Finance – MSP Sector Analysis 2019 Q2 – TC – May 2019
Sector employment growth slowed to an average of 1.5% in 2018 and 2019. Sector unemployment is approximately 2.5% or about 5,054 workers, with 6,191 job vacancies (DEED JVS). Over the next five years, we estimate that there will be nearly 120,000 job openings in this sector. Based on employer demand, the existing talent pool, and the local talent pipeline, we anticipate a talent shortage of 10,000 financial services professionals by the second quarter of 2024. Talent shortages in the financial sector pose a unique challenge due to high education and experience requirements for most positions.
Increasing Talent Mismatch, Employee Development Critical
Finance – MSP Sector Analysis 2017 Q4 – TC – May 2018
The metro is a national hub for finance, and it is in need of clear pathways to leadership roles. Sector employment growth has started to taper off, averaging 1.8% from 2015-2017 with 211,795 employed in finance roles as of Q4 of 2017. Sector unemployment remains low at 2.4%, or about 4,797 unemployed finance workers. The expected average annual rate of employment growth in Finance and Insurance dropped slightly to 0.5% over the next three years, with growing excess of workers for entry-level roles and increasing gaps in managers and senior positions.
The metro is a national hub for finance, and it is in need of clear pathways to leadership roles. Sector employment rose an average of 2% annually over three years, compared to 1.5% nationally, with 211,742 employed in finance roles in Q3 of 2017. Sector unemployment remains low at 2.5%, or about 5,178 unemployed finance workers. The Finance and Insurance Industry is expected to grow at a rate of 0.6% annually over the next three years in the metro in the tight labor market, with expected excess in entry-level roles and severe gaps in managers and senior positions.
Finance – MSP Sector Analysis 2017 Q3 – TC – February 2018