Finance and Insurance
Employment Growth
State vs Nationwide Average: 2010-2022 and 2022
Finance and Insurance
Employment Growth
U.S.:
2010-2022 = 2.53%
2022 = 7.91%
Borrowing from an approach that sometimes appears in the finance sections of the popular press, LSGL analysis is a handy and versatile way to compare, portray and classify the patterns of finance and insurance employment growth across all 51 states. In finance, this technique is used for comparing and assessing the market performance of individual securities or across industry sectors. For example, the performance of the 30 stocks contained within Dow are compared with one another over the past week in contrast to their performance over the past month using the Dow's respective averages as the points of reference.
Here in this United States Regional Economic Analysis Project report, we adopt this approach to gauge and compare the finance and insurance employment growth of all 51 states over the latest available year (2022) against the backdrop of their growth over the long term period (2010-2022). In so doing we classify their growth and performance into 4 broad categories: Leading, Slipping, Gaining and Lagging.
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Finance and Insurance
Employment Growth
State vs Nationwide Average: 2010-2022 and 2022
Finance and Insurance
Employment Growth
U.S.:
2010-2022 = 2.53%
2022 = 7.91%
This figure displays the 51 states of the United States as dots on a scattergram, with the vertical axis representing the average annual finance and insurance employment growth rate over the long-term period (2010-2022), and the horizontal axis representing the finance and insurance employment growth rate for the near-term (2022).
This figure sets apart those states whose long-term finance and insurance employment growth exceeded the nationwide average of 2.53%, by portraying them in the top two quadrants demarcated at 2.53% on the vertical axis. State whose long-term average annual finance and insurance employment growth rate trailed the nationwide average (2.53%) are distributed in the bottom two quadrants. In all, 16 states surpassed the nationwide average over 2010-2022, while 35 states fell below.
Similarly, the two quadrants on the right of this figure present the positions of the 19 states whose most recent (2022) finance and insurance employment growth rate exceeded the nationwide average (7.91%). The two quadrants on the left feature those 32 states whose finance and insurance employment growth over 2022 trailed the nationwide average.
Accordingly, each quadrant portrays the performance of all 51 states corresponding with their long-term (2010-2022) and near-term (2022) performance relative to their respective nationwide averages of 2.53% over 2010-2022 and 7.91% over 2022:
Leading states () (top-right quadrant)...are states whose average annual finance and insurance employment growth rate surpassed the nationwide average both long-term (2.53%) and near-term (7.91%).
Slipping states () (top-left quadrant)...are states whose long-term average annual finance and insurance employment growth rate exceeded the nationwide average (2.53%), but whose near-term growth has "slipped" by falling below the the United States average (7.91%).
Gaining states () (bottom-right quadrant)...are states whose long-term average annual finance and insurance employment growth rate fell below the nationwide average (2.53%), but whose near-term growth has "gained" by registering above the average (7.91%) nationwide.
Lagging states () (bottom-left quadrant)...are states whose average annual finance and insurance employment growth rate fell under the nationwide average both long-term (2.53%) and near-term (7.91%).
   
 
Summary of United States' 51 State Totals
 
Short Term Average
 
 
Below
(7.91%)
Above
(7.91%)
 
Long
Term
Average
Above
(2.53%)
4
12
16
Below
(2.53%)
28
7
35
 
32
19
51
 
   
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Leading States
2022 vs. 2010-2022 Averages
Leading States
white dot
U.S.:
2010-2022 = 2.53%
2022 = 7.91%
Turning attention to the top-right quadrant from the discussion above, this figure features the distribution of the United States states classified as Leading. These states surpassed the United States' average annual finance and insurance employment growth both long-term (2010-2022 = 2.53%) as well as near-term (2022 = 7.91%). Each is identified by its corresponding ranking based on it's average annual finance and insurance employment growth rate over 2010-2022.
Of the United States' 51 states, 12 (24%) are classified within the Leading () category. Those states ranked by their long-term average include:
Page 4 of 9
Slipping States
2022 vs. 2010-2022 Averages
Slipping States
U.S.:
2010-2022 = 2.53%
2022 = 7.91%
This figure depicts the distribution of the 4 United States states classified as Slipping (top-left quadrant), in that their long-term average annual finance and insurance employment growth rate outpaced the average nationwide (2010-2022 = 2.53%), while they trailed the nationwide average near-term (2022 = 7.91%). Again, each state is identified by it's corresponding ranking based on its average annual finance and insurance employment growth rate over 2010-2022.
Only 4 (8%) of the United States' 51 states are classified as Slipping (). Those states ranked by their long-term average include:
Page 5 of 9
Gaining States
2022 vs. 2010-2022 Averages
Gaining States
white dot
U.S.:
2010-2022 = 2.53%
2022 = 7.91%
This figure shows the distribution of the 7 United States states classified as Gaining (bottom-right quadrant), in that their long-term average annual finance and insurance employment growth rate posted below the average nationwide (2010-2022 = 2.53%), while they outpaced the United States' average near-term (2022 = 7.91%). Again, each state is identified by its corresponding ranking based on its average annual finance and insurance employment growth rate over 2010-2022.
Of the United States' 51 states, only 14% (7) are featured as Gaining (). Those states ranked by their long-term average include:
Page 6 of 9
Lagging States
2022 vs. 2010-2022 Averages
Lagging States
white dot
U.S.:
2010-2022 = 2.53%
2022 = 7.91%
This figure depicts the distributions of the 28 United States states classified as Lagging (bottom-left quadrant). These states trailed the nationwide average annual finance and insurance employment growth both long-term (2010-2022 = 2.53%) as well as near-term (2022 = 7.91%). Again, each state is identified by its corresponding ranking based on it's average annual finance and insurance employment growth rate over 2010-2022.
55% of the United States' states, 28 of 51, are characterized here as Lagging (). Those states ranked by their long-term average include:
Page 7 of 9
   
 
United States
Finance and Insurance Employment Growth
State vs. Nationwide Average
 
2010-2022
 
2022
 
 
Leading States
 
11
2.87
 
14
8.49
282,960
 
10
3.08
 
19
8.15
76,624
 
6
3.32
 
3
10.46
34,760
 
2
4.59
 
4
10.33
1,038,373
 
7
3.20
 
10
8.93
380,470
 
8
3.11
 
7
9.50
57,109
 
14
2.66
 
2
11.90
122,182
 
16
2.56
 
9
9.07
1,129,778
 
4
3.72
 
11
8.75
370,626
 
13
2.76
 
5
9.94
149,595
 
3
4.22
 
6
9.80
1,422,491
 
1
7.03
 
1
12.43
35,536
Slipping States
 
5
3.45
 
45
5.08
309,879
 
12
2.79
 
20
7.73
235,111
 
9
3.08
 
24
7.27
174,506
 
15
2.66
 
22
7.61
275,590
Gaining States
 
17
2.42
 
17
8.22
77,180
 
49
1.01
 
16
8.32
224,143
 
22
2.08
 
13
8.60
129,595
 
36
1.52
 
15
8.45
67,628
 
21
2.09
 
8
9.19
33,540
 
23
2.06
 
18
8.21
427,219
 
20
2.18
 
12
8.74
127,727
Lagging States
 
27
1.95
 
26
7.22
135,312
 
48
1.03
 
33
6.81
13,062
 
19
2.19
 
21
7.69
1,318,004
 
42
1.25
 
39
6.00
35,782
 
38
1.40
 
32
6.90
586,256
 
29
1.76
 
29
7.09
182,354
 
41
1.27
 
51
3.80
148,523
 
30
1.74
 
42
5.33
116,460
 
35
1.62
 
49
4.41
122,273
 
47
1.07
 
41
5.84
38,766
 
39
1.38
 
31
6.90
197,294
 
26
1.95
 
28
7.13
338,922
 
18
2.29
 
43
5.24
306,946
 
37
1.41
 
47
4.67
246,485
 
25
2.02
 
23
7.44
236,768
 
40
1.32
 
50
3.97
92,885
 
33
1.70
 
38
6.37
51,078
 
45
1.12
 
30
7.07
41,302
 
34
1.67
 
48
4.42
30,381
 
28
1.91
 
34
6.78
412,030
 
44
1.15
 
46
5.05
108,772
 
32
1.71
 
37
6.37
482,704
 
31
1.74
 
36
6.68
42,642
 
46
1.08
 
44
5.18
45,206
 
43
1.20
 
27
7.16
16,665
 
24
2.04
 
25
7.24
211,247
 
51
0.23
 
40
5.98
29,259
 
50
0.96
 
35
6.72
212,300
 
 
 
 
 
 
 
 
 
2.53
 
7.91
12,982,300
November 2023
REAP_PI_SA1500N_511000_LSGL
 
   
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