New England is home to 375,460 direct jobs in the financial services industry, which totals the 7th most of any industry in New England. The insurance sector is the largest at 175,870 jobs, followed by banking with 146,570 jobs and asset management with 53,020 jobs. In addition, the industry also supported 247,050 indirect and 390,020 induced jobs, equaling a total contribution of 1,012,510 jobs, greater than 10% of total regional employment. Furthermore, the report finds that the financial services industry accounts for 15.0% of the New England economy’s GDP and 13.7% of total output, providing a large tax base for state and local government income, wage and property taxes.
Within the banking sector, the study found that in 2015:
- New England's 3,951 bank branches and 1,200 credit union branches held a combined $643 billion in deposits in 2015.
- Banks in New England originated more than $133 billion in residential mortgages and home loans, and supported small businesses in the economy with $11.7 billion in small business loans.
- New England credit unions originated nearly $23 billion in first mortgage loans in 2015.
- New England credit unions are key drivers of growth for small businesses, with more than $1 billion in small business loans originated in 2015 and approximately $3.5 billion in small business loans outstanding.
- New England credit unions spent an estimated $543 million on small business-related goods and services in 2015.
Download the 41 page report here.
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