FIRE reported the second largest increase in employment over last quarter rising by 2812 employees for a 2.4% quarterly gain. All sectors of the industry increased. The Real Estate (65) sector registered the largest gain up 890 employees. Increases in this category are fairly typical for this time of year due to seasonal hiring by property management companies dealing with ski area properties. Banking (60) reported the second largest increase up 549 employees. Gains were strongest in Commercial Banks with about half of the employment coming from SIC changes. Insurance Carriers (63) added 490 employees. Expansions by a number of large firms in Hospital & Medical Service Plans (632) constituted the majority of the gain. Holding & Investments (67) was the only sector to lose employment dropping by 16 employees. Gains in investment offices were offset by cutbacks and closures in holding companies.
FIRE grew 6.8% over first quarter a year ago adding 7590 employees. Insurance Carriers (63) up 2080 employees incurred the largest annual sector increase. Within Insurance Carriers, Hospital & Medical Service Plans had the largest growth adding a little over 900 employees. Banking (60) gained 1243 employees. Commercial Banks (602) generated the greatest increase up 677, with over 200 the result of SIC changes. Functions Related to Depository Banking (609) which contains electronic funds transfer agencies, clearing houses and check cashing agencies rose by 331 employees. Credit Agencies (61) reported the next largest increase up 1092 employees. Growth was disbursed with 511 new workers in Mortgage Banking (616), 350 in Personal Credit (614) and 241 in Business Credit (615). Real Estate (65) added 1111 employees. The majority of employment occurred in Real Estate Agents & Managers (653) outside the metro area.
1996 SIC CHANGES
FIRE gained approximately 1318 employees and a quarterly payroll of $10,489,828 due to reclassification.
Colorado Employment and Wages (ES202) First Quarter 1997