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Labor Market Information Center
2024 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.
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South Dakota Covered Workers and Pay 2024 |
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| Supersector, Sector and Subsector | Number of Establishments | Average Number of Workers | Annual Pay |
| Financial Activities | 4,288 | 26,976 | $84,356 |
| Finance and Insurance | 2,851 | 22,577 | $90,081 |
| Credit Intermediation and Related Activities | 963 | 13,952 | $86,296 |
| Securities, Commodity Contracts, and Investments | 524 | 1,647 | $150,208 |
| Insurance Carriers and Related Activities | 1,321 | 6,888 | $83,267 |
| Funds, Trusts, and Other Financial Vehicles | 43 | 90 | $98,221 |
| Real Estate and Rental and Leasing | 1,437 | 4,399 | $54,972 |
| Real Estate | 1,266 | 3,511 | $54,286 |
| Rental and Leasing Services | 158 | 835 | $55,475 |
| Lessors of Nonfinancial Intangible Assets | 13 | 54 | $90,744 |
| 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. |
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Finance and Insurance
NAICS 52
The Finance and Insurance sector saw a loss of 421 workers (1.8%) in 2024 for an average annual employment of 22,577. Average annual pay increased to $90,081 from $85,723. This sector ranks fourth and sixth in average annual wage and average employment, respectively.
Finance and Insurance establishments are primarily engaged in financial transactions and/or facilitating 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. 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 11th consecutive year. Average annual employment in 2024 was 13,952, decreasing 2.9%. Average annual pay increased $3,416 (4.1%) to $86,296. 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 employment 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, 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 the only subsector that saw a significant increase in employment. Average annual employment increased 8.1% to 1,647 in 2024. The average annual wage increased 1.9% to $150,208 in 2023. Most of the subsector’s employment growth is attributable to establishments participating 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 also saw employment gain in 2024.
After a slight increase in 2023, employment decreased in the Insurance Carriers and Related Activities (NAICS 524) subsector in 2024. From 2023 to 2024, employment fell 1.8% to 6,888. The annual average pay for the year was $83,267, an increase of 6.6%. 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 90 in 2024, an increase of 5.9%. Establishments in this subsector, which generally employ just 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 47 workers (1.1%) from 2023 to 2024 for an annual average of 4,399. The sector had average annual pay of $54,972, increasing by $1,680 (3.2%).
The sector is comprised of three subsectors:
- Real Estate (NAICS 531)
- Rental and Leasing Services (NAICS 532)
- Lessors of Nonfinancial Intangible Assets (NAICS 533)
Approximately 80% of workers are employed in the Real Estate subsector. Employment in the Real Estate subsector continued to grow in 2024 despite a harsh real estate market. Over the year, the number of workers grew 0.5% to 3,511. 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 again in 2024. Establishments in this industry are primarily engaged in acting as agents/brokers in selling, buying, or renting real estate for others. The industry group’s employment had been increasing each year since 2015 but has now decreased for the second year in a row.
Rental and Leasing Services, a stagnant/declining subsector over the years, saw a 4.5% increase in employment for an annual average of 835 in 2024. Worker gains were within automotive equipment rental and leasing, commercial and industrial machinery rental and leasing, and general rental center industries. Consumer goods rental establishments declined slightly.
The last subsector, Lessors of Nonfinancial Intangible Assets, lost four workers for an annual average of 54 in 2024. The subsector contains only itself within its lone industry group. This industry has a very low number of workers and establishments, 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.
