Economics

Offerings Available At:

• CyFair
• Kingwood
• Montgomery
• North Harris
• Tomball
• University Park

Salary:
Median annual wage and salary earnings of economists were $77,010 in May 2006. The middle 50 percent earned between $55,740 and $103,500. The lowest 10 percent earned less than $42,280, and the highest 10 percent earned more than $136,550.

In the Federal Government, the starting salary for economists having a bachelor’s degree was $35,752 in 2007. Those having a master’s degree could qualify for positions with an annual salary of $43,731. Those with a Ph.D. could begin at $52,912, and some individuals with experience and an advanced degree could start at $63,417. Starting salaries were higher in selected geographical areas where the prevailing local pay was higher. The average annual salary for economists employed by the Federal Government was $94,098 a year in 2007.

Job Growth:
Employment of economists is expected to grow about as fast as the average for all occupations. The demand for workers who have knowledge and skill in economics is projected to grow faster, but these workers are often in occupations other than economist. Job prospects will be best for those with graduate degrees in economics.

Employment of economists is expected to grow seven percent from 2006 to 2016, about as fast as the average for all occupations. Demand for economic analysis should grow, but the increase in the number of economist jobs will be tempered as firms hire workers for more specialized jobs with specialized titles. Many workers with economic backgrounds will work in related occupations with more specific job titles, such as financial analyst, market analyst, public policy consultant, researcher or research assistant, and purchasing manager. Overall employment growth also will be slowed because of the relatively high number of economists employed in slow growing or declining government sectors. Employment in Federal government agencies is expected to decrease, and employment in State and local government is expected to grow more slowly than employment in the private sector.

Employment growth should be fastest in private industry, especially in management, scientific, and technical consulting services. Rising demand for economic analysis in virtually every industry should stem from the growing complexity of the global economy, the effects of competition on businesses, and increased reliance on quantitative methods for analyzing and forecasting business, sales, and other economic trends. Some corporations choose to hire economic consultants to fill these needs, rather than keeping an economist on staff. This practice should result in more economists being employed in consulting services.