FINANCE, INSURANCE & REAL ESTATE

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(60 - 67)

Employment change from last quarter	+ 0.6
Employment change from year ago	+ 6.6
Wage change from year ago	+18.4

QUARTERLY

Quarterly activity for the FIRE industry was slow adding only 767 employees for a gain of 0.6%. This is the smallest increase reported since fourth quarter 1995. All sectors except Real Estate (65) reported employment advances. The strongest advance was registered in Credit Agencies (61) up 547. The addition of new businesses and service expansions undertaken by existing businesses in mortgage bankers and brokers generated most of the gain. Insurance Carriers (63) had the second largest gain up 331 employees. Half of the increase was due to growth in Title Insurance. Sustained low mortgage rates have encouraged many to refinance existing loans or purchase new homes thereby increasing employment demand in the mortgage brokering and title insurance arena. The addition of about 100 occurred in Life Insurance as a few employers added to their staff. The transfer of employees to Colorado from the East Coast by a firm involved in managing a retirement fund helped escalate employment in Pension, Health & Welfare Funds which rose by 53. Real Estate seasonally fell by 569. Decreases in staff conducting outdoor maintenance activities for property development and management created the decline.
ANNUAL

Annually, FIRE employment grew 6.6% and added 8271 employees. Credit Agencies (61) reported the largest over-the-year change gaining 2589. More than 90% of the gain occurred because of expansions in mortgage banking and brokering due to low mortgage rates. Insurance Carriers (63) added 2545 employees. Expansions in Fire, Marine & Casualty Insurance accounted for almost 800 of the increase with all of it occurring along the Front Range. Title insurance added 750 to the sector. The move of a large company to Colorado contributed significantly to the addition of almost 300 in Pension, Health & Welfare Funds also found in Insurance Carriers. Establishment involved in life insurance grew by 334. Over the year Holding & Investments (67) added 679 employees. Expansions by two large investment managing companies and reporting changes adding employment to the holding branch of a large firm in TCPU generated the sector growth. Employment in Security & Commodity (62) rose by 629. Expansions of service by general investment brokerages generated the addition of 460 employees. Establishments providing investment advice and managing mutual funds added 275.

Colorado Employment and Wages (ES202) Fourth Quarter 1998