Professionals looking for a rewarding career that combines business strategy with meaningful community impact may want to consider specializing in economic development. Through the online Master of Business Administration (MBA) with a concentration in Economic Development program from Murray State University, students acquire the credentials and skills needed to specialize in this dynamic field.
The program explores the processes and practices related to urban and regional planning while honing essential skills in accounting, business analytics, managerial economics, corporate finance and marketing. Graduates qualify for a wide range of roles that offer substantial earnings and growth opportunities.
Why Are Economic Development Careers Worth the Investment?
Economic development careers offer impressive earning potential that grows substantially with experience and specialization. The following salary figures are current as of October 2025, and actual salaries will vary by region, job experience and other factors.
ZipRecruiter data shows that economic development specialists in the U.S. earn an average of $66,805 annually, while top earners reach $110,500. Urban and regional planners earn a median income of $83,720 according to the U.S. Bureau of Labor Statistics (BLS), while those working for architectural and engineering firms average $91,610 per year.
The salary progression in this field demonstrates strong long-term earning potential. Mid-career urban and regional planners with five to nine years of experience earn approximately $67,656, while those with 10 to 19 years of experience see their compensation jump to $90,608, per Payscale. At the senior level, economists specializing in economic development can command salaries $120,127, per Indeed, reflecting the high value organizations place on this expertise.
What Can You Do With an MBA in Economic Development?
An MBA in economic development degree opens doors to a range of opportunities across multiple sectors and specializations. Government agencies employ urban planners who design layouts for public spaces and facilitate community development. Policy analysts who conduct research on public issues and develop recommendations for legislation that supports economic growth earn an average annual salary of $86,678. These roles involve analyzing market conditions, assessing development proposals and coordinating with stakeholders to implement growth strategies.
Economic development MBA graduates may also work for consulting firms, advising businesses on expansion strategies and conducting research on the economic impact of planned initiatives. Business consultants with economic development expertise command an average annual salary of $118,941, per Indeed.
Market research analysts who study consumer market conditions to assess the financial feasibility of new products and services earn an average annual salary of $76,950. At the senior level, business analysts who provide data-driven insights that guide strategic decision-making earn $66,893.
Specialized technical fields offer even higher earning potential for economic development professionals. Civil engineers who design infrastructure projects earn an average annual salary of $94,882, while architects who create building plans and community designs command $112,710 per year.
What Types of Skills Do Economic Development Professionals Need?
Economic development professionals must be strong analytical thinkers who know how to use data to assess community needs and evaluate the feasibility of projects. They utilize geographic information system (GIS) software to integrate population density data with digital maps, while analyzing market research, census data and environmental studies to make informed recommendations about development proposals. The field also requires expertise in financial management software and statistical analysis tools.
Since their job involves regularly assessing the viability of site plans submitted by developers, economic development professionals must stay current on government policies, including zoning laws and environmental regulations. By earning this degree, graduates demonstrate they have mastered core business principles while building specialized knowledge in economics and public policy.
What Are the Daily Responsibilities of Economic Development Professionals?
The daily responsibilities of economic development professionals center on collaboration and strategic planning. They meet regularly with government officials, developers, and community members to discuss initiatives related to land use and community impact. These stakeholders rely on economic development experts to identify community needs and develop growth strategies that address economic, social and environmental challenges.
After conducting extensive feasibility analyses, economic development professionals make recommendations about whether proposals should be approved or denied. Their job centers on helping communities expand affordable housing, create access to parks and make regions more attractive to businesses. This work directly impacts quality of life while fostering economic stability and growth through active community engagement and relationship-building.
Make an Impact in Your Community With an MBA in Economic Development
Murray State University’s online MBA in Economic Development degree offers career changers and professionals with undergraduate degrees a flexible pathway to a financially and personally rewarding career. The program’s interdisciplinary approach mirrors the field’s requirement for professionals who understand both business fundamentals and public policy dynamics.
Through coursework in financial concepts, urban and regional planning, business analytics, and strategic management, graduates are prepared to positively impact their communities in a field that offers many opportunities for career advancement. This degree enables graduates to step into meaningful roles where they can drive sustainable growth, shape vibrant communities and build a fulfilling career at the intersection of business strategy and public impact.
Learn more about Murray State University‘s online MBA with a concentration in Economic Development program.
