Covered Workers & Annual Pay - 2010 Annual Summary
The Financial Activities industry group is comprised of the Finance and Insurance industry and the Real Estate and Rental and Leasing industry. Businesses within this industry group are involved in financial transactions or renting or leasing tangible or intangible assets.
South Dakota Covered Workers and Pay
Financial Activities Industry Group
Industry Group, Industry and Subsector
|Number of Establishments||Average Number of Workers||Annual Pay|
|Finance and Insurance||2,130||25,041||$45,625|
|Credit Intermediation and Related Activities||827||17,576||$44,139|
|Securities, Commodity Contracts and Investments||276||714||$85,674|
|Insurance Carriers and Related Activities||996||6,710||$45,162|
|Funds, Trusts and Other Financial Vehicles||31||41||$61,205|
|Real Estate and Rental and Leasing||1,013||3,360||$26,626|
|Rental and Leasing Services||198||892||$27,904|
|Lessors of Nonfinancial Intangible Assets||7||30||$47,930|
|Totals may not add due to rounding.
Data subject to revision.
Produced by the Labor Market Information Center, South Dakota Department of Labor, in cooperation with the U.S. Bureau of Labor Statistics.
The Finance and Insurance industry had a net loss of 1,450 workers (5.5 percent) for an annual average employment level of 25,041 in 2010. However, the annual pay for this industry increased at a rate of 3.9 percent ($1,699) for a 2010 annual average pay of $45,625.
The Credit Intermediation and Related Activities (NAICS 522) industry subsector experienced worker losses from 2009 to 2010, with a drop of 1,427 workers. The 2010 average annual worker level was 17,576 workers, compared to 19,003 workers in 2009. The annual pay experienced a 4.0 percent increase ($1,707) from 2009 to 2010. This subsector includes establishments primarily engaged in accepting deposits (or share deposits) and in lending funds from these deposits.
The Securities, Commodity Contracts, Other Financial Investments and Related Activities (NAICS 523) subsector noted a small increase of eight workers during 2010, bringing the 2010 total to 714. The 2010 annual pay level increased by $8,333 (10.8 percent) to $85,674, compared to the 2009 annual pay of $77,341. This industry subsector includes security brokerages and investment banking establishments which act as agents or brokers between buyers and sellers of securities and commodities. Investment advice and portfolio management activities are also included in this subsector.
The number of workers in the Insurance Carriers and Related Activities (NAICS 524) subsector remained stable (decrease of three workers or 0.0 percent) at 6,710 workers for 2010. There was a minimal increase in annual pay of $472 (1.1 percent) for a 2010 level of $45,162, compared to the 2009 level of $44,690. This subsector includes establishments involved in selling annuities and insurance policies, and providing employee benefits such as claims adjusting and third party administration.
The Funds, Trusts, and Other Financial Vehicles (NAICS 525) subsector experienced a loss of 28 workers for a 2010 worker level of 41. Despite the worker loss, this subsector experienced a large increase in annual pay of $22,039 or 56.3 percent. Total annual pay in 2009 was $39,166 and increased to $61,205 for 2010. This sector includes insurance and employee benefit funds and other investment pools and funds.
The Real Estate and Rental and Leasing industry experienced a worker loss from 2009 to 2010, decreasing by 219 workers (6.1 percent) for a total of 3,360 workers. However, the industry did show positive pay growth for the same time period, increasing by $894 (3.5 percent) for an annual average pay of $26,626.
This industry sector is comprised of three subsectors: Real Estate (NAICS 531); Rental and Leasing Services (NAICS 532); and Lessors of Nonfinancial Intangible Assets (NAICS 533). The majority of workers in this industry, approximately 73 percent, work in the real estate subsector.
The Real Estate subsector had a negative worker change from 2009 to 2010. The loss of jobs totaled 107 workers, a decrease of 4.2 percent. Establishments classified in this subsector are primarily involved in the following activities:
The majority of worker losses in this industry sector occurred in the Rental and Leasing Services industry subsector, with a decrease of 111 workers (11.1 percent) in 2010. Annual pay, however, showed growth, with an increase of $1,135 (4.2 percent). Consumer goods rental businesses are classified in this subsector and generally provide short-term rental, although in some instances the goods may be leased for longer periods of time. These establishments often operate from retail-like or store-front facilities. Establishments primarily engaged in renting prerecorded video tapes and discs for home electronic use are included in this industry.
Lessors of Real Estate were responsible for the majority of worker losses within the real estate subsector. This industry is comprised of establishments primarily engaged in acting as lessors of buildings used as residences or dwellings, such as single-family homes, apartment buildings and town homes. Included in this industry are owner-lessors and establishments renting real estate and then acting as lessors in subleasing it to others. The establishments in this industry may manage the property themselves or have another establishment manage it for them.
Offices of Real Estate Agents and Brokers were responsible for some of the worker loss within the real estate subsector. The housing market in South Dakota has been steady the past couple of years compared to the nation. The continued national downturn may have had a negative impact in 2010, as South Dakota real estate firms did not expand and hire additional workers.
Worker levels in the Lessors of Nonfinancial Intangible Assets subsector remained relatively stable during 2010, with a loss of one worker. Businesses in this subsector own patents, trademarks and franchise agreements which they allow others to use or reproduce for a fee; they may or may not have created those assets. Establishments which provide brand name licensing, industrial design licensing, patent buying and licensing, and trademark licensing belong in this industry. Oil royalty leasing companies also belong in this subsector.
700 Governors Drive
Pierre, SD 57501-2291