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Labor Market Information Center

2023 Annual Report

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.

Finance and Insurance

NAICS 52

The Finance and Insurance sector saw a loss of 263 workers (1.1%) in 2023 for average annual employment of 22,998. Average annual pay increased to $85,723 from $82,456. This sector ranks fourth and sixth in average annual wage and average employment, respectively.

The Finance and Insurance sector is comprised of establishments primarily engaged in financial transactions and/or facilitating transactions by three principal types of activities.

1. The first activity is to raise funds by taking deposits or issuing securities and incurring liabilities.
2. The second activity is to pool risk by underwriting insurance and annuities.
3. The last activity is to provide specialized services facilitating or supporting financial intermediation, insurance, and employee benefit programs.

The number of workers in the Credit Intermediation and Related Activities (NAICS 522) subsector decreased for the 10th consecutive year. The average annual employment in 2023 was 14,373, decreasing 2.5% from 2022. Average annual pay increased $2,491 (3.1%) to $82,880. Establishments within this subsector lend funds raised from depositors or from credit market borrowing and facilitate the lending of funds or issuance of credit. The transition to online services within this subsector has likely contributed to the downward trend. The use of advanced technology has led to the shift from traditional banking methods to modern banking methods. Currently the most common and useful technology-based banking methods are online banking, mobile banking, video banking, telephone banking, ATMs and plastic money. Internet banking has made life simple and convenient. Efficiency and time-saving methods have been the result. Internet is a cheap delivery channel for banking products and is allowing entities to reduce branch networks and downsize the number of service staff.

The Securities, Commodity Contracts, and Other Financial Investments and Related Activities (NAICS 523) was one of three subsectors that saw an increase in employment. Average annual employment increased 4.7% to 1,523 in 2023. The average annual wage increased 2.7% to $147,416 in 2023. Nearly all employment growth is attributable to establishments that participate in customized investment advice, portfolio management, and trust services for customers. Security brokerages and investment banking establishments, which act as agents or brokers between buyers and sellers of securities and commodities, saw minimal employment gain in 2023.

Although slight, employment increased for the first time since 2014 in the Insurance Carriers and Related Activities (NAICS 524) subsector. From 2022 to 2023, employment grew 0.6% to 7,017. The annual average pay for the year was $78,139, an increase of 5.3% over 2022. This subsector includes establishments involved in selling annuities and insurance policies, claims adjusting, and third-party administration of insurance and pension funds.

The Funds, Trust, and Other Financial Vehicles (NAICS 525) subsector employs the least number of workers by a large margin within the Finance and Insurance sector. Employment grew to 85 in 2023, an increase of 3.7%. Establishments in this subsector, which generally only employ one or two employees each, are comprised of legal entities organized to provide insurance and employee benefits or to pool securities and other assets.

Real Estate and Rental and Leasing

NAICS Sector 53

The Real Estate and Rental and Leasing sector gained 77 workers (1.8%) from 2022 to 2023 for an annual average of 4,352. The sector had an average annual pay of $53,292, increasing by $3,114 (6.2%).

The sector is comprised of three subsectors:

• Real Estate (NAICS 531);
• Rental and Leasing Services (NAICS 532); and
• Lessors of Nonfinancial Intangible Assets (NAICS 533).

Approximately 80% of workers are employed in the Real Estate subsector.

The Real Estate subsector employment continued to grow in 2023 despite rising home prices and higher interest rates. Over the year, the number of workers grew 2.1% to 3,495. Employment gain was mostly attributable to the Activities Related to Real Estate industry group. The activities within this industry group are primarily property management, appraisals, escrow agencies, and listing services. The Offices of Real Estate Agents and Brokers industry group’s employment declined slightly in 2023. Establishments in this industry are primarily engaged in acting as agents/brokers in selling, buying, or renting real estate for others. It was the first time since 2015 that the Offices of Real Estate Agents and Brokers industry group’s employment declined.

Rental and Leasing Services, a stagnant/declining subsector over the years, saw another slight decrease to employment (0.4%) for an annual average of 799 in 2023. Worker gains were realized within automotive equipment and commercial and industrial machinery rental and leasing industries. Consumer goods rental establishments and general rental centers declined slightly.

The last subsector, Lessors of Nonfinancial Intangible Assets, increased by six workers to an annual average of 58 in 2023. The subsector contains only itself within its lone industry group. This industry has a very low number of workers, and establishments are mainly engaged in assigning rights to assets, such as patents, trademarks, and brand names for which a royalty payment or licensing fee is paid to the asset holder.

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