Industry Focus: Finance, Insurance, Real Estate, Rental and Leasing

Posted in News, Industry Focus

Industry Focus: Finance, Insurance, Real Estate, Rental and Leasing

Much of NWPB’s work focuses on the state of the labour force and related indicators throughout Niagara. Given this, NWPB will be featuring monthly blog posts highlighting information about industries in Niagara. With tax season upon us, the focus for this month is finance, insurance, real estate, rental and leasing. Employment data for industries are obtained from the Labour Force Survey, which focuses on the St. Catharines-Niagara Census Metropolitan Area (CMA). As a result, these data do not include Grimsby or West Lincoln. For additional information on employment in Grimsby and West Lincoln please review our municipal snapshot documents.

Results from the Labour Force Survey indicate that approximately 9,200 individuals residing in Niagara were employed in finance, insurance, real estate, rental and leasing throughout 2018. This puts finance, insurance, real estate, rental and leasing as the 9th largest source of employment for Niagara residents.

Figure 1 shows the number of employed individuals in finance, insurance, real estate, rental and leasing. Although this industry saw an employment dip in 2015, it has since rebounded, showing an increase of 1,500 people reporting employment since 2015.

Figure 1. Historical Employment in Finance, Insurance, Real Estate, Rental and Leasing, 2014-2018, St. Catharines-Niagara CMA

Figure 1. Historical Employment in Finance, Insurance, Real Estate, Rental and Leasing, 2014-2018, St. Catharines-Niagara CMA

Source: Statistics Canada. Table 14-10-0098-01 Employment by industry, annual, census metropolitan areas

Figure 2 shows the percentage of Niagara’s employed residents that work in this sector.

Figure 2. Percentage of all Employment That Finance, Insurance, Real Estate, Rental and Leasing Represents, 2014-2018, St. Catharines-Niagara CMA

Figure 2. Percentage of all Employment That Finance, Insurance, Real Estate, Rental and Leasing Represents, 2014-2018, St. Catharines-Niagara CMA

Source: Statistics Canada. Table 14-10-0098-01 Employment by industry, annual, census metropolitan areas

While data from Statistics Canada report on the number of people living in Niagara who work within a given industry, regardless of where they work, data from Table 1 provide a count of the number of jobs within Niagara in finance, insurance, real estate, rental and leasing. Here, the data are based on the Niagara region and include all 12 local municipalities.  Table 1 outlines the number of jobs and average wages per job in finance, insurance, real estate, rental and leasing between 2013 and 2017. Overall, the number of jobs between 2013 and 2017 in Niagara increased by 9.4%, or 687 jobs.


Table 1. Number of Jobs and Average Wages per Job in Finance, Insurance, Real Estate, Rental and Leasing, 2013-2017, Niagara  

Industry 2013 Jobs 2014 Jobs 2015 Jobs 2016 Jobs 2017 Jobs Avg. Wages Per Job
Finance and insurance 4,862 5,027 4,982 4,961 5,020 $47,182
Real estate and rental and leasing 2,474 2,730 3,040 3,013 3,003 $35,450
Total 7,336 7,758 8,022 7,974 8,023 $42,790

Source: EMSI Analyst, 2018.1, employees

Table 2 dives deeper into the finance, insurance, real estate, rental and leasing industry to provide an outline of the most common occupations within the industry.


Table 2. Top Occupations within the Finance, Insurance, Real Estate, Rental and Leasing Industry, 2017, Niagara

Occupation Employed in Industry (2017) % of Total Jobs in Industry (2017) Median Hourly Wages
Customer services representatives - financial institutions 958 11.9% $16.59
Other financial officers 714 8.9% $30.18
Banking, credit and other investment managers 478 6.0% $48.13
Janitors, caretakers and building superintendents 361 4.5% $17.20
Insurance agents and brokers 334 4.2% $24.30
Banking, insurance and other financial clerks 314 3.9% $20.43
Financial sales representatives 298 3.7% $23.28
Property administrators 279 3.5% $21.93
Real estate agents and salespersons 226 2.8% $21.08
Financial and investment analysts 197 2.5% $30.94

Source: EMSI Analyst, 2018.1, employees

Want to know more about in-demand jobs in finance, insurance, real estate, rental and leasing? Contact us.