Industry Statistics Sampler:
NAICS 52 Finance and insurance |
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See also 2002 Economic Census data. |
2002 Census | Hierarchy, 1997 | Definition | States | Census pubs | Annual+ data |
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Indus- try Detail |
NAICS code |
NAICS Title (and link to definition) |
Estab- lish- ments |
Revenue
($1,000) |
Annual payroll ($1,000) |
Paid employees |
|
---|---|---|---|---|---|---|---|
52 | Finance & insurance | 395,203 | 2,197,771,283 | 264,551,401 | 5,835,214 | ||
521 | Monetary authorities - central bank | 42 | 24,581,559 | 903,365 | 21,674 | ||
522 | Credit intermediation & related activities | 166,882 | 808,810,933 | 98,723,241 | 2,744,910 | ||
523 | Securities intermediation & related activities | 54,491 | 274,986,724 | 71,281,305 | 706,053 | ||
524 | Insurance carriers & related activities | 172,299 | 1,072,784,074 | 92,230,010 | 2,327,306 | ||
525 | Funds, trusts, & other financial vehicles (part) | 1,489 | 16,607,993 | 1,413,480 | 35,271 |
Table includes only establishments with payroll.
NAICS
Sector: 52 Finance and Insurance
.
The Finance and Insurance sector comprises establishments primarily
engaged in financial transactions (transactions involving the creation,
liquidation, or change in ownership of financial assets) and/or in
facilitating financial transactions. Three principal types of
activities are identified:
Raising funds by taking deposits and/or issuing securities and, in
the process, incurring liabilities. Establishments engaged in this
activity use raised funds to acquire financial assets by making loans
and/or purchasing securities. Putting themselves at risk, they channel
funds from lenders to borrowers and transform or repackage the funds
with respect to maturity, scale and risk. This activity is known as
financial intermediation.
Pooling of risk by underwriting insurance and annuities.
Establishments engaged in this activity collect fees, insurance
premiums, or annuity considerations; build up reserves; invest those
reserves; and make contractual payments. Fees are based on the expected
incidence of the insured risk and the expected return on investment.
Providing specialized services facilitating or supporting financial
intermediation, insurance, and employee benefit programs.
In addition, monetary authorities charged with monetary control are
included in this sector.
The subsectors, industry groups, and industries within the NAICS
Finance and Insurance sector are defined on the basis of their unique
production processes. As with all industries, the production processes
are distinguished by their use of specialized human resources and
specialized physical capital. In addition, the way in which these
establishments acquire and allocate financial capital, their source of
funds, and the use of those funds provides a third basis for
distinguishing characteristics of the production process. For instance,
the production process in raising funds through deposit-taking is
different from the process of raising funds in bond or money markets.
The process of making loans to individuals also requires different
production processes than does the creation of investment pools or the
underwriting of securities.
Most of the Finance and Insurance subsectors contain one or more
industry groups of (1) intermediaries with similar patterns of raising
and using funds and (2) establishments engaged in activities that
facilitate, or are otherwise related to, that type of financial or
insurance intermediation.
Industries within this sector are defined in terms of activities for
which a production process can be specified, and many of these
activities are not exclusive to a particular type of financial
institution. To deal with the varied activities taking place within
existing financial institutions, the approach is to split these
institutions into components performing specialized services. This
requires defining the units engaged in providing those services and
developing procedures that allow for their delineation. These units are
the equivalents for finance and insurance of the establishments defined
for other industries.
The output of many financial services, as well as the inputs and the
processes by which they are combined, cannot be observed at a single
location and can only be defined at a higher level of the
organizational structure of the enterprise. Additionally, a number of
independent activities that represent separate and distinct production
processes may take place at a single location belonging to a
multilocation financial firm. Activities are more likely to be
homogeneous with respect to production characteristics than are
locations, at least in financial services. The classification defines
activities broadly enough that it can be used both by those classifying
by location and by those employing a more top-down approach to the
delineation of the establishment.
Establishments engaged in activities that facilitate, or are otherwise
related to, the various types of intermediation have been included in
individual subsectors, rather than in a separate subsector dedicated to
services alone because these services are performed by intermediaries
as well as by specialist establishments and the extent to which the
activity of the intermediaries can be separately identified is not
clear.
The Finance and Insurance sector has been defined to encompass
establishments primarily engaged in financial transactions; that is,
transactions involving the creation, liquidation, or change in
ownership of financial assets or in facilitating financial
transactions. Financial industries are extensive users of electronic
means for facilitating the verification of financial balances,
authorizing transactions, transferring funds to and from transactors'
accounts, notifying banks (or credit card issuers) of the individual
transactions, and providing daily summaries. Since these transaction
processing activities are integral to the production of finance and
insurance services, establishments that principally provide a financial
transaction processing service are classified to this sector, rather
than to the data processing industry in the Information sector.
Legal entities that hold portfolios of assets on behalf of others are
significant and data on them are required for a variety of purposes.
Thus for NAICS, these funds, trusts, and other financial vehicles are
the fifth subsector of the Finance and Insurance sector. These entities
earn interest, dividends, and other property income, but have little or
no employment and no revenue from the sale of services. Separate
establishments and employees devoted to the management of funds are
classified in Industry Group 5239, Other Financial Investment
Activities.
For descriptions of column headings and rows (industries), click on the appropriate underlined element in the table.
Other Indus- tries |
State | Estab- lish- ments |
Revenue
($1,000) |
Revenue % of U.S. |
Annual payroll ($1,000) |
Paid employees |
|
---|---|---|---|---|---|---|---|
United States | 395,203 | 2,197,771,283 | 100.00 | 264,551,401 | 5,835,214 | ||
California | 40,503 | N | 29,660,235 | 618,971 | |||
New York | 24,691 | N | 52,522,202 | 611,857 | |||
Texas | 28,074 | N | 13,833,550 | 352,019 | |||
Illinois | 20,195 | N | 16,014,498 | 334,241 | |||
Florida | 24,785 | N | 11,928,267 | 317,250 | |||
Pennsylvania | 16,601 | N | 11,173,554 | 287,143 | |||
Ohio | 16,208 | N | 9,008,398 | 251,657 | |||
Massachusetts | 8,875 | N | 11,427,705 | 212,188 | |||
New Jersey | 10,567 | N | 10,519,883 | 208,318 | |||
Michigan | 12,249 | N | 6,598,853 | 181,898 | |||
Georgia | 11,668 | N | 6,005,306 | 153,755 | |||
North Carolina | 10,831 | N | 5,276,499 | 142,234 | |||
Virginia | 9,549 | N | 5,064,382 | 135,689 | |||
Wisconsin | 8,062 | N | 4,785,374 | 129,664 | |||
Minnesota | 7,969 | N | 5,390,498 | 124,827 | |||
Missouri | 8,738 | N | 4,474,409 | 122,082 | |||
Connecticut | 5,550 | N | 6,533,007 | 117,684 | |||
Indiana | 8,946 | N | 3,727,546 | 108,304 | |||
Maryland | 7,064 | N | 4,436,555 | 103,894 | |||
Tennessee | 8,345 | N | 3,650,415 | 102,124 | |||
Washington | 8,332 | N | 3,697,314 | 91,844 | |||
Colorado | 7,400 | N | 3,473,177 | 86,239 | |||
Arizona | 6,568 | N | 3,007,884 | 84,970 | |||
Iowa | 5,238 | N | 2,509,347 | 72,895 | |||
Alabama | 5,640 | N | 2,323,085 | 70,679 | |||
Louisiana | 6,968 | N | 2,143,846 | 66,707 | |||
Oregon | 5,172 | N | 2,317,198 | 63,386 | |||
Kentucky | 5,373 | N | 1,859,987 | 60,241 | |||
South Carolina | 5,596 | N | 1,800,990 | 57,283 | |||
Oklahoma | 5,587 | N | 1,697,774 | 54,064 | |||
Kansas | 4,973 | N | 1,826,970 | 53,304 | |||
Nebraska | 3,369 | N | 1,576,152 | 50,003 | |||
Delaware | 1,619 | N | 1,942,066 | 44,780 | |||
Utah | 3,167 | N | 1,228,769 | 39,603 | |||
Mississippi | 4,059 | N | 979,750 | 33,400 | |||
Arkansas | 3,478 | N | 1,000,773 | 32,597 | |||
Nevada | 2,799 | N | 916,436 | 27,162 | |||
New Hampshire | 1,646 | N | 871,168 | 23,143 | |||
New Mexico | 2,453 | N | 662,326 | 22,936 | |||
Rhode Island | 1,250 | N | 812,898 | 22,920 | |||
Maine | 1,657 | N | 805,489 | 22,213 | |||
Hawaii | 1,573 | N | 775,139 | 21,757 | |||
West Virginia | 2,115 | N | 555,250 | 21,144 | |||
South Dakota | 1,612 | N | 508,340 | 18,869 | |||
District of Columbia | 908 | N | 1,318,725 | 16,481 | |||
Idaho | 1,919 | N | 454,903 | 14,583 | |||
Montana | 1,553 | N | 366,825 | 12,581 | |||
North Dakota | 1,364 | N | 335,992 | 11,790 | |||
Vermont | 897 | N | 328,259 | 9,228 | |||
Alaska | 666 | N | 253,728 | 6,728 | |||
Wyoming | 782 | N | 169,705 | 5,885 |
D = Withheld to avoid disclosure; N = Not available
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Source: 1997 Economic Census
Last revised: December 02 2004
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