Employment in FIRE continued to climb, up 1.4% or 1757 workers. Sector activity was mixed over the quarter with Insurance Carriers (63) reporting the largest increase, up 870. All subsectors of Insurance Carriers reported employment gains and experienced expansions. Particularly strong were increases in Fire, Marine & Casualty Insurance and Hospital & Medical Service Plans, as established companies enlarged staff. Real Estate (65) added 735 employees, the second largest sector gain. Gains were seasonal and the result of extra staffing to accommodate increased demand on rental properties in the ski areas. Continued low mortgages and a healthy economy contributed to the expansion of employment in mortgage banking pushing employment in Credit Agencies (61) up 457. Insurance Agents (64) lost 249 employees over the quarter. Most of the decline occurred in Metro Denver and better than half of the loss can be attributed to a layoff in one Jefferson County firm. Banking (60) declined by 207 employees. Commercial Banks reflected a drop of 317 employees. Losses were offset by SIC changes into functions related to depository banking adding 129. Losses in Commercial Banks were superficial as fourth quarter data was overstated by a major banking employer.
ANNUAL
FIRE added 8314 employees for an annual gain of 7%. Insurance Carriers (63) with 2353 new employees encountered the largest sector increase over the year. Expansions by existing companies and the introduction of a couple of new companies in Fire, Marine & Casualty Insurance made up 655 of the gain. Expansions in Hospital & Medical Service Plans added another 721 to the sector. Credit Agencies (61) added 1989 employees annually. More than two thirds of the increase occurred due to heavy demand for refinancing and financing causing labor expansions in the mortgage banking arena. Employment in Banking (60) grew by 1009. Both national and state chartered banks expanded, as did companies involved in performing banking related functions. Functions related to banking include check cashing, travelers’ check issuance and electronic funds transfer services. Security & Commodity (62) grew by 983. Security brokers and dealers added 784 employees with growth occurring yearlong. Businesses providing investment advice and furnishing services to security and commodity holders added another 263 employees. Staff expansions in firms providing services such as condominium, and real estate management and apartment building operators contributed to the addition of 973 in Real Estate (65).
1997 SIC CHANGES
FIRE gained approximately 161 employees and $359,452 in quarterly payroll as a result of reclassification.
Colorado Employment and Wages (ES202) First Quarter 1998
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