Finance, Insurance, Real Estate and Leasing Industry

October 2010

· The industry employed about 111,700 people in 2008

· 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.