-Caguas, PR | 80 | $68,180 |
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
Where economists earn the most: 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
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?
Programs that train for this career include:
- Economics
- Managerial Economics
- Agricultural Economics
- Natural Resource Management
Featured schools near , edit
Related Careers
Related occupations 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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