Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
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 1 AandProfile Leasing Sector in New Brunswick 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 2 AandProfile Leasing Sector in New Brunswick 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 of the Finance, Insurance, Real Estate 3 AandProfile Leasing Sector in New Brunswick 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 4 AandProfile Leasing Sector in New Brunswick 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 of the Finance, Insurance, Real Estate 5 AandProfile Leasing Sector in New Brunswick 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+ of the Finance, Insurance, Real Estate 6 AandProfile Leasing Sector in New Brunswick 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). of the Finance, Insurance, Real Estate 7 AandProfile Leasing Sector in New Brunswick 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 of the Finance, Insurance, Real Estate 8 AandProfile Leasing Sector in New Brunswick 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 of the Finance, Insurance, Real Estate 9 AandProfile Leasing Sector in New Brunswick 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 of the Finance, Insurance, Real Estate 10 AandProfile Leasing Sector in New Brunswick