New England Council Releases State-by-State Financial Services Industry Analysis
New Resources Highlight Data from New Report on the Economic Impact of the Financial Services Industry
The New England Council is pleased to share new state-level analyses highlighting the economic impact of the financial services industry across all six New England states. These analyses are based on the Council’s recently released report, The New England Financial Services Industry: Driving Innovation and Growth in Our Region and Beyond, which explains how this vital sector supports jobs, fosters innovation, and contributes significantly to each state’s economy.
Below is a preview of key findings from each state.
- Connecticut: Connecticut’s economy is bolstered by its prominent leadership in insurance and asset management. Nearly 56,000 people are employed in insurance, surpassing the combined workforce in banking and asset management. Financial services account for 13% of all jobs in the state, over 238,000 positions, and contribute $37.6 billion in annual wages and $127.6 billion in total value-added. Read more here.
- Maine: Maine is the only New England state to experience an increase in banking employment over the past decade. Financial services account for 6% of total employment, approximately 44,900 jobs, and the sector adds $4.9 billion in wages and $14.5 billion in overall value to the state’s economy. Read more here.
- Massachusetts: Growth in asset management has offset declines in other financial service sectors, helping maintain the Commonwealth’s leadership position. Financial services support about 369,000 jobs, or 9% of all employment statewide. The industry contributes $60.3 billion in wages and $177.3 billion in economic output. Read more here.
- New Hampshire: New Hampshire’s financial services industry supports about 52,800 jobs, making up 7% of total employment. Wages in this sector are up to 152% higher than the state average, with total salaries reaching $6.9 billion and total value-added output at $20.4 billion. Read more here.
- Rhode Island: Rhode Island has the highest concentration of direct financial services employees in New England, supporting about 47,900 jobs, 9% of the state’s total employment. The financial sector adds $5.6 billion in wages and $17.0 billion in total value-added to the Ocean State’s economy. Read more here.
- Vermont: Vermont continues to lead the nation in captive insurance carriers and is also seeing growth in asset management. The financial services industry accounts for 6% of all jobs in the state, about 16,600 positions, and contributes $1.8 billion in wages and $5.5 billion in total value-added output. Read more here.
We hope these fact sheets will be a useful resource for Council members and policymakers alike.
For additional information on this report or the Council’s Financial Services Committee, please contact Natasha Silva at nsilva@newenglandcouncil.com.