Marcia Hultman

Cabinet Secretary

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Labor Market Information Center

2015 Annual Summary

Quarterly Census of Employment and Wages

Financial Activities Supersector

The Financial Activities supersector is comprised of the finance and insurance sector and the real estate and rental and leasing sector. Businesses within this supersector are involved in financial transactions or renting or leasing tangible or intangible assets.

South Dakota Covered Workers and Pay
2015

Supersector, Sector and Subsector Number of Establishments Average Number of Workers Annual Pay
Financial Activities 3,369 29,160 $53,505
  Finance and Insurance 2,298 25,425 $56,252
   Credit Intermediation and Related Activities 841 16,969 $53,899
   Securities, Commodity Contracts and Investments 345 987 $109,130
   Insurance Carriers and Related Activities 1,086 7,459 $54,581
   Funds, Trusts and Other Financial Vehicles 26 9 $86,097
  Real Estate and Rental and Leasing 1,071 3,735 $34,801
   Real Estate 893 2,779 $34,465
   Rental and Leasing Services 171 916 $34,999
   Lessors of Nonfinancial Intangible Assets 7 40 $53,663
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.

 

Finance and Insurance

NAICS 52

The Finance and Insurance sector had a net loss of 178 workers (0.7 percent) for an annual average employment level of 25,425 in 2015. The annual pay for this sector increased, at a rate of 6.7 percent ($3,516), to $56,252 in 2015.

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 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 worker losses of 253 from 2014 to 2015. The average annual worker total was 16,969 workers in 2015, down from 17,222 in 2014. The annual pay increased by 6.9 percent, up $3,502 from 2014 to 2015. 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 an increase in workers from 2014 to 2015, gaining 77 workers to bring the total to 987. Annual pay in 2014 was $105,048 and rose by $4,082 (or 3.9 percent) to $109,130 in 2015. This 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 decreased by one worker which brought the total number of workers to 7,459 for 2015. Annual pay for 2014 was $51,737 and increased to $54,581 in 2015, equaling at $2,844 (5.5 percent) rise over the year. 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 decrease of three workers in 2015, dropping to a level of nine. This is a small subsector in comparison to others. A rise of $25,778 (42.7 percent) increased the average annual pay from $60,319 in 2014 to $86,097 in 2015. Annual pay is affected by establishments classified as qualified settlement funds, set up by the courts to pay out settlements and the recipients are not counted as workers. This subsector includes insurance and employee benefit funds, other investment pools and funds and trusts, estates and agency accounts.

 

Real Estate and Rental and Leasing

NAICS Sector 53

The Real Estate and Rental and Leasing sector experienced a worker gain from 2014 to 2015, increasing by 86 workers (2.4 percent) for a total of 3,735 workers. This sector showed positive pay growth for the same period, with an increase of $2,458 (7.6 percent) for an annual average pay of $34,801.

This 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 sector, approximately 76 percent, work in the Real Estate subsector.

The Real Estate subsector had a positive worker change from 2014 to 2015. The net gain of jobs totaled 82 workers, an increase of 3.0 percent. Annual average pay also strengthened significantly (9.3 percent) to arrive at a new annual average of $34,465. Establishments in this subsector are primarily engaged in the following activities:

  • Renting or leasing real estate to others
  • Managing real estate for others
  • Selling or buying real estate for others
  • Providing other services, such as listing services, appraisal, consulting or escrow services

The Activities Related to Real Estate industry group was responsible for the majority of worker gains within the real estate subsector. This group is comprised of establishments primarily engaged in providing real estate services (except lessors of real estate and offices of real estate agents and brokers). Establishments are involved in activities such as managing real estate for others and appraising real estate. Some of the gains in workers were due to a large establishment being reclassified within real estate. There was a slight change in business activity. Residential property management such as apartments and condominiums are within this group.

Small worker gains occurred in the subsector Rental and Leasing Services. An increase of 5 workers (0.5 percent) was realized in 2015. With an increase of $929 (2.7 percent) annual pay continued showing growth. Automotive equipment rental and leasing businesses are classified in this category. This entails renting passenger cars and trucks without drivers and utility trailers. These establishments generally operate from a retail-like facility. Some establishments offer only short-term rental, others only longer term leases and some provide both types of services. There were some small losses of workers within the commercial and industrial machinery and equipment rental area. Construction and mining machinery and equipment rental establishments also showed some worker loss.

Worker levels in the Lessors of Nonfinancial Intangible Assets subsector decreased during 2015, with a loss of one worker. 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.

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