Over the last couple of months, we published two Economic Development Salary Surveys in conjunction with the Virginia Economic Developers Association and the North Carolina Economic Development Association which provide valuable information on pay and employment – both a snapshot of current practices as well as time series of data trends over time. While talent attraction and retention is driving company expansions and new locations for our communities, our industry must also focus on compensation practices and trends in order to attract and retain economic development professionals.
Our first North Carolina survey was published in 2016, and from that time until our survey this year, the average age of respondents has decreased, as has the average tenure in position and time working in economic development. The NC profession is younger and less experienced than ever before. North Carolina respondents were 51% female, had an average age of 45.4, and 34% of them plan to retire in less than ten years.
The average salary for an economic development respondent in North Carolina this year is $102,421, which is up from the prior survey and slightly lower than data from the IEDC national survey in 2023 . A significant 85% of NC respondents received an increase in their salary last year and the average increase was 5.3%. Nearly half of NC respondents – 43% – are eligible for a bonus and the average bonus was $7,460. The benefits provided as part of compensation are fairly standardized, with health insurance and retirement programs available for 99%.
Like the profile in North Carolina, Virginia’s economic developers are getting younger – the average age of a respondent was 44.6 years, more than 60% of respondents are female, and 28% plan to retire in less than ten years. The 2025 average salary for a Virginia respondent is $104,335 which is up from the prior year survey but lags the 2023 IEDC national survey. Last year 85% of respondents from Virginia received a raise and the average raise was 5%. A small number are eligible for a bonus, only 23%, and the average bonus was $4,336.
It is tempting to compare the results from the surveys in North Carolina and Virginia, though that may not be a clear comparison. Virginia economic development agencies are mostly parts of local government agencies (71%), which will be bound by policies and practices for larger and distinctly governmental organizations. North Carolina respondents were only 41% part of local governments, with more variety in organization types including private non-profits (29%) and chambers of commerce (11%).
While the overall average and CEO-level salaries were higher this year in Virginia, the differences are probably not statistically significant. Practitioners in both states are very well-educated, with respondents holding bachelor’s degrees in North Carolina and Virginia at 92% and 95% respectively. A master’s degree is slightly more common in Virginia where 48% hold one, compared to 39% in North Carolina. The retirement plans noted in both surveys indicate that there will continue to be a lot of opportunity – and competition – for economic development professionals and economic development career paths in North Carolina as well as Virginia.
In addition to working with communities and agencies to understand and improve the economic wellbeing of communities, Creative EDC is interested in making concrete contributions to our profession and industry. Since 2015, we have partnered with NCEDA to collect and publish information on compensation, benefits, and employment trends for economic developers in North Carolina. Starting in 2021, we also partner with VEDA to do the same for Virginia. These surveys give valuable information – both a snapshot of current practices as well as time series of data trends over time.
To read the surveys visit our Creative Resource Library.