a profile of the finance, insurance, real estate and leasing … · a profile of the finance,...
TRANSCRIPT
A Profile of the Finance, Insurance, Real Estate and Leasing Sector in New Brunswick
January 2016
Funded by the Government of Canada and the Province of New Brunswick
through the Canada-New Brunswick Labour Market Development Agreement
Prepared by:
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
A Profile of the Finance, Insurance, Real Estate
and Leasing Sector in New Brunswick 1
Table of Contents Sector Definition 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.
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.
Finance, Insurance, Real Estate and Leasing Sector
A Profile of the Finance, Insurance, Real Estate
and Leasing Sector in New Brunswick 2
Highlights
14,900 Employed in 2014, a 4.9% increase
in total employment since 2004
$4.79 Billion Real GDP
Associated with the Sector in 2014:
17.9% of NB’s real GDP
10.4% Higher Wages In 2014 compared to all other
industries in NB
Projected Growth 2015-2024
For both real GDP (+20.7%) and
Employment (+5.1%)
Customer services
representatives
(financial institutions) Most common occupation in the
Sector in 2014
56% Female Percentage of those employed in the
Sector who were female in 2014
A Profile of the Finance, Insurance, Real Estate
and Leasing Sector in New Brunswick 3
2,500
3,500
4,500
5,500
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Millio
ns o
f D
ollars
Real GDP at Basic Prices for the Finance, Insurance, Real
Estate and Leasing Sector in New Brunswick1
(Chained 2007 Dollars)
Finance, Insurance, Real Estate and Leasing
17.9%
All Other Industries
82.1%
Proportion of Real GDP for the Finance,
Insurance, Real Estate and Leasing Sector
in New Brunswick: 20142
Current Business Environment
GDP Snapshot
• 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
*Data unavailable for 2004
A Profile of the Finance, Insurance, Real Estate
and Leasing Sector in New Brunswick 4
70%
90%
110%
130%
150%
Monthly Employment in the Finance, Insurance,
Real Estate and Leasing Sector In New Brunswick
Relative to March 20125
(Seasonally Adjusted)
Employment in New Brunswick
0
5
10
15
20
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Th
ou
san
ds o
f P
eo
ple
Self-employed Public sector Private sector Total
Historical Employment Levels in the Finance, Insurance,
Real Estate and Leasing Sector in New Brunswick4
• 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%
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
*Data contains suppressed values. Due to this, the values for some data
points have been inferred.
2014 by the Numbers3,4
Productivity and Business Size
A Profile of the Finance, Insurance, Real Estate
and Leasing Sector in New Brunswick 5
0
2
4
6
8
Th
ou
san
ds o
f P
eo
ple
Less than 20 employees 20 to 99 employees
100 to 500 employees More than 500 employees
Number of Employees by Employment
Size in the New Brunswick Finance, Insurance,
Real Estate and Leasing Sector8
18,000
24,000
30,000
36,000
Th
ou
san
ds o
f H
ou
rs
Total Hours Worked for All Jobs in the
Finance, Insurance, Real Estate and Leasing
Sector in New Brunswick6
• 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
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
50.7%
43.6%
49.3%
56.4%
0% 20% 40% 60% 80% 100%
All Industries
Finance, Insurance, Real Estate and Leasing
Male Female
Employment in the New Brunswick Finance, Insurance,
Real Estate and Leasing Sector by Gender: 20143
12.9% 5.3%
65.3% 69.3%
21.8% 25.3%
0%
20%
40%
60%
80%
All Industries Finance, Insurance, Real Estate and Leasing
Ages 15-24 Ages 25-54 Ages 55+
Employment in the New Brunswick Finance, Insurance,
Real Estate and Leasing Sector by Age: 20143
A Profile of the Finance, Insurance, Real Estate
and Leasing Sector in New Brunswick 6
Human Resources Profile 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
A Profile of the Finance, Insurance, Real Estate
and Leasing Sector in New Brunswick 7
$20.82
$24.51
$22.99
$27.94
0 10 20 30 40
NB
Canada
Finance, Insurance, Real Estate and Leasing All industries
Average Hourly Wage Comparison in the New Brunswick
and Canadian Finance, Insurance, Real Estate and
Leasing Sector: 201411
Major Occupations in the New Brunswick Finance, Insurance, Real
Estate and Leasing Sector: 201410
Occupation NOC
Customer services representatives - financial institutions 6551
Insurance agents and brokers 6231
Other financial officers 1114
Financial sales representatives 6235
Banking, credit and other investment managers 0122
Average Hourly Wage Change in the New Brunswick and
Canadian Finance, Insurance, Real Estate and Leasing
Sector: 2004-201411
New Brunswick % Change
Finance, Insurance, Real Estate and Leasing +45.7%
All Industries +37.2%
Canada % Change
Finance, Insurance, Real Estate and Leasing +37.3%
All Industries +32.5%
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
Wage and Salary Information11
• 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
*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).
A Profile of the Finance, Insurance, Real Estate
and Leasing Sector in New Brunswick 8
0 200 400 600
NE
SE
SW
C
NW
Unknown
Number of Employers in the New Brunswick
Finance, Insurance, Real Estate and Leasing
Sector by Economic Region: 201412
Northeast (NE) = 17.4%
Southeast (SE) = 28.5%
Southwest (SW) = 24.6%
Central (C) = 18.7%
Northwest (NW) = 10.8%
Employers12
• Regional distribution of the 1,758 Finance,
Insurance, Real Estate and Leasing
companies active in 2014:
Regional Highlights
Employees13
• Regional distribution of the 14,900 employed
in the Finance, Insurance, Real Estate and
Leasing Sector in 2014:
NE NW
C
SE
SW
Northeast (NE) = 10.7%
Southeast (SE) = 40.3%
Southwest (SW) = 28.2%
Central (C) = 16.1%
Northwest (NW) = 4.7%
0
2
4
6
8
2010 2011 2012 2013 2014
Th
ou
san
ds o
f P
eo
ple
NE SE SW C NW
Number of Employees in the New Brunswick Finance, Insurance,
Real Estate and Leasing Sector by Economic Region13
Number of Employers in the New Brunswick Finance, Insurance, Real Estate and Leasing
Sector by Employment Size: 201412
Region 1-9 10-49 50-199 200+ Total
NE 228 63 4 0 295
SE 363 109 7 4 483
SW 315 92 7 3 417
C 239 70 3 4 316
NW 147 34 2 0 183
Unknown 45 16 3 0 64
TOTAL 1,337 384 26 11 1,758
A Profile of the Finance, Insurance, Real Estate
and Leasing Sector in New Brunswick 9
4,000
4,500
5,000
5,500
6,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Millio
ns o
f D
ollars
Forecasted Real Gross Domestic Product (GDP) in the
New Brunswick Finance, Insurance, Real Estate and
Leasing Sector10
13,000
14,000
15,000
16,000
17,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Forecasted Employment in the New Brunswick
Finance, Insurance, Real Estate and Leasing Sector10
-200
0
200
400
600
800
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Openings due to Attrition Job Growth Total Job Openings
Forecasted Job Openings in the New Brunswick
Finance, Insurance, Real Estate and Leasing Sector10
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
• 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
1Statistics Canada, CANSIM, Table 379-0030 2Statistics 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
8Statistics Canada, CANSIM, Table 282-0076 9InfoCanada, 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
• 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
A Profile of the Finance, Insurance, Real Estate
and Leasing Sector in New Brunswick 10
• 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)
Links for Additional Information Government Sources
Finance and Insurance and Related Associations
For Additional Information Contact:
New Brunswick Department of Post-Secondary
Education, Training and Labour
506-453-2597
Data Sources