Financial Services Industry in Washington State has $58 Billion Economic Impact, New Study Says

 
 

We already knew that financial services were critical to our region. But here's a study that show just how important. Get the details from this press release from enterpriseSeattle, an organization dedication to attracting business to our region:

The financial services cluster in Washington State generated $27 billion in gross revenues in 2010 and employed over 131,000 workers with total wages of $7.5 billion according to a comprehensive study commissioned by enterpriseSeattle with support from the Washington Economic Development Commission, the Workforce Development Council of Seattle – King County, the City of Seattle and King County.

“The study was designed to benchmark the cluster and provide a foundation for future discussions to identify opportunities to support and grow the sector.”

The Washington State Financial Services Cluster Study conducted by Seattle-based research firm Community Attributes, which included interviews with more than 45 regional leaders in the financial services sector, sought to quantify the impact of the financial services industry in order to better understand and strengthen its contribution to the regional economy.

“The timing was right for this initiative in light of Russell Investments’ recent move to downtown Seattle and their interest in and commitment to supporting the growth of the Financial Services Cluster in the region,” said Jeff Marcell, President and CEO of enterpriseSeattle. “The study was designed to benchmark the cluster and provide a foundation for future discussions to identify opportunities to support and grow the sector.”

The group today released the key findings from the study at enterpriseSeattle’s Washington State Financial Services Summit in downtown Seattle. In addition to the report findings, the Summit also featured a panel discussion with industry executives Maud Daudon, President and CEO, Seattle-Northwest Securities Corporation; Andrew Doman, President and CEO, Russell Investments; James Jiambalvo, Dean and Kirby L. Cramer Chair of Business Administration, University of Washington Michael G. Foster School of Business; and Margaret Meister, Executive Vice President and CFO, Symetra Financial Corporation.

Key highlights from the study include:

  • The Financial Services Cluster spans six subsectors including: Accounting; Banking; Credit and Lending; Financial Investing; Insurance; and Public Finance.
  • The Financial Services Cluster also supports direct investment in Washington’s innovation economy. Strategic global funding partners, robust middle-market financing enterprises and a burgeoning venture capital community serve as the investment infrastructure that supports all stages of growth in leading industry clusters such as software, aerospace and global health.
  • Impacts of Washington’s Financial Services Cluster span the globe. Local asset management firms managed over $380 billion in national and international assets in 2010.
  • More than half of the jobs in the financial services sector are back-office jobs that are accessible by a broad range of skill sets; positions include office and administration support, information technology and business operations.

“This study provides rigorous data on the current significance of Washington’s financial services sector and its potential for increased growth,” said Andrew Doman, President and CEO of Russell Investments. “The financial services sector is a key area in which we have an opportunity to create high-value jobs in Washington state, and we look forward to collaborating with industry leaders, enterpriseSeattle and others on developing the cluster.”

About enterpriseSeattle:

enterpriseSeattle is a 40-year old public-private economic development partnership charged with the mission of building a competitive, world-class economy in King County and its 39 cities by retaining and expanding existing businesses and recruiting new businesses to the region. Funded through a combination of public and private investment, the organization is the first point of contact for site selection consultants and company analysts reviewing the region. enterpriseSeattle assists businesses by identifying possible sites and facilities and providing demographic and economic statistical information. For more information, visit www.enterpriseSeattle.org.

About Community Attributes:

Community Attributes is a firm that “tells data-rich stories about communities that are important to decision-makers.” The firm serves clients with economic and demographic analysis, as well as facilitation and management consulting, in strategic planning, urban and regional planning and commercial development. The small and growing firm includes economists, business analysts, geographers, real estate development specialists and urban planners. For more information, visit www.communityattributes.com.

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