Energy economists are hired to study the motivational factors that contribute to changing supply and demand for energy production, distribution and consumption. Employment and development in various sectors of the energy industry is expected to grow as government and organizations seek to maintain the distribution of energy with limited resources.
Employment Outlook for Energy and the Economy
The median salary of economists was more than $ 89,000 in 2010, according to the Bureau of Labor Statistics. The outlook for economists in 2010 was 6%, below average growth. According to the BLS, nearly two million Americans were working in the green goods and services sector in 2011. Due to increased interest in clean energy, job growth in the energy sector looks promising . The Environmental and Energy Study Institute reported that between 850,000 and 950,000 Americans were working in the clean energy sector in 2010. According to EESI, jobs in the solar energy sector alone are expected to increase by 26%.
Macroeconomic Policy Analysis
Economists involved in policy analysis will typically work for a government entity, university, or non-profit organization. According to the BLS, economists working for the federal government earn a median annual salary of $ 106,000, while state and local employees earn more than $ 60,000. Social scientists and related workers earn just over $ 60,000 a year. Policy researchers conduct studies to determine the effectiveness of economic policies in the energy sector. In order to become a policy maker, years of experience and a master’s or doctorate are required.
Product research and development
Companies often hire energy economists and other researchers to help develop products. Energy economists study the supply and demand of an energy-related product. According to the BLS, consulting economists can earn more than $ 93,000. Using the information collected by researchers, an economist can determine an optimal amount that will be required for a given price. Economists can also contribute to the development of the firm by analyzing the demand of its competitors, the growth of the industry as a whole and the percentage of influence of the firm in the sector.
Energy economists can also be hired to conduct research on labor economics, econometric research to explain economic trends in the energy sector or the environmental impact of the economy or industry energy. Universities and non-profit organizations such as the National Renewable Energy Laboratory and the International Association for Energy Economics often hire energy economists and researchers to conduct research in their published journals. Economists involved in scientific research can earn a median annual income of $ 109,000, according to the Bureau of Labor Statistics.
2016 Wage Information for Economists
Economists earned a median annual salary of $ 101,050 in 2016, according to the US Bureau of Labor Statistics. At the bottom end, economists earned $ 73,890 at the 25 th percentile, which means that 75 per cent earned more than that amount. The 75th percentile salary is $ 138,120, which means 25% earn more. In 2016, 21,300 people were employed as economists in the United States.