The insurance and financial sector in the Lansing area continues to be one of the area’s largest and best-paying.
In2006, finance and insurance industries employed 14,900 people in the Capital region. From 2000 to 2006, growth in the region's finance and insurance industries (13.2 percent) outpaced national financial services growth (8.9 percent) by roughly five percent, according to the "Dollars & Sense: Investing in theInsurance and Financial Services Workforce,” a report released by Capital Area Michigan Works! and the Lansing Economic Area Partnership (LEAP).
“It’s on par with state government, university education and auto manufacturing,” says Bob Sherer with the Capital Area Manufacturing Council about financial sector as a Capital-area job provider.
The financial and insurance sector in the Lansing area leads every other metropolitan area in the state in terms of total jobs (6.8 percent).Statewide, just 5.8 percent of jobs are in these two industries.
“The growth we saw with the finance and insurance was truly unique to the Capital area,” says Mark Reffitt with the Michigan Department of Labor and Economic Growth (MDLEG).
From 2000 to 2006, these two industries combined grew by 13.2 percent in the region, and they’re projected to grow by 15 percent by 2014. Health care was the only industry that outpaced the financial sector in terms of growth from 2000 to 2006. During that same period, the health care sector in the Lansing area grew by 19.6 percent.
Source: Kate Tykocki, Capital Area Michigan Works!
Ivy Hughes, development news editor, can be reached here.
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