Employment in FIRE rose 1.9% over last quarter adding 2324 employees. The largest sector increase occurred in Real Estate (65) up 569 employees. Growth was seasonal due to staffing for summer property maintenance and swimming pool operations. Banking (60) added 424 employees and Credit Agencies (61) added 416 employees. Increases in Banking were strongest in Commercial Banks (602) and Functions Related to Depository Banking (609). Functions Related to Depository Banking includes check cashing offices, money order and electronic funds transfer facilities. Gains in Credit Agencies resulted primarily from service expansions in mortgage bankers and brokers. Low interest rates have continued to positively influence this subsector. Insurance Agents (64) grew by 376 and Insurance Carriers (63) 358. Security & Commodity (62) added 191 workers. Holding & Investments (67) was the only sector to decline over the quarter dropping by 10 employees.
ANNUAL
Aided by the strong economy FIRE has been reporting some of its best growth figures in many years. Employment in FIRE grew 7.7% gaining 8927 employees over the same period a year ago. The Insurance Carriers (63) sector, up 2052 employees incurred the largest growth due to expansions by HMO’s and companies involved in fire, marine, casualty and automobile insurance. Staff relocation for a New York firm overseeing pension funds also added to the sector gain. Banking (60) had the second largest sector gain up 1658 employees. National Commercial Banks (6021) added more than 1100 employees with about 400 of that from SIC changes. Service expansions added 422 to Functions Related to Depository Banking (609). Credit Agencies (61) the third largest increasing sector added 1586 employees. Almost one half of the increase occurred in Mortgage Bankers & Brokers (616) owing to low interest rates and the subsequent high demand for refinancing and new home purchases.
Colorado Employment and Wages (ES202) Third Quarter 1997
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