Wednesday, January 6, 2010

Oregon's Financial Industry: Show Me the Money... in Billions

Nearly $4.5 billion (yes, that's billion with a "b") was paid out to employees in Oregon's financial activities industry in 2008. With over 88,000 jobs in Oregon, the industry makes up 5.2 percent of all covered employment statewide.

The financial activities industry includes businesses in credit intermediation, real estate, insurance, securities, funds and trust management, rental and leasing services, and lessors of non-financial intangible assets.

The sector with the most employment in the finance industry is credit intermediation and related activities (28,760 jobs). This includes local banks, credit unions, mortgage brokers, and check cashing services. The sector occupation with the highest average wage in Oregon is securities, commodity contracts, and investments at $116,619 annually.

Impact of the recession: The financial industry has made cuts since the recession began in December 2007. The industry's height of employment was 107,900 in July 2007. Since then, employment within the financial activities sector dropped by over 13,000 jobs.

You can also find out about the financial industry's relationship to the housing market, the FDIC, and much more in the full article. It is brought to you by Shawna Sykes, our Workforce Analyst serving Clatsop, Columbia, and Tillamook Counties. ( (503) 397-4995 ext. 232)

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