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Job outlook for energy economists in the United States
Are energy economist jobs in demand?
Energy economist job and salary trends over time
Energy economist jobs over time
Energy economist job growth rate over time
| Year | # of jobs | % of population |
|---|---|---|
| 2021 | 75 | 0.00% |
| 2020 | 85 | 0.00% |
| 2019 | 92 | 0.00% |
| 2018 | 90 | 0.00% |
| 2017 | 94 | 0.00% |
Average energy economist salary over time
Energy economist salary by year
| Year | Avg. salary | Hourly rate | % Change |
|---|---|---|---|
| 2025 | $58,368 | $28.06 | +3.2% |
| 2024 | $56,574 | $27.20 | +0.7% |
| 2023 | $56,208 | $27.02 | +1.8% |
| 2022 | $55,212 | $26.54 | +1.4% |
| 2021 | $54,436 | $26.17 | +1.9% |
Energy economist jobs by state
Most common states for energy economists
| Rank | State | Population | # of jobs | Employment/ 1000ppl |
|---|---|---|---|---|
| 1 | District of Columbia | 693,972 | 55 | 8% |
| 2 | Alaska | 739,795 | 14 | 2% |
| 3 | Wyoming | 579,315 | 13 | 2% |
| 4 | Vermont | 623,657 | 10 | 2% |
| 5 | Massachusetts | 6,859,819 | 77 | 1% |
| 6 | Washington | 7,405,743 | 74 | 1% |
| 7 | Virginia | 8,470,020 | 68 | 1% |
| 8 | Maryland | 6,052,177 | 37 | 1% |
| 9 | Connecticut | 3,588,184 | 22 | 1% |
| 10 | New Mexico | 2,088,070 | 20 | 1% |
| 11 | Nevada | 2,998,039 | 16 | 1% |
| 12 | Iowa | 3,145,711 | 16 | 1% |
| 13 | New Hampshire | 1,342,795 | 14 | 1% |
| 14 | Delaware | 961,939 | 11 | 1% |
| 15 | South Dakota | 869,666 | 11 | 1% |
| 16 | Hawaii | 1,427,538 | 11 | 1% |
| 17 | North Dakota | 755,393 | 10 | 1% |
| 18 | Montana | 1,050,493 | 9 | 1% |
| 19 | Rhode Island | 1,059,639 | 8 | 1% |
| 20 | Maine | 1,335,907 | 8 | 1% |
Most common cities for energy economists
| Rank | City | # of jobs | Employment/ 1000ppl | Avg. salary |
|---|---|---|---|---|
| 1 | Holyoke | 1 | 2% | $66,975 |
| 2 | Idaho Falls | 1 | 2% | $27,005 |
| 3 | Cambridge | 1 | 1% | $66,020 |
| 4 | Santa Monica | 1 | 1% | $61,962 |
| 5 | Washington | 1 | 0% | $90,054 |
Energy Economist job outlook: Expert opinions
Our panel of energy economist experts
California State University - Los Angeles
California Institute of Technology
New Mexico State University
University of Central Arkansas
University of Detroit Mercy
New York University
University of Wisconsin - La Crosse
California State University - East Bay
Susquehanna University
Albright College
University of Nebraska - Omaha
University of Wisconsin--La Crosse
Loyola University New Orleans
Christopher Newport University
Colgate University
What will help Energy Economists increase their earning potential?
Debbie Evercloud Ph.D.: The interpretation and visualization of data will be paramount. Whether working in the public or private sector, economists will rely on statistical software in addition to tools of AI to recognize empirical patterns and visualization methods such as Tableau to present their findings.
What general advice would you give to an Energy Economist?
Niraj Koirala: In my view, skills such as Machine Learning and Artificial Intelligence will become very popular in the field in the next 3-5 years. Therefore, I would advise new students in the field to focus more on data aspect of economics studies.
Nano Barahona
Assistant Professor of EconomicsCalifornia Institute of Technology
Business/Managerial Economics
What will help Energy Economists increase their earning potential?
Nano Barahona: Academic economists typically engage in activities related to research, teaching, and advising students. Out of academia, an economist can perform activities such as data analysis, research, forecasting, report writing, consultation, and teaching. They spend a lot of time collecting and interpreting data using statistical tools, conducting research on economic issues, developing economic models to understand underlying mechanisms, and advising businesses and governments on economic strategies. For someone entering the field, the daily tasks might include data collection, conducting preliminary data analysis, reviewing existing literature to support ongoing projects, providing administrative support to senior economists, and participating in training sessions to improve technical skills.
What general advice would you give to an Energy Economist?
Minghao Li: I will write something up and send it to you today.
What will help Energy Economists increase their earning potential?
Dr Eugene Pek PhD, FHEA, FCMI, SFwiSDP, .GE, CSDP: 1. There is an increasing demand for data-driven decision making
2. Growing globalization and international trade
3. Technological advancement in the areas of fintech and AI
4. Economic uncertainty and volatility demand economists to monitor economic indicators
5. Sustainability- economists involving in ESG practices and reporting
What general advice would you give to an Energy Economist?
Jeremy Horpedahl: In the field of economics, my advice is for recent graduates to think carefully about how they want to use their economics degree. While there are some jobs with the title 'economist,' most of the jobs that economics graduates are well-suited for don't have that title. This can be frustrating to some graduates, as it's not always obvious what jobs they should be looking for. But economics graduates are usually great at two things: 1.) working with data; 2). seeing the big picture of how different ideas or questions connect. These are extremely valuable skills that employers are looking for, but you have to be creative in how you present yourself to potential employers.
What will help Energy Economists increase their earning potential?
Jeremy Horpedahl: The ability to understand and analyze data are skills that economics graduates are already good at, but will become extremely important in the near future. The world is already awash in data, as well as software to analyze the data, but employers want workers who can make sense of all the data in the world and apply it to specific problems. Economics graduates are already good at this, but this is an area they focus on becoming even better at.
What general advice would you give to an Energy Economist?
Dr. Anne York: In economics, being able to analyze and visualize data will become an even more valuable skill. A major in economics trains students in the ability to critically think about issues and understand cause and effect relationships. When that insight is coupled with skills in analyzing data, then those are the ingredients for a high paying and satisfying career.
What Energy Economist skills would you recommend for someone trying to advance their career?
Dr. Anne York: Understanding the basics of supply and demand is how anyone can maximize their salary potential. Occupations with high demand and few available workers with those needed skills will command higher salaries. The Bureau of Labor Statistics Occupational Outlook Handbook is one reliable source about future job growth by occupation. Graduates can increase their bargaining power with employers by casting a wide net for employment opportunities and gaining more than one job offer.
What general advice would you give to an Energy Economist?
Yu Lin Ph.D.: Economics is a very exciting and broad field of study. It is broad because its training is applicable in many areas/industries such as financial, manufacturing, retails, sports, etc. For a graduate with an Economics degree, it would a good idea to spend time examining different industries and try to identify the one(s) you have passion about and want to build a career on.
What Energy Economist skills would you recommend for someone trying to advance their career?
Yu Lin Ph.D.: First and most important of all, follow your passion. If you do what you love, you don't work a day. In that passion, identify and ride on the key trend. Keep learning and keep improving. For instance, data analytic knowledge and skills is gaining a lot of attentions in many if not all industries. This is a key aspect for students interested in studying Economics.
What will help Energy Economists increase their earning potential?
Yu Lin Ph.D.: There are two skills all graduates should and must have. First is how to make logical decisions. This skill involves critical thinking with ethical sense. When a set of options present themselves, it will be great to know how to choose. Second is data understanding skill. Given the trend of big data, this skill is undoubtedly a must-have. One needs to know how to sift through mountains of data, identify the key information needed, and most importantly, make a data-driven decision.
What general advice would you give to an Energy Economist?
Onur Sapci Ph.D.: That will depend on the skills you offer. In an early career, people with more marketable skills like data analysis, financial forecasts, pricing, cost-benefit analysis, are more likely to secure a high paying job. There will be more demand for you. According to the statistics, economics has an above average starting salary compared to other fields. The mid-career earnings for economists are among the highest for economists according to the data. Also, having a master`s degree in economics significantly increases your earnings potential.
What general advice would you give to an Energy Economist?
Cody Vaughn: People from economics often have the ability to independently tackle their work and usually the work can be done remotely. This can all be viewed as a pro or con depending on one's preferences. As a whole, one drawback of the discipline is that it lacks diversity among gender, racial, and socioeconomic lines. However, this also presents an opportunity for anyone who can bring a diverse background or viewpoint to a business or institution.
What Energy Economist skills would you recommend for someone trying to advance their career?
Cody Vaughn: An economics major can go into a variety of areas upon graduating, such as the corporate world, consulting, law, education, and working for central banks or the government. Part of the appeal of the field is that the skills that are taught are in demand across a variety of industries. Across these areas, we would expect an economics graduate to be doing a couple of things on a consistent basis: analysis (often with data) and communication.
What will help Energy Economists increase their earning potential?
Cody Vaughn: Data has become cheap, i.e. increasingly available and easy to collect. Firms/organizations/governments/etc. are increasingly using data and the analysis of it to make (or at least inform) their decisions. People with economics backgrounds, particularly those that have training in data preparation, visualization and analysis, complement the increased access to and an abundance of data.
What general advice would you give to an Energy Economist?
Christian Roessler: In your studies, as well as after, pursue things that you're good at, but which challenge you. If it feels easy, then you're not fulfilling your potential. Successful careers are all about learning constantly to get better, and you need to put yourself in situations that allow you to learn. A mistake is a one-time setback; a missed opportunity to improve your skills can cost you forever.
What general advice would you give to an Energy Economist?
Lyudmyla Ardan: Economics is a very applicable disciple that provides skills and tools that could be applied to a broad range of professions. Economics touches upon many aspects of life, as it teaches you a way of thinking. While many economists work in business and finance, there are ample opportunities for economics graduates in government, heath care, law, international organizations, medicine, non-profits, and more. Also, salaries of economics graduates tend to be higher in comparison to many other majors.
What Energy Economist skills would you recommend for someone trying to advance their career?
Lyudmyla Ardan: It can depend on the types of jobs held by economists, whether these jobs are in government, industry or academia. Economists who work for the government or the private sector typically analyze and gather data, make predictions based on prior trends, assess impacts of various policies and how those policies impact various constituents, prepare briefs and reports, do statistical work and run regressions, etc. They do tend to spend a lot of time in front of the computer working with various statistical software. However, they also interact with constituents, including their clients and policy makers. The list of activities can go on and on. Academic economists typically teach classes, help students, and engage in academic research by publishing in peer-reviewed academic journals.
What will help Energy Economists increase their earning potential?
Lyudmyla Ardan: Economics is a very applicable disciple that provides skills and tools that could be applied to a broad range of professions. Economics touches upon many aspects of life, as it teaches you a way of thinking. While many economists work in business and finance, there are ample opportunities for economics graduates in government, heath care, law, international organizations, medicine, non-profits, and more. Also, salaries of economics graduates tend to be higher in comparison to many other majors.
Farhad Saboori Ph.D.
Professor of Economics Albright College Department of Business, Accounting, and EconomicsAlbright College
Accounting And Related Services
What general advice would you give to an Energy Economist?
Farhad Saboori Ph.D.: Economics as a social science, deals with the study of human beings as individuals and as groups in achieving a stated goal while facing constraints of time and other resources. An important requirement in economics is to understand the nature of the problems we face and gain adequate analytical skills to develop models to provide possible solutions to problems societies face. My advice to students is to clearly understand the issues and to try to come up with possible solution/answers to those problems. An important advice is not to be trapped in one way of thinking and to look at problems from a holistic perspective and not to ignore the human side of issues. It is important to question the validity current viewpoints and models and to try to come up with possibly better solution to problems societies face.
What general advice would you give to an Energy Economist?
Christopher Magee Ph.D.: Ideally you want to find something that you love doing. If you enjoy your work, you will be happier but you will also tend to do better financially. It will be easier to invest your time and energy into your job and that will mean that you will be more successful.
What Energy Economist skills would you recommend for someone trying to advance their career?
Christopher Magee Ph.D.: Employers want to hire people who are creative thinkers and problem-solvers. The Bucknell economics department teaches students both mainstream neoclassical analysis and heterodox approaches to economic issues. So the graduates have traditional analytical skills but they are also trained to think critically about what assumptions we make when we set up the models.
In many fields, such as finance, data analysis and statistical modeling skills have become increasingly important in the past few decades and I would expect that trend to continue. Computer programs run the regressions, however, so the skill that humans bring is the ability to interpret what the statistical results can and cannot tell us.
What will help Energy Economists increase their earning potential?
Christopher Magee Ph.D.: Ideally you want to find something that you love doing. If you enjoy your work, you will be happier but you will also tend to do better financially. It will be easier to invest your time and energy into your job and that will mean that you will be more successful.
What soft skills should all Energy Economists possess?
Dr. Dustin White Ph.D.: All of them! In my experience, students never spend enough time on soft skills. Good writing, good verbal communication, good presentation skills, and the ability to contribute to a team environment are probably the big ones. Make presentations to your peers (universities ALWAYS have opportunities to present your work!), work in teams whenever you can, take writing courses, and be active in discussions inside and outside of class. You can have all the technical skills globally, but you will still be passed over for a job if you can't nail the soft skills.
John Nunley Ph.D.
Chair and ProfessorUniversity of Wisconsin--La Crosse
Department of Economics
What general advice would you give to an Energy Economist?
John Nunley Ph.D.: The following is a useful link (not just for the economist occupation): https://www.onetonline.org/link/summary/19-3011.00. You can get a snapshot from the webpage or as much detail as you want. I think the answer to this depends on the type of work one pursues. Most of the time being an "economist" means obtaining an advanced degree, as the roles usually involve data analysis, some other type of mathematical modeling, and/or the ability to conduct high-quality research. Many economists with advanced degrees are in academics or some type of research role with different types of organizations (e.g., banks, think-tanks, etc.). The former involves teaching and working with students and the latter does not. The research components of the two jobs are similar but different in most cases. Many students major in economics in undergraduates and pursue employment. Among 21-26 year old college graduates across the US (people not pursuing advanced degrees), about 2 percent majored in economics (ranked #16th psychology was highest at 7%) and work in a variety of different occupations. However, about three-fourths of economics majors sort early in their careers disproportionately into the following broad occupation groups: business and financial operations (26%), office and administration (17%), sales (11%), management (11%), computer and mathematical (10%).
Top occupations for 21-26 year old college graduates include but are not limited to the follow:
Accountants and Auditors
Financial Analysts
Project Management Specialists
Management Analysts
First-line Supervisors
Financial Salespersons
Financial Managers
Marketing Managers
Sales Managers
Computer Systems Analyst
So, your question is hard to answer. People who major in economics work in a lot of different occupations and industries. Because occupations are, in effect, groups of tasks, people who major in economics perform many different types of work. It's, therefore, difficult to say what an "economist" does on a daily basis. If you ask me, I work on teaching, learning about the economy, and research with my time. Perhaps one day I'll work exclusively on teaching-related things and research on a different day. It varies from week to week.
John Levendis
Professor of Business Analytics and EconomicsLoyola University New Orleans
College of Business
How do you envision technology impacting Energy Economists in the next 5 years?
John Levendis: Economists are very good at understanding data and using them to make forecasts. Technology, however, will impact the ways in which forecasts are made. Yesterday's Excel skills have been supplanted by today's Stata and SAS; these will be supplanted by tomorrow's Python and R. To stay current, economics students should get a good grounding in statistical programming.
What soft skills should all Energy Economists possess?
Zhaochen He Ph.D.: In terms of which skills are most important, have a look at this chart, which was featured on this Website , and based on this paper. According to the chart, "maturity" is the single highest ranking soft skill. Interestingly, but not wholly unsurprising, especially for recent college graduates.
Chad Sparber Ph.D.
W. Bradford Wiley Chair in International Economics, Professor of EconomicsColgate University
Economics Department
What hard/technical skills are most important for Energy Economists?
Chad Sparber Ph.D.: Employers like that our students are well trained with data and statistical analysis software, ranging from Excel at a basic level to more advanced Stata skills.
What skills will help Energy Economists earn the most?
Chad Sparber Ph.D.: Our students do well in the job market. Their quantitative, analytical, and statistical skills earn high wages.