Covered Workers & Annual Pay - 2012 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||2,162||24,774||$49,569|
|Credit Intermediation and Related Activities||826||16,993||$47,825|
|Securities, Commodity Contracts and Investments||295||801||$92,604|
|Insurance Carriers and Related Activities||1004||6,927||$48,683|
|Funds, Trusts and Other Financial Vehicles||36||53||$71,394|
|Real Estate and Rental and Leasing||1,026||3,456||$29,620|
|Rental and Leasing Services||179||816||$30,800|
|Lessors of Nonfinancial Intangible Assets||8||23||$51,006|
|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 gain of 517 workers (2.1 percent) for an annual average employment level of 24,774 in 2012. The annual pay for this industry also increased, at a rate of 3.4 percent ($1,620) for a 2012 annual average pay of $49,569.
The Finance and Insurance sector comprises establishments 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 to 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) subsector experienced a worker gain of 284, for an average annual worker total of 6,993 workers in 2012, compared to 16,709 workers in 2011. The annual pay experienced an increase of $1,491 (3.2 percent) from 2011 to 2012. 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 increase in workers during 2012, gaining 25 workers to bring the total to 801. The annual pay increased by of $4,003 (4.5 percent) for an annual average of $92,604 in 2012. 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 198 workers (2.9 percent) for a total of 6,927 during 2012. There was an increase in annual pay of $1,527 (3.2 percent) for a total of $48,683 in 2012. 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 an increase of 11 workers in 2012 to a level of 53. This subsector experienced a rise in annual pay of $3,928 (5.8 percent) for a total annual pay of $71,394 for 2012. 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 gain from 2011 to 2012, increasing by 42 workers (1.2 percent) for a total of 3,456 workers. This industry showed positive pay growth for the same time period, increasing by $1,499 (5.3 percent) for an annual average pay of $29,620.
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 76 percent, work in the real estate subsector.
The Real Estate subsector had a positive worker change from 2011 to 2012. The net gain of jobs totaled 59 workers, an increase of 2.3 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 a positive worker increase, which is related to the steady improvement in the housing market in South Dakota.
The majority of worker losses in this industry sector occurred in the Rental and Leasing Services industry subsector, with a decrease of 14 workers (1.7 percent) in 2012. Annual pay, however, continues to show growth, with an increase of $1,332 (4.5 percent). Commercial and industrial machinery and equipment rental businesses are classified in this subsector and generally provide capital or investment-type equipment that clients use in their business operations. These establishments typically cater to a business clientele and do not generally operate a retail-like or store-front facility. Consumer goods rental businesses 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, kiosks vending machines and cable networks. On a brighter side, general rental center establishments increased its workforce. These establishments are primarily engaged in renting a range of consumer, commercial and industrial equipment. Rent-all centers and home and garden equipment rental centers are grouped within this industry.
Worker levels in the Lessors of Nonfinancial Intangible Assets subsector decreased during 2012, with a loss of three 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.