Wednesday, March 27, 2013

Modest Financial Activities Job Growth

In addition to the construction industry, another major industry sector at the center of the housing boom and bust, with the subsequent financial meltdown and the Great Recession, was financial activities. Banks, credit unions and other financing businesses, along with real estate agents, brokers and related activities are within the financial activities industry group.

Over the past ten years, there was a significant increase in financial activities jobs. Included within the decade was the housing boom that ended in 2007, a rather dramatic drop of employment as a result of the 2008/2009 recession and renewed job growth since 2010. In 2002 total employment in the industry stood at 63,300, comprising about 5.4 percent of all payroll jobs in Utah. With the housing boom and hot economy, financial activities employment reached a peak annual average of 74,700 in 2007, accounting for 6.0 percent of payroll jobs in the state. Over this five-year period, jobs were growing at 3.6 percent per year compared to overall Utah payroll job growth of 3.3 percent.

Read more here in the latest issue of Trendlines.

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