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A Profile of the Finance, Insurance, Real Estate and Leasing Sector in New Brunswick

January 2016

Funded by the Government of Canada and the Province of New Brunswick

through the Canada-New Brunswick Labour Market Development Agreement

Prepared by:

Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Current Business Environment . . . . . . . . . . . . . . . . . . . . . . . 3

GDP Snapshot . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Employment in New Brunswick . . . . . . . . . . . . . . . . . . . . . . . 4

Productivity and Business Size . . . . . . . . . . . . . . . . . . . . . . . 5

Human Resources Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Demographics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Top Occupations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Wage and Salary Information . . . . . . . . . . . . . . . . . . . . . . . . 7

Regional Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Employers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Business Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

GDP Forecast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Employment Forecast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Links for Additional Information . . . . . . . . . . . . . . . . . . . . . . 10

A Profile of the Finance, Insurance, Real Estate

and Leasing Sector in New Brunswick 1

Table of Contents Sector Definition For the purpose of this profile, the Finance, Insurance, Real

Estate, and Leasing Sector includes the following sectors:

Finance and Insurance - This sector consists of establishments

that are primarily engaged in financial transactions (that is,

transactions involving the creation, liquidation, or change in

ownership of financial assets) or in facilitating financial

transactions.

Real Estate and Rental and Leasing - This sector consists of

establishments that are primarily engaged in renting, leasing or

otherwise allowing the use of tangible or intangible assets.

Establishments primarily engaged in managing, selling, renting

and/or buying real estate for others are also included.

The scope of this profile includes North American Industry

Classification System (NAICS 2012) sectors 52 and 53.

Note: This profile includes data from a variety of sources, using different

methodologies that are subject to periodic and retroactive revisions. As a result,

data from one source may not match with data from other datasets. Information

about the sources and methodologies used are available upon request.

Finance, Insurance, Real Estate and Leasing Sector



Highlights

14,900 Employed in 2014, a 4.9% increase

in total employment since 2004

$4.79 Billion Real GDP

Associated with the Sector in 2014:

17.9% of NB’s real GDP

10.4% Higher Wages In 2014 compared to all other

industries in NB

Projected Growth 2015-2024

For both real GDP (+20.7%) and

Employment (+5.1%)

Customer services

representatives

(financial institutions) Most common occupation in the

Sector in 2014

56% Female Percentage of those employed in the

Sector who were female in 2014



2,500

3,500

4,500

5,500

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Millio

ns o

f D

ollars

Real GDP at Basic Prices for the Finance, Insurance, Real

Estate and Leasing Sector in New Brunswick1

(Chained 2007 Dollars)

Finance, Insurance, Real Estate and Leasing

17.9%

All Other Industries

82.1%

Proportion of Real GDP for the Finance,

Insurance, Real Estate and Leasing Sector

in New Brunswick: 20142

Current Business Environment

GDP Snapshot

• In 2007*, real gross domestic product (GDP)

associated with the Sector was $4.08 Billion

annually1– 15.8% of New Brunswick’s real GDP2

• By 2014, real GDP rose to $4.79 Billion1 – 17.9% of

New Brunswick’s real GDP2

*Data unavailable for 2004



70%

90%

110%

130%

150%

Monthly Employment in the Finance, Insurance,

Real Estate and Leasing Sector In New Brunswick

Relative to March 20125

(Seasonally Adjusted)

Employment in New Brunswick

0

5

10

15

20

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Th

ou

san

ds o

f P

eo

ple

Self-employed Public sector Private sector Total

Historical Employment Levels in the Finance, Insurance,

Real Estate and Leasing Sector in New Brunswick4

• 14,900 employed (91.9% full-time, 8.1% part-time)

• 4.2% of all employed in New Brunswick work in the Finance,

Insurance, Real Estate and Leasing Sector

• The highest level of employment is within the private sector

• 500 unemployed

• Unemployment rate:

• Finance, Insurance, Real Estate & Leasing Sector: 3.2%

• All Industries: 9.9%

Recent Trends (2012-2015)5

• Some variation in monthly employment figures over the past

three years:

• High – 17,200 (April 2012)

• Low – 13,900 (September 2014)

• Monthly employment has fluctuated slightly over the past

three years, although has been fairly stable since December

2012

*Data contains suppressed values. Due to this, the values for some data

points have been inferred.

2014 by the Numbers3,4

Productivity and Business Size



0

2

4

6

8

Th

ou

san

ds o

f P

eo

ple

Less than 20 employees 20 to 99 employees

100 to 500 employees More than 500 employees

Number of Employees by Employment

Size in the New Brunswick Finance, Insurance,

Real Estate and Leasing Sector8

18,000

24,000

30,000

36,000

Th

ou

san

ds o

f H

ou

rs

Total Hours Worked for All Jobs in the


Sector in New Brunswick6

• Total of 30,419,000 hours worked in 20137 for all jobs in the Sector in New Brunswick

• There has been a general upward trend for the number of hours worked in the Sector since 20047

• Labour Productivity1,6,7 (2013):

• A measure of productivity based on GDP per hour worked

• $54.30 output per hour of work in the Finance and Insurance Sector

• $162.40 output per hour of work in the Real Estate and Leasing Sector

• Compensation7 (2013):

• $981 Million per year for all jobs in the Sector

• $32.25 is the average hourly compensation in the Sector

• There has been some employment growth between 2004 and 20144,8:

• There has been a slight increase (+4.9%) in the number of jobs in the Sector

• Businesses with more than 500 employees experienced the greatest relative growth

Some New Brunswick Employers in the Finance, Insurance, Real

Estate and Leasing Sector 9

Assumption Life/Assomption Vie RBC Royal Bank

Blue Cross/Medavie RE/MAX

BMO Bank of Montreal Royal LePage Atlantic

National Bank of Canada The Co-Operators Life Insurance

50.7%

43.6%

49.3%

56.4%

0% 20% 40% 60% 80% 100%

All Industries


Male Female

Employment in the New Brunswick Finance, Insurance,

Real Estate and Leasing Sector by Gender: 20143

12.9% 5.3%

65.3% 69.3%

21.8% 25.3%

0%

20%

40%

60%

80%

All Industries Finance, Insurance, Real Estate and Leasing

Ages 15-24 Ages 25-54 Ages 55+

Employment in the New Brunswick Finance, Insurance,

Real Estate and Leasing Sector by Age: 20143



Human Resources Profile Demographics

2014 by the Numbers3

• In 2014, 15,400 people were part of the labour force in the Finance, Insurance, Real Estate and Leasing Sector in New

Brunswick:

• 6,700 men – 6,500 (or 97.0%) were employed

• 8,600 women – 8,400 (or 97.7%) were employed

• The age profile of those employed in the Sector is skewed

somewhat older, with a higher proportion of employees aged

25 and older and relatively few employees in the 15-24 age

range, compared to the New Brunswick average

• There was a somewhat higher proportion of females (56.4%), compared to males (43.6%), employed in the Sector in 2014



$20.82

$24.51

$22.99

$27.94

0 10 20 30 40

NB

Canada

Finance, Insurance, Real Estate and Leasing All industries

Average Hourly Wage Comparison in the New Brunswick

and Canadian Finance, Insurance, Real Estate and

Leasing Sector: 201411

Major Occupations in the New Brunswick Finance, Insurance, Real

Estate and Leasing Sector: 201410

Occupation NOC

Customer services representatives - financial institutions 6551

Insurance agents and brokers 6231

Other financial officers 1114

Financial sales representatives 6235

Banking, credit and other investment managers 0122

Average Hourly Wage Change in the New Brunswick and

Canadian Finance, Insurance, Real Estate and Leasing

Sector: 2004-201411

New Brunswick % Change

Finance, Insurance, Real Estate and Leasing +45.7%

All Industries +37.2%

Canada % Change

Finance, Insurance, Real Estate and Leasing +37.3%

All Industries +32.5%

Top Occupations10

• 40.1% of those working in the Sector are in one of

the five National Occupational Classification (NOC)

occupations listed to the right

• 1.7% of all people working in New Brunswick are

working in one of these five occupations

Wage and Salary Information11

• Wages in the Sector are higher than the average for

all industries in both New Brunswick (10.4%) and

Canada (14.0%)

• Wages for the Sector in New Brunswick are

noticeably lower than the national average for the

Sector; however, they have increased

(proportionally) more since 2004

*The average hourly compensation data that appears under the “Productivity

and Business Size” section is from Statistics Canada’s Systems of National

Accounts (2013). The average hourly wage data that appears in the chart

above comes from Statistics Canada’s Labour Force Survey (2014).



0 200 400 600

NE

SE

SW

C

NW

Unknown

Number of Employers in the New Brunswick


Sector by Economic Region: 201412

Northeast (NE) = 17.4%

Southeast (SE) = 28.5%

Southwest (SW) = 24.6%

Central (C) = 18.7%

Northwest (NW) = 10.8%

Employers12

• Regional distribution of the 1,758 Finance,

Insurance, Real Estate and Leasing

companies active in 2014:

Regional Highlights

Employees13

• Regional distribution of the 14,900 employed

in the Finance, Insurance, Real Estate and

Leasing Sector in 2014:

NE NW

C

SE

SW

Northeast (NE) = 10.7%

Southeast (SE) = 40.3%

Southwest (SW) = 28.2%

Central (C) = 16.1%

Northwest (NW) = 4.7%

0

2

4

6

8

2010 2011 2012 2013 2014

Th

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NE SE SW C NW

Number of Employees in the New Brunswick Finance, Insurance,

Real Estate and Leasing Sector by Economic Region13

Number of Employers in the New Brunswick Finance, Insurance, Real Estate and Leasing

Sector by Employment Size: 201412

Region 1-9 10-49 50-199 200+ Total

NE 228 63 4 0 295

SE 363 109 7 4 483

SW 315 92 7 3 417

C 239 70 3 4 316

NW 147 34 2 0 183

Unknown 45 16 3 0 64

TOTAL 1,337 384 26 11 1,758



4,000

4,500

5,000

5,500

6,000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Millio

ns o

f D

ollars

Forecasted Real Gross Domestic Product (GDP) in the

New Brunswick Finance, Insurance, Real Estate and

Leasing Sector10

13,000

14,000

15,000

16,000

17,000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Forecasted Employment in the New Brunswick

Finance, Insurance, Real Estate and Leasing Sector10

-200

0

200

400

600

800

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Openings due to Attrition Job Growth Total Job Openings

Forecasted Job Openings in the New Brunswick

Finance, Insurance, Real Estate and Leasing Sector10

Business Outlook

GDP Forecast10

• In 2015, real GDP associated with the Sector is forecasted to

be $4.79 Billion

• It is forecasted that in 2024, real GDP will rise to $5.78 Billion

– a 20.7% increase from 2015

Employment Forecast10

• In 2015, 14,821 individuals are forecasted to work in the Sector, representing 4.2% of total New Brunswick employment

• It is forecasted that in 2024, 15,583 individuals will work in the Sector, representing 4.2% of total New Brunswick employment

• With annual attrition (deaths and retirements) expected to remain very stable from 2015 to 2024, total job openings will

fluctuate with job growth in the Sector

1Statistics Canada, CANSIM, Table 379-0030 2Statistics Canada, CANSIM, Table 379-0028 3Statistics Canada, CANSIM, Table 282-0008 4Statistics Canada, CANSIM, Table 282-0012 5Statistics Canada, CANSIM, Table 282-0088 6Statistics Canada, CANSIM, Table 383-0031 7Statistics Canada, CANSIM, Table 383-0029

8Statistics Canada, CANSIM, Table 282-0076 9InfoCanada, Canadian Company Capabilities 10The New Brunswick Department of Post-Secondary Education, Training and Labour 11Statistics Canada, CANSIM, Table 282-0072 12Statistical Registers and Geography Division, Statistics Canada – Special Run 13Statistics Canada, CANSIM, Table 282-0125

• Association for Financial Professionals

• Association of Canadian Financial Officers

• Canadian Association of Financial Institutions in Insurance

• Canadian Bankers Association

• Canadian Life and Health Insurance Association

• Canadian Real Estate Association

• Financial Advisors Association of Canada

• Insurance Brokers Association of Canada

• Insurance Brokers Association of New Brunswick

• Insurance Bureau of Canada

• New Brunswick Insurance Board

• New Brunswick Real Estate Association



• Department of Finance - New Brunswick

• NBjobs.ca

• Labour Market Information

• Sector Definitions - North American Industry Classification System, 2012 (NAICS)

• Classification of Occupations - National Occupational Classification, 2011 (NOC)

Links for Additional Information Government Sources

Finance and Insurance and Related Associations

For Additional Information Contact:

New Brunswick Department of Post-Secondary

Education, Training and Labour

[email protected]

506-453-2597

Data Sources

http://www5.statcan.gc.ca/cansim/a26?lang=eng&retrLang=eng&id=3790030&&pattern=&stByVal=1&p1=1&p2=-1&tabMode=dataTable&csid=








http://infogroup.infocanada.ca/


http://www.statcan.gc.ca/

http://www2.gnb.ca/content/gnb/en/departments/post-secondary_education_training_and_labour.html

http://www.ic.gc.ca/eic/site/ccc-rec.nsf/eng/home


http://www.afponline.org/

http://www.acfo-acaf.com/

http://www.cafii.com/

http://www.cba.ca/

http://www.clhia.ca/

http://www.nbinsurancebrokers.ca/

http://www.crea.ca/

http://www.advocis.ca/

http://www.ibac.ca/

http://www.ibc.ca/

http://www.nbib-canb.org/

http://www.nbrea.ca/

http://www2.gnb.ca/content/gnb/en/departments/post-secondary_education_training_and_labour/People/content/LabourMarketInfo.html

http://www.nbjobs.ca/

http://www23.statcan.gc.ca/imdb/p3VD.pl?Function=getVD&TVD=122372

http://www23.statcan.gc.ca/imdb/p3VD.pl?Function=getVD&TVD=118464

http://www2.gnb.ca/content/gnb/en/departments/finance.html

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