Download Finance, Insurance, Real Estate and Leasing

A Profile of the Finance, Insurance, Real Estate
and Leasing Sector in New Brunswick
January 2016
Sector Definition
Table of Contents
Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Current Business Environment . . . . . . . . . . . . . . . . . . . . . . .
3
GDP Snapshot . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Employment in New Brunswick . . . . . . . . . . . . . . . . . . . . . . .
4
Productivity and Business Size . . . . . . . . . . . . . . . . . . . . . . .
5
Human Resources Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
Demographics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
Top Occupations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
Wage and Salary Information . . . . . . . . . . . . . . . . . . . . . . . .
7
Regional Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Employers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Business Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
GDP Forecast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Employment Forecast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Links for Additional Information . . . . . . . . . . . . . . . . . . . . . .
10
For the purpose of this profile, the Finance, Insurance, Real
Estate, and Leasing Sector includes the following sectors:
Finance and Insurance - This sector consists of establishments
that are primarily engaged in financial transactions (that is,
transactions involving the creation, liquidation, or change in
ownership of financial assets) or in facilitating financial
transactions.
Real Estate and Rental and Leasing - This sector consists of
establishments that are primarily engaged in renting, leasing or
otherwise allowing the use of tangible or intangible assets.
Establishments primarily engaged in managing, selling, renting
and/or buying real estate for others are also included.
The scope of this profile includes North American Industry
Classification System (NAICS 2012) sectors 52 and 53.
Funded by the Government of Canada and the Province of New Brunswick
through the Canada-New Brunswick Labour Market Development Agreement
Prepared by:
Note: This profile includes data from a variety of sources, using different
methodologies that are subject to periodic and retroactive revisions. As a result,
data from one source may not match with data from other datasets. Information
about the sources and methodologies used are available upon request.
of the Finance, Insurance, Real Estate
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Highlights
Finance, Insurance, Real Estate and Leasing Sector
14,900
$4.79 Billion
Employed in 2014, a 4.9% increase
in total employment since 2004
Real GDP
10.4% Higher Wages
Associated with the Sector in 2014:
17.9% of NB’s real GDP
In 2014 compared to all other
industries in NB
Customer services
representatives
(financial institutions)
56% Female
Most common occupation in the
Sector in 2014
Percentage of those employed in the
Sector who were female in 2014
Projected Growth
2015-2024
For both real GDP (+20.7%) and
Employment (+5.1%)
of the Finance, Insurance, Real Estate
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Current Business Environment
GDP Snapshot
Proportion of Real GDP for the Finance,
Insurance, Real Estate and Leasing Sector
in New Brunswick: 20142
• In 2007*, real gross domestic product (GDP)
•
associated with the Sector was $4.08 Billion
annually1– 15.8% of New Brunswick’s real GDP2
By 2014, real GDP rose to $4.79 Billion1 – 17.9% of
New Brunswick’s real GDP2
Finance,
Insurance,
Real Estate
and Leasing
17.9%
All Other
Industries
82.1%
Real GDP at Basic Prices for the Finance, Insurance, Real
Estate and Leasing Sector in New Brunswick1
(Chained 2007 Dollars)
Millions of Dollars
5,500
4,500
3,500
2,500
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
*Data unavailable for 2004
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Employment in New Brunswick
Recent Trends (2012-2015)5
• Some variation in monthly employment figures over the past
three years:
• High – 17,200 (April 2012)
• Low – 13,900 (September 2014)
• Monthly employment has fluctuated slightly over the past
three years, although has been fairly stable since December
2012
Historical Employment Levels in the Finance, Insurance,
Real Estate and Leasing Sector in New Brunswick4
20
Thousands of People
2014 by the Numbers3,4
• 14,900 employed (91.9% full-time, 8.1% part-time)
• 4.2% of all employed in New Brunswick work in the Finance,
Insurance, Real Estate and Leasing Sector
• The highest level of employment is within the private sector
• 500 unemployed
• Unemployment rate:
• Finance, Insurance, Real Estate & Leasing Sector: 3.2%
• All Industries: 9.9%
15
10
5
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Self-employed
Public sector
Private sector
Total
*Data contains suppressed values. Due to this, the values for some data
points have been inferred.
Monthly Employment in the Finance, Insurance,
Real Estate and Leasing Sector In New Brunswick
Relative to March 20125
(Seasonally Adjusted)
150%
130%
110%
90%
70%
of the Finance, Insurance, Real Estate
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Some New Brunswick Employers in the Finance, Insurance, Real
Estate and Leasing Sector 9
Assumption Life/Assomption Vie
RBC Royal Bank
Blue Cross/Medavie
RE/MAX
BMO Bank of Montreal
Royal LePage Atlantic
National Bank of Canada
The Co-Operators Life Insurance
Total Hours Worked for All Jobs in the
Finance, Insurance, Real Estate and Leasing
Sector in New Brunswick6
36,000
30,000
24,000
18,000
Number of Employees by Employment
Size in the New Brunswick Finance, Insurance,
Real Estate and Leasing Sector8
Thousands of People
• Total of 30,419,000 hours worked in 20137 for all jobs in the Sector in New
Brunswick
• There has been a general upward trend for the number of hours worked
in the Sector since 20047
• Labour Productivity1,6,7 (2013):
• A measure of productivity based on GDP per hour worked
• $54.30 output per hour of work in the Finance and Insurance Sector
• $162.40 output per hour of work in the Real Estate and Leasing
Sector
• Compensation7 (2013):
• $981 Million per year for all jobs in the Sector
• $32.25 is the average hourly compensation in the Sector
• There has been some employment growth between 2004 and 20144,8:
• There has been a slight increase (+4.9%) in the number of jobs in
the Sector
• Businesses with more than 500 employees experienced the greatest
relative growth
Thousands of Hours
Productivity and Business Size
8
6
4
2
0
Less than 20 employees
100 to 500 employees
20 to 99 employees
More than 500 employees
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Human Resources Profile
Employment in the New Brunswick Finance, Insurance,
Real Estate and Leasing Sector by Gender: 20143
Demographics
2014 by the Numbers3
• In 2014, 15,400 people were part of the labour force in the
Finance, Insurance, Real Estate and Leasing Sector in New
Brunswick:
• 6,700 men – 6,500 (or 97.0%) were employed
• 8,600 women – 8,400 (or 97.7%) were employed
• The age profile of those employed in the Sector is skewed
somewhat older, with a higher proportion of employees aged
25 and older and relatively few employees in the 15-24 age
range, compared to the New Brunswick average
• There was a somewhat higher proportion of females (56.4%),
compared to males (43.6%), employed in the Sector in 2014
Finance,
Insurance,
Real Estate
and Leasing
43.6%
All Industries
56.4%
50.7%
0%
20%
49.3%
40%
Male
60%
80%
100%
Female
Employment in the New Brunswick Finance, Insurance,
Real Estate and Leasing Sector by Age: 20143
80%
69.3%
65.3%
60%
40%
25.3%
21.8%
20%
12.9%
5.3%
0%
All Industries
Ages 15-24
Finance, Insurance, Real Estate
and Leasing
Ages 25-54
Ages 55+
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Top Occupations10
• 40.1% of those working in the Sector are in one of
the five National Occupational Classification (NOC)
occupations listed to the right
• 1.7% of all people working in New Brunswick are
working in one of these five occupations
Major Occupations in the New Brunswick Finance, Insurance, Real
Estate and Leasing Sector: 201410
Occupation
NOC
Customer services representatives - financial institutions
6551
Wage and Salary Information11
Insurance agents and brokers
6231
• Wages in the Sector are higher than the average for
all industries in both New Brunswick (10.4%) and
Canada (14.0%)
• Wages for the Sector in New Brunswick are
noticeably lower than the national average for the
Sector; however, they have increased
(proportionally) more since 2004
Other financial officers
1114
Financial sales representatives
6235
Banking, credit and other investment managers
0122
Average Hourly Wage Comparison in the New Brunswick
and Canadian Finance, Insurance, Real Estate and
Leasing Sector: 201411
Average Hourly Wage Change in the New Brunswick and
Canadian Finance, Insurance, Real Estate and Leasing
Sector: 2004-201411
New Brunswick
Finance, Insurance, Real Estate and Leasing
All Industries
Canada
$27.94
Canada
$24.51
% Change
+45.7%
+37.2%
$22.99
NB
$20.82
% Change
Finance, Insurance, Real Estate and Leasing
+37.3%
All Industries
+32.5%
0
10
20
Finance, Insurance, Real Estate and Leasing
30
40
All industries
*The average hourly compensation data that appears under the “Productivity
and Business Size” section is from Statistics Canada’s Systems of National
Accounts (2013). The average hourly wage data that appears in the chart
above comes from Statistics Canada’s Labour Force Survey (2014).
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Regional Highlights
Number of Employers in the New Brunswick
Finance, Insurance, Real Estate and Leasing
Sector by Economic Region: 201412
Employers12
• Regional distribution of the 1,758 Finance,
Insurance, Real Estate and Leasing
companies active in 2014:
Northeast (NE) = 17.4%
Southeast (SE) = 28.5%
Southwest (SW) = 24.6%
Central (C) = 18.7%
Northwest (NW) = 10.8%
NE
NW
NE
SE
SE
SW
C
SW
C
NW
Unknown
Number of Employers in the New Brunswick
Finance, Insurance, Real Estate and Leasing
Sector by Employment Size: 201412
1-9
10-49
50-199
NE
SE
SW
C
NW
Unknown
TOTAL
228
363
315
239
147
45
1,337
63
109
92
70
34
16
384
4
7
7
3
2
3
26
200+
0
4
3
4
0
0
11
Employees13
• Regional distribution of the 14,900 employed
in the Finance, Insurance, Real Estate and
Leasing Sector in 2014:
Northeast (NE) = 10.7%
Southeast (SE) = 40.3%
Southwest (SW) = 28.2%
Central (C) = 16.1%
Northwest (NW) = 4.7%
Total
295
483
417
316
183
64
1,758
200
400
600
Number of Employees in the New Brunswick Finance, Insurance,
Real Estate and Leasing Sector by Economic Region13
8
Thousands of People
Region
0
6
4
2
0
2010
2011
NE
2012
SE
SW
2013
C
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NW
2014
Business Outlook
GDP Forecast10
• In 2015, real GDP associated with the Sector is forecasted to
be $4.79 Billion
• It is forecasted that in 2024, real GDP will rise to $5.78 Billion
– a 20.7% increase from 2015
Employment Forecast10
Millions of Dollars
Forecasted Real Gross Domestic Product (GDP) in the
New Brunswick Finance, Insurance, Real Estate and
Leasing Sector10
6,000
5,500
5,000
4,500
4,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
• In 2015, 14,821 individuals are forecasted to work in the Sector, representing 4.2% of total New Brunswick employment
• It is forecasted that in 2024, 15,583 individuals will work in the Sector, representing 4.2% of total New Brunswick employment
• With annual attrition (deaths and retirements) expected to remain very stable from 2015 to 2024, total job openings will
fluctuate with job growth in the Sector
Forecasted Employment in the New Brunswick
Finance, Insurance, Real Estate and Leasing Sector10
17,000
Forecasted Job Openings in the New Brunswick
Finance, Insurance, Real Estate and Leasing Sector10
800
600
16,000
15,000
14,000
400
200
0
-200
13,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Openings due to Attrition
Job Growth
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Total Job Openings
Links for Additional Information
Government Sources
•
•
•
•
•
Department of Finance - New Brunswick
NBjobs.ca
Labour Market Information
Sector Definitions - North American Industry Classification System, 2012 (NAICS)
Classification of Occupations - National Occupational Classification, 2011 (NOC)
Finance and Insurance and Related Associations
•
•
•
•
•
•
Association for Financial Professionals
Association of Canadian Financial Officers
Canadian Association of Financial Institutions in Insurance
Canadian Bankers Association
Canadian Life and Health Insurance Association
Canadian Real Estate Association
•
•
•
•
•
•
Financial Advisors Association of Canada
Insurance Brokers Association of Canada
Insurance Brokers Association of New Brunswick
Insurance Bureau of Canada
New Brunswick Insurance Board
New Brunswick Real Estate Association
For Additional Information Contact:
New Brunswick Department of Post-Secondary
Education, Training and Labour
[email protected]
506-453-2597
Data Sources
1Statistics
8Statistics
2Statistics
9InfoCanada,
Canada, CANSIM, Table 379-0030
Canada, CANSIM, Table 379-0028
3Statistics Canada, CANSIM, Table 282-0008
4Statistics Canada, CANSIM, Table 282-0012
5Statistics Canada, CANSIM, Table 282-0088
6Statistics Canada, CANSIM, Table 383-0031
7Statistics Canada, CANSIM, Table 383-0029
Canada, CANSIM, Table 282-0076
Canadian Company Capabilities
10The New Brunswick Department of Post-Secondary Education, Training and Labour
11Statistics Canada, CANSIM, Table 282-0072
12Statistical Registers and Geography Division, Statistics Canada – Special Run
13Statistics Canada, CANSIM, Table 282-0125
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