Finance, Insurance,
Real Estate and Leasing Industry
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October 2010 |
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The industry employed about 111,700 people in 2008
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Average annual employment growth rate in the industry
between 2009 and 2013 is expected to be 2.1%
Profile
Businesses
in this industry manage or exchange funds, property or other assets. This includes
banks, credit unions, mortgage and loan brokers, securities dealers, insurance
agencies, pension fund managers, property managers and auto rental firms.
Occupations
in the industry include financial analysts, insurance adjusters, real estate
agents, financial planners, patent and trademark specialists and building
superintendents.
Performance
and outlook
The
industry’s share of overall economic activity in Alberta has grown since 1999,
accounting for 15.6 per cent of provincial gross domestic product (GDP) in
2008. Its share of total employment dropped slightly over the same period.
Between
2007 and 2008, employment in the industry grew almost 12 per cent. Employment
continued to grow into the early months of 2009, but at a significantly slower
pace.
Because
the industry is largely built around servicing the transaction and financing
needs of the energy sector, the economic downturn has seriously affected the
industry’s short-term prospects for growth. Weakness in construction activity
may also have serious consequences for the industry, particularly in the areas
of mortgage lending and project financing. As long as the global economy
continues to recover, global energy demand should rebound in 2010, spurring
investment in Alberta.
Below
average demand is expected for finance and insurance clerks, insurance and real
estate sales and buyers, and managers in finance and business services.
Approximately
12,200 jobs will be created in the industry by 2013.
For
more information see Alberta Career and Industry Outlook or Alberta Industry
Profiles.
Occupations in the Industry
For a list of occupations and related occupations in this industry, see
OCCinfo Search by Industry: Finance, Insurance and Real Estate page.
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