Covered Workers & Annual Pay - 2011 Annual Summary
The Financial Activities industry group is comprised of the Finance and Insurance industry and the Real Estate and Rental and Leasing industry. Businesses within this industry group are involved in financial transactions or renting or leasing tangible or intangible assets.
South Dakota Covered Workers and Pay
Financial Activities Industry Group
Industry Group, Industry and Subsector
|Number of Establishments||Average Number of Workers||Annual Pay|
|Finance and Insurance||2,135||24,257||$47,949|
|Credit Intermediation and Related Activities||829||16,709||$46,334|
|Securities, Commodity Contracts and Investments||291||776||$88,601|
|Insurance Carriers and Related Activities||986||6,729||$47,156|
|Funds, Trusts and Other Financial Vehicles||29||42||$67,466|
|Real Estate and Rental and Leasing||996||3,414||$28,121|
|Rental and Leasing Services||173||830||$29,468|
|Lessors of Nonfinancial Intangible Assets||6||26||$48,097|
|Totals may not add due to rounding.|
Data subject to revision.
Produced by the Labor Market Information Center, South Dakota Department of Labor and Regulation, in cooperation with the U.S. Bureau of Labor Statistics.
The Finance and Insurance industry had a net loss of 883 workers (3.5 percent) for an annual average employment level of 24,257 in 2011. However, the annual pay for this industry increased at a rate of 5.3 percent ($2,402) for a 2011 annual average pay of $47,949.
The Finance and Insurance sector comprises establishments that are primarily engaged in financial transactions and/or facilitating financial transactions by three principal types of activities. The first activity is to raise funds by taking deposits or issuing securities and incurring liabilities. The second activity is a pool risk by underwriting insurance and annuities, and the third is to provide specialized services facilitating or supporting financial intermediation, insurance and employee benefit programs.
The Credit Intermediation and Related Activities (NAICS 522) industry subsector experienced worker losses from 2010 to 2011, with a drop of 894 workers. The average annual worker total was 16,709 workers in 2011, compared to 17,603 workers in 2010. The annual pay experienced a $2,223 increase (5.0 percent) from 2010 to 2011. This subsector includes establishments primarily engaged in accepting deposits (or share deposits) and in lending funds from these deposits.
The Securities, Commodity Contracts, Other Financial Investments and Related Activities (NAICS 523) subsector noted a small decrease in workers during 2011, losing 14 workers to bring the total to 776. However, the annual pay had an increase of $8,628 or 10.8 percent. Annual pay in 2010 was $79,973 and rose to $88,601 in 2011. This industry subsector includes security brokerages and investment banking establishments which act as agents or brokers between buyers and sellers of securities and commodities. Investment advice and portfolio management activities are also included in this subsector.
The number of workers in the Insurance Carriers and Related Activities (NAICS 524) subsector increased by 19 workers (or 0.3 percent) which brings the total number of workers to 6,729 for 2011. There was an increase in annual pay of $2,007 or 4.4 percent. Annual pay for 2010 was $45,149 and increased to $47,156 in 2011. This subsector includes establishments involved in selling annuities and insurance policies, and providing employee benefits such as claims adjusting and third party administration.
The Funds, Trusts and Other Financial Vehicles (NAICS 525) subsector experienced a slight increase of 6 workers in 2011 to a level of 42. This subsector experienced a slight decrease in annual pay of $172 or 0.3 percent. Total annual pay in 2010 was $67,638 and decreased to $67,466 for 2011. This sector includes insurance and employee benefit funds and other investment pools and funds.
The Real Estate and Rental and Leasing industry experienced a worker loss from 2010 to 2011, decreasing by 10 workers (0.3 percent) for a total of 3,414 workers. However, the industry did show positive pay growth for the same time period, increasing by $951 (3.5 percent) for an annual average pay of $28,121.
This industry sector is comprised of three subsectors: Real Estate (NAICS 531); Rental and Leasing Services (NAICS 532); and Lessors of Nonfinancial Intangible Assets (NAICS 533). The majority of workers in this industry, approximately 75 percent, work in the real estate subsector.
The Real Estate subsector had a positive worker change from 2010 to 2011, with a net gain of 41 workers (1.6 percent). Establishments classified in this subsector are primarily involved in the following activities:
Lessors of Real Estate were responsible for the majority of worker gains within the real estate subsector. This industry is comprised of establishments primarily engaged in acting as lessors of buildings used as residences or dwellings, such as single-family homes, apartment buildings and town homes. Included in this industry are owner-lessors and establishments renting real estate and then acting as lessors in subleasing it to others. The establishments in this industry may manage the property themselves or have another establishment manage it for them. Real Estate agents and brokers who operate their own offices had minimal increases. The housing market remains steady for South Dakota compared to the national market.
The majority of worker losses in this industry sector occurred in the Rental and Leasing Services industry subsector, with a decrease of 47 workers (5.4 percent) in 2011. Annual pay, however, continues showing growth, with an increase of $1,344 (4.8 percent). Consumer goods rental businesses are classified in this subsector and generally provide short-term rental, although in some instances the goods may be leased for longer periods of time. These establishments often operate from retail-like or store-front facilities.
Establishments primarily engaged in renting prerecorded video tapes and discs for home electronic use are included in this industry. These types of stores suffer losses due to consumers having access to other means of purchasing movies and games especially through the internet, vending machines and cable networks. On a brighter note, automotive equipment rental and leasing establishments increased its workforce. These establishments are primarily engaged in renting or leasing all types of vehicles.
Worker levels in the Lessors of Nonfinancial Intangible Assets subsector decreased during 2011, with a loss of four workers. This subsector has small representation in terms of total workers. Businesses in this subsector own patents, trademarks and franchise agreements which they allow others to use or reproduce for a fee; they may or may not have created those assets. Establishments which provide brand name licensing, industrial design licensing, patent buying and licensing, and trademark licensing belong in this industry. Oil royalty companies also belong in this subsector.