MAINEBIZ: Financial services account for 7.2% of Maine jobs
As originally appearing in MaineBiz

BY LORI VALIGRA

Maine ranks fourth among New England states in the financial services industry’s employment impact, with the sector accounting for 9.2% of total wages and 8.9% of the state’s gross domestic product in 2015, a new report found.

The report found that Maine employed a total of 58,760 in the industry, 23,990 of them direct and the remainder in a combination of indirect and induced employment. That compares to 375,640 direct financial services jobs in all of New England, ranking it seventh among all industries in the region.

The report, released Jan. 31 by Boston-based The New England Council, is entitled, “The New England Financial Services Industry: Around the Corner and Around the World.” The council counts among its members businesses, hospitals and even cities, including Portland, throughout New England.

“I wonder how many people in Maine, and in New England, know this is such a strong industry,” James Brett, president and CEO of the council, told Mainebiz in an interview from his Boston office. “The salaries are very attractive.”

The study shows that the average wage across all industries statewide in Maine is $46,253, whereas the average banking wage is $77,531, asset management is $129,847 and insurance is $85,314.

“I don’t know why more people aren’t going into these industries,” Brett said.

The insurance sector contributed most of the jobs in the sector New England-wide, 175,870, followed by banking with 146,570 and asset management with 53,020. The financial services industry in Maine had direct employment of 11,198 in banking, 753 in asset management and 12,042 in insurance.

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