FINANCE, INSURANCE & REAL ESTATE

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(60 - 67)

Employment change from last quarter	+ 0.8
Employment change from year ago	+ 6.0
Wage change from year ago	+14.2

QUARTERLY

FIRE industry employment grew by 1102 over the quarter for a gain of 0.8%. Insurance Carriers (63) reported the largest increase, up 501. The two subsectors supporting the increase were Insurance Carriers Not Elsewhere Classified up 375 and Pension, Health & Welfare Funds up 277. Gains in Insurance Carriers resulted from SIC changes from Insurance Agents covering about 330. Gains in Pension, Health & Welfare Funds developed from SIC changes of 200 with one employer from Services adding 150. The continued relocation by a large firm also contributed to the increase. Real Estate (65) incurred the second largest sector gain adding 331 employees. Typically this sector seasonally increases as property management staff are hired to facilitate ski area housing rentals. Seasonal growth appears to be less than usual due to SIC changes moving 300 out of the sector. Credit Agencies (61) grew by 245 employees. Almost 500 were added due to SIC changes. One company of about 150 was moved from Wholesale and another with 180 employees moved from Services. Small cutbacks by a number of firms negated some of the increase anticipated by the SIC changes. Insurance Agents (64) suffered the only loss down 843. SIC changes covered 994 with one firm of 970 employees moved to Services.
ANNUAL

Annually, FIRE gained 7616 employees expanding at a rate of 6.0%. Over the year Credit Agencies (61) showed the largest sector increase adding 2377. Most of the increase was reported in mortgage banking, the result of increased staffing tied to high demand during this period of low mortgage rates. Insurance Carriers (63) reported continued high annual employment growth, up 2176. Title Insurance, also impacted by low mortgage rates, had the largest subsector gain, up 746. Pension, Health & Welfare Funds incurred the second highest subsector gain adding 472. About half of the growth was tied to SIC changes and the remainder from yearlong expansions. Expansions in real estate management and operators and lessors constituted most of the gain of 966 in Real Estate (65). Holding & Investments (67) added 957 employees. Half of the gain occurred in holding offices as a result of reporting changes instituted by a large corporation. Formerly employees had been reported in operations within TCPU. Increased hiring by two large management investment firms accounted for most of the remaining increases. The only annual loss occurred in Insurance Agents (64), which dropped by 579 employees due to SIC changes.

1998 SIC CHANGES

FIRE lost approximately 545 employees and gained $1,816 418 in quarterly payroll as a result of reclassification.

Colorado Employment and Wages (ES202) First Quarter 1999