Marcia Hultman

Cabinet Secretary

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Labor Market Information Center

2016 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
2016
Supersector, Sector and Subsector Number of Establishments Average Number of Workers Annual Pay
Financial Activities 3,389 28,810 $55,399
  Finance and Insurance 2,307 25,024 $58,652
   Credit Intermediation and Related Activities 863 16,600 $56,682
   Securities, Commodity Contracts and Investments 352 996 $107,656
   Insurance Carriers and Related Activities 1,061 7,414 $56,510
   Funds, Trusts and Other Financial Vehicles 31 13 $46,960
  Real Estate and Rental and Leasing 1,082 3,786 $33,897
   Real Estate 912 2,840 $33,148
   Rental and Leasing Services 163 902 $35,242
   Lessors of Nonfinancial Intangible Assets 7 44 $54,610
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 industry had a net loss of 401 workers (1.6 percent) for an annual average employment level of 25,024 in 2016. The annual pay for this industry increased, at a rate of 4.3 percent ($2,400) for a 2016 annual average pay of $58,652.

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 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) industry subsector experienced worker losses from 2015 to 2016, a decrease of 369 workers. The average annual worker total was 16,600 workers in 2016, compared to 16,969 workers in 2015. The annual pay experienced a 5.2 percent increase or $2,783 from 2015 to 2016. 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 from 2015 to 2016, gaining 9 workers to bring the total to 996. However, the annual pay had a decrease of $1,474 or 1.4 percent. Annual pay in 2015 was $109,130 and dropped to $107,656 in 2016. 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 decreased by 45 workers (or 0.6 percent) which brings the total number of workers to 7,414 for 2016. There was an increase in annual pay of $1,929 or 3.5 percent. Annual pay for 2015 was $54,581 and increased to $56,510 in 2016. 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 4 workers in 2016 to a level of 13. This subsector experienced a significant decrease in annual pay of $39,137 or 45.5 percent. Total annual pay in 2015 was $86,097 and decreased to $46,960 for 2016. This sector includes insurance and employee benefit funds and other investment pools and funds.

Real Estate and Rental and Leasing

NAICS Sector 53

The Real Estate and Rental and Leasing industry experienced a worker gain from 2015 to 2016, increasing by 51 workers (1.4 percent) for a total of 3,786 workers. This industry showed negative pay growth for the same time period, decreasing by $904 (-2.6 percent) for an annual average pay of $33,897.

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, are employed in the real estate subsector.

The Real Estate subsector had a positive worker change from 2015 to 2016. The net gain of jobs totaled 61 workers, an increase of 2.2 percent. Annual average pay weakened (-3.8 percent) to arrive at a new annual average of $33,148. Industries in the Real Estate subsector group are primarily engaged in the following activities:

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

Activities Related to Real Estate were responsible for the majority of worker gains within the real estate subsector. This industry is comprised of establishments primarily engaged in providing real estate services except lessors of real estate and offices of real estate agents and brokers. This industry group has establishments involved in activities such as managing real estate for others and appraising real estate. Residential property management such as apartments and condominiums are within this grouping. Small increases in the work force for nonresidential property managers were noted.

Worker loss occurred in the industry subsector Rental and Leasing Services. A decrease of 14 workers (-1.5 percent) was realized in 2016. Annual pay rose, with an increase of $243 (0.7 percent). Consumer goods rental such as electronics equipment and appliances are included in this industry. Some worker loss was offset by gains in automotive equipment rental. 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 gains of workers within general rental centers and commercial and industrial machinery and equipment rental area.

Worker levels in the Lessors of Nonfinancial Intangible Assets subsector increased during 2016, with a gain 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, franchise agreements, industrial design licensing, patent buying and licensing, and trademark licensing belong in this industry. Oil royalty leasing also is grouped in this subsector.

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