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Glenn Hegar
Texas Comptroller of Public Accounts
Glenn Hegar
Texas Comptroller of Public Accounts
Glenn Hegar
Texas Comptroller of Public Accounts

economy

Financial Activities Overview Women in the Workforce

Financial Activities Snapshot | Printable Financial Activities Snapshot (PDF)

The financial activities industry, sometimes called a “super sector,” comprises two distinct sectors: finance and insurance and real estate and rental and leasing. Both have faced a host of opportunities and challenges due to changing technologies and the regulatory environment. In 2016, financial activities contributed $243.4 billion to Texas’ gross domestic product (GDP). Women account for 56 percent of the state’s 740,000 jobs in this industry.

Quick Facts

  • Financial activities contributed $243.4 billion to state GDP in 2016, more than 15 percent of the total state GDP.
  • Real estate and rental and leasing accounted for the largest share of GDP — $154.0 billion.
  • The industry provided more than 740,000 Texas jobs in 2017, 6 percent of all Texas employment.
  • Finance and insurance had the largest share of jobs in the industry, at 72 percent.
  • Between 2010 and 2017, the industry added nearly 116,000 positions, with the most growth in finance and insurance (more than 78,000 jobs).

Average regional multipliers for financial activities were used to estimate how an initial introduction of economic input in the industry, in the form of sales, jobs or earnings, affects the greater Texas economy. These multipliers capture “indirect” effects on industries that supply goods and services to the industry as well as “induced” effects on industries that sell local goods and services — such as housing, food or entertainment — to workers in the financial activities industry and its suppliers (Exhibit 1).1

Exhibit 1: Average Type 2 Multipliers for Financial Activities

Sector/Subsector Sales Jobs* Earnings
Financial Activities 2.44 4.51 3.20
Finance and Insurance 2.46 3.93 2.61
Real Estate and Rental and Leasing 2.41 5.50 4.21

The overall multiplier effects are as follows:

Jobs
For every 100 jobs created, an additional 351 jobs are created or affected in all other industries within the Texas economy.
Sales
For every $1 million in sales, an additional $1.44 million in sales are generated by other industries within the Texas economy.
Earnings
For every $1 million in earnings generated, an additional $2.20 million in earnings are generated by other industries within the Texas economy.

*The multiplier effect in this analysis is applicable to any worker in this industry and does not differentiate effects by gender.

Sources: Emsi and Texas Comptroller of Public Accounts

Texas Women in Financial Activities

In 2017, women held nearly 416,000 jobs in financial activities (Exhibit 2). Those jobs generate additional business activities that ultimately support about 1.5 million jobs in all other industries of the Texas economy. 2

Exhibit 2: Financial Activities Jobs, 2017
Description NAICS Code* Total Jobs 2010 to 2017 Change Average Earnings Per Job** Women's Jobs Women’s Share of Jobs
Finance and Insurance 52 529,619 78,383 $102,155 324,568 61%
Monetary Authorities - Central Bank 521 1,457 -296 $118,025 594 41%
Credit Intermediation and Related Activities 522 258,445 20,667 $88,751 162,608 63%
Securities, Commodity Contracts and Other Financial Investments and Related Activities 523 67,050 19,028 $188,393 32,394 48%
Insurance Carriers and Related Activities 524 201,802 45,935 $89,975 128,580 64%
Funds, Trusts and Other Financial Vehicles 525 865 -6,951 $237,351 392 45%
Real Estate and Rental and Leasing 53 210,631 37,533 $68,950 91,153 43%
Real Estate 531 146,415 26,725 $69,570 74,289 51%
Rental and Leasing Services 532 61,987 10,748 $65,709 15,883 26%
Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) 533 2,229 60 $118,403 981 44%
Financial Activities, Total 52, 53 740,250 115,916 $92,707 415,720 56%

*The North American Industry Classification System (NAICS) is the federal system used to classify business establishments for statistical purposes.
**Based on total jobs in the industry including both genders. Earnings include salaries, wages, benefits and other compensation.

Source: Emsi


Finance and Insurance

The finance and insurance sector primarily raises funds through deposits and issuance of securities, underwrites insurance or annuities and provides financial intermediation and employee benefit programs. This sector supplied the majority of the industry’s employment in 2017.

Women had the highest share of total employment in insurance carriers and related activities, with 64 percent of all Texas jobs in the subsector — slightly higher than credit intermediation and related activities (63 percent).

Exhibit 3lists the top occupations employed in finance and insurance based on the number of jobs in the sector. Though women account for more than half of three of the sector’s top five occupations, they dominate two occupations, tellers and insurance claims and policy processing clerks, in which they accounted for 86 percent and 82 percent of all 2017 jobs, respectively.

Exhibit 3: Top Occupations in Financial and Insurance, 2017
Description Jobs in Sector Total Jobs
(All Sectors)*
Women's Share
of Total Jobs
Customer Service Representatives 51,828 260,763 67%
Tellers 48,871 49,446 86%
Insurance Sales Agents 42,423 43,214 56%
Securities, Commodities and Financial Services Sales Agents 33,682 35,477 32%
Insurance Claims and Policy Processing Clerks 30,892 34,919 82%

*Other sectors employ workers with this occupation. This is a total for the occupation across sectors.

Source: Emsi


Real Estate and Rental and Leasing

In 2017, women held 91,153 jobs in the real estate and rental and leasing sector, which primarily engages in and provides services related to renting, leasing and purchasing tangible or intangible assets.

Women held the highest number of jobs (74,289) and the highest share of jobs (51 percent) in the real estate subsector. Women held more than half of all jobs of the sector’s top occupations. While women only account for only 3 percent of the sector’s top occupation — maintenance and repair workers — they account for more than half the remaining top occupations, most notably office clerks (82 percent) (Exhibit 4).

Exhibit 4: Top Occupations in Accommodation and Food Services, 2017
Description Jobs in Sector Total Jobs
(All Sectors)*
Women's Share
of Total Jobs
Maintenance and Repair Workers, General 30,303 121,927 3%
Counter and Rental Clerks 24,974 47,151 52%
Office Clerks, General 15,479 388,682 82%
Real Estate Sales Agents 13,899 17,719 58%
Property, Real Estate and Community Association Managers 9,252 11,939 59%

*Other sectors employ workers with this occupation. This is a total for the occupation across sectors.

Source: Emsi


Earnings Growth

From 2010 to 2016, average monthly earnings of women in both finance and insurance and real estate and rental and leasing increased more than the average earnings of all women. Real estate and rental and leasing increased slightly more – by 26 percent (Exhibit 5). However, women in finance and insurance earned more per month in 2016 ($5,086).

Exhibit 5: Growth in Average Monthly Earnings of Texas Women in Financial Activities (Indexed from 2010)

data below
First column is sector, next columns are years
Sector 2010 2011 2012 2013 2014 2015 2016
Finance and Insurance 0% 4% 8% 12% 16% 21% 24%
Real Estate and Rental and Leasing 0% 4% 9% 12% 19% 22% 26%
All Sectors 0% 3% 6% 8% 12% 15% 16%

Source: U.S. Census Bureau Quarterly Workforce Indicators

Conclusion

The financial activities industry represents two large, dynamic sectors that generally grow in line with the wider economy. The industry continues to operate as an important employer in Texas, contributing the highest share of economic income despite having low employment relative to other industries. Texas women working in financial activities generate additional business activities that ultimately support about 416,000 jobs in other industries throughout the state economy.


End Notes

  1. The multipliers used in this analysis are averages of the Emsi Input-Output Model’s regional Type II earnings, sales and jobs multipliers for all six-digit NAICS categories within the financial activities industry. The Comptroller’s office acknowledges that averaging multipliers introduces aggregation bias. This is a general approximation of multiplier effects on the financial activities industry. For a more precise analysis of multiplier effects, analyze each six-digit NAICS category in the sector and its respective multipliers.

    A direct effect is directly related to the production of the good or service of the industry in question. Indirect effects are generated in the businesses that supply goods and services to the industry that aid in the production of the good or service. Spending directly and indirectly generated incomes in the broader economy in turn creates induced effects.

    Using the finance and insurance sector in an example, direct jobs would include the number of workers in finance and insurance. The jobs of a computer wholesaler that supplies the finance and insurance sector are indirect jobs. The jobs of restaurant workers that serve the finance and insurance and computer wholesaler workers lunch are induced.

  2. The Type 2 jobs multiplier effect mentioned is based solely on the number of jobs held by women.

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