52/Finance and Insurance
US businesses, employees and payroll, 2017 to 2023
6.99M
employees, 2023
6.99M
employees, 2023
In 2023, 469,382 US Finance and Insurance business locations employed 6.99 million people and paid $876.9 billion in annual payroll, $125,425 per employee on average. Employment was up 2.3% from 2022. Texas had the most employees. US Finance and Insurance revenue (market size) was $5.85 trillion in 2022, up 34.9% from 2017, from 242,954 firms.
Updated Oct 9, 2026 · data year 2023
Business locations
469,382
-2.3% vs 2022
Employees
6,991,623
+2.3% vs 2022
Annual payroll
$876.9B
+3.8% vs 2022
Average pay
$125,425
+1.4% vs 2022
Industry economics
Market size, prices and output of Finance and Insurance, from official US government statistics
Market size, 2022
$5.85T
+34.9% vs 2017 · 242,954 firms
Share of US GDP
8.70%
$2.69T value added, 2025
Quarterly revenue
$1.97T
Q2 2026 · +7.6% vs a year earlier
Quarterly revenue
US dollars per quarter, not seasonally adjusted. Latest: Q2 2026.
Share of US GDP
Value added of Finance and Insurance as a percent of US GDP, by year
Over the years
United States, 2017 to 2023
Employees
Paid employees in mid-March
Business locations
Places with paid employees
By state
Employees of Finance and Insurance in each state, 2023
Employees by state
States with the most employees
Employees and the share of all the state's jobs
| State | Business locations | Employees | Average pay | Share of state jobs |
|---|---|---|---|---|
| Texas | 42,205 | 643,854 | $107,891 | 5.36% |
| California | 49,165 | 634,885 | $151,424 | 3.87% |
| New York | 24,380 | 562,882 | $253,324 | 6.42% |
| Florida | 36,230 | 472,606 | $105,574 | 4.73% |
| Illinois | 19,310 | 365,093 | $133,100 | 6.45% |
| Pennsylvania | 16,829 | 299,515 | $110,447 | 5.24% |
| Ohio | 15,004 | 260,262 | $97,190 | 5.12% |
| North Carolina | 13,591 | 221,722 | $115,203 | 5.18% |
| New Jersey | 11,075 | 216,373 | $144,443 | 5.48% |
| Georgia | 15,226 | 202,824 | $107,094 | 4.60% |
| Massachusetts | 9,268 | 199,733 | $171,977 | 5.73% |
| Arizona | 10,000 | 192,283 | $89,325 | 6.65% |
| Virginia | 10,642 | 178,431 | $123,506 | 4.98% |
| Michigan | 12,501 | 172,517 | $94,701 | 4.27% |
| Minnesota | 9,687 | 169,792 | $120,512 | 6.06% |
The 15 states with the most employees. Download the CSV for all 51.
Revenue by state
Revenue (market size) of Finance and Insurance in each state, 2022. States where the number is not published are gray.
Revenue by state
US dollars, in millions
States with the most revenue
Revenue and the share of the US total
| State | Revenue 2022 | Change | Share of US |
|---|---|---|---|
| New York | $745.0B | - | 12.7% |
| California | $599.8B | - | 10.2% |
| Texas | $443.7B | - | 7.6% |
| Florida | $295.9B | - | 5.1% |
| Illinois | $286.3B | - | 4.9% |
| Pennsylvania | $270.7B | - | 4.6% |
| Virginia | $219.6B | - | 3.8% |
| Ohio | $202.2B | - | 3.5% |
| New Jersey | $200.6B | - | 3.4% |
| Minnesota | $197.9B | - | 3.4% |
| Massachusetts | $188.3B | - | 3.2% |
| Georgia | $159.1B | - | 2.7% |
| North Carolina | $150.1B | - | 2.6% |
| Connecticut | $143.7B | - | 2.5% |
| Michigan | $137.7B | - | 2.4% |
The 15 states with the most revenue. Download the CSV for all 51.
Top metro areas
Metro and micro areas with the most Finance and Insurance employees, 2023
Metro areas with the most employees
| Metro area | Locations | Employees | Average pay |
|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ | 25,005 | 574,814 | $267,381 |
| Chicago-Naperville-Elgin, IL-IN | 13,997 | 278,545 | $146,549 |
| Dallas-Fort Worth-Arlington, TX | 12,347 | 262,677 | $114,047 |
| Los Angeles-Long Beach-Anaheim, CA | 19,258 | 230,636 | $147,021 |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 8,765 | 190,997 | $126,254 |
| Boston-Cambridge-Newton, MA-NH | 7,165 | 167,363 | $182,391 |
| Phoenix-Mesa-Chandler, AZ | 7,392 | 150,495 | $92,278 |
| Atlanta-Sandy Springs-Roswell, GA | 9,445 | 135,690 | $120,470 |
| San Francisco-Oakland-Fremont, CA | 7,229 | 135,225 | $224,209 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 6,186 | 123,390 | $128,872 |
| Miami-Fort Lauderdale-West Palm Beach, FL | 13,086 | 116,609 | $137,636 |
| Tampa-St. Petersburg-Clearwater, FL | 5,706 | 114,427 | $101,611 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 6,970 | 111,641 | $154,410 |
| Charlotte-Concord-Gastonia, NC-SC | 4,237 | 109,045 | $136,367 |
| Houston-Pasadena-The Woodlands, TX | 9,720 | 102,510 | $141,206 |
Layoffs
Layoffs in Finance and Insurance from WARN notices, SEC filings and news reports
Layoffs, 12 months
72
Layoff events
Workers, 12 months
9,550
Where the sources state it
Layoffs in all
1,027
The earliest dated Dec 1988
Layoffs and discharges
41,000
Aug 2026, every employer (JOLTS)
| Date | Company | Place | Workers | Status | Sources |
|---|---|---|---|---|---|
| Oct 2, 2026 | Success Lending, LLC | Schaumburg, IL | 121 | Confirmed | WARN notice |
| Sep 30, 2026 | Hancock Whitney Corporation HWC | Florida | 52 | Confirmed | WARN notice |
| Sep 24, 2026 | City National Bank | Los Angeles, CA | 19 | Confirmed | WARN notice |
| Sep 9, 2026 | Norvax, LLC/GoHealth, LLC | Chicago, IL | 598 | Confirmed | WARN notice |
| Sep 4, 2026 | The Bancorp, Inc. TBBK | United States | not stated | Confirmed | SEC 8-K |
| Sep 3, 2026 | Simmons First National Corporation SFNC | United States | 100 | Confirmed | SEC 8-K |
| Aug 31, 2026 | PayPal Holdings, Inc. PYPL | San Jose, CA | 251 | Confirmed | WARN notice |
| Aug 21, 2026 | Sumitomo Mitsui Banking Corporation | New York, IL | 7 | Confirmed | WARN notice |
| Aug 21, 2026 | Blue Shield of California | California | 60 | Confirmed | WARN notice |
| Aug 11, 2026 | SMBC Manubank | Florida | 9 | Confirmed | WARN notice |
Layoff events per month
Oct 2024 to Oct 2026; the newest month is not complete
Top states, last 12 months
| State | Events | Workers |
|---|---|---|
| California | 18 | 1,622 |
| New Jersey | 15 | 1,142 |
| Illinois | 8 | 3,434 |
| Florida | 7 | 570 |
| Texas | 4 | 586 |
| Maryland | 3 | 182 |
| Montana | 3 | 95 |
| Oregon | 2 | 449 |
| Indiana | 1 | 238 |
| District of Columbia | 1 | 85 |
Top companies, last 12 months
| Company | Events | Workers |
|---|---|---|
| Wells Fargo & Company WFC | 10 | 982 |
| JPMorgan Chase & Co. JPM | 7 | 838 |
| UnitedHealth Group Incorporated UNH | 6 | 296 |
| Citigroup Inc. C | 3 | 268 |
| Mr. Cooper Group Inc. COOP | 3 | 110 |
| Visa Inc. V | 2 | 390 |
| Barclays PLC BCS | 2 | 144 |
| Chime Financial, Inc. CHYM | 2 | 135 |
| Robinhood Markets, Inc. HOOD | 2 | 63 |
| SMBC Manubank | 2 | 23 |
Layoffs and discharges per month
United States, Finance and insurance, every employer, in thousands, seasonally adjusted (JOLTS)
Business size
US Finance and Insurance business locations by number of employees, 2023
Locations by size
| Employees | Locations | Share |
|---|---|---|
| Under 5 | 286,974 | 61.1% |
| 5 to 9 | 98,704 | 21.0% |
| 10 to 19 | 44,993 | 9.6% |
| 20 to 49 | 21,894 | 4.7% |
| 50 to 99 | 7,768 | 1.7% |
| 100 to 249 | 5,108 | 1.1% |
| 250 to 499 | 2,033 | 0.4% |
| 500 to 999 | 1,082 | 0.2% |
| 1,000 or more | 826 | 0.2% |
Sub-industries by revenue
The industries directly below Finance and Insurance, ranked by revenue, 2022
Largest by revenue
| Code | Industry | Revenue | Change vs 2017 |
|---|---|---|---|
| 524 | Insurance Carriers and Related Activities | $3.27T | +39.7% |
| 522 | Credit Intermediation and Related Activities | $1.62T | +25.9% |
| 523 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | $792.9B | +33.1% |
| 521 | Monetary Authorities-Central Bank | $170.4B | +45.7% |
Related industries
Finance and Insurance and the 5 industries directly below it
| Code | Industry | Employees | Average pay |
|---|---|---|---|
| 524 | Insurance Carriers and Related Activities | 2,964,086 | $98,628 |
| 522 | Credit Intermediation and Related Activities | 2,953,663 | $104,345 |
| 523 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 1,042,226 | $260,466 |
| 521 | Monetary Authorities-Central Bank | 22,009 | $147,648 |
| 525 | Funds, Trusts, and Other Financial Vehicles | 9,639 | $173,124 |
Questions and answers
How big is the US Finance and Insurance market?
$5.85 trillion in revenue in 2022, up 34.9% from $4.34 trillion in 2017, earned by 242,954 firms. New York had the most revenue ($745.0 billion), followed by California ($599.8 billion).
How many people work in Finance and Insurance in the US?
6.99 million people worked at 469,382 US Finance and Insurance business locations in 2023, up 2.3% from 2022. That is 5.00% of all US private-sector employees.
What is the average pay in Finance and Insurance?
$125,425 a year per employee in 2023, from $876.9 billion in annual payroll (up 1.4% from 2022). The average across all US industries was $68,342.
Which state has the most Finance and Insurance jobs?
Texas had the most, with 643,854 employees in 2023, followed by California (634,885) and New York (562,882).
Which metro areas have the most Finance and Insurance jobs?
New York-Newark-Jersey City, NY-NJ (574,814), Chicago-Naperville-Elgin, IL-IN (278,545), Dallas-Fort Worth-Arlington, TX (262,677) had the most Finance and Insurance employees in 2023.
Are most Finance and Insurance businesses small?
91.8% of the 469,382 Finance and Insurance business locations had fewer than 20 employees in 2023, and 1,908 had 500 or more.
How much does Finance and Insurance add to US GDP?
8.70% of US GDP in 2025: $2.69 trillion in value added.
How many layoffs were there in Finance and Insurance in the last 12 months?
72 layoffs were announced in Finance and Insurance in the last 12 months, affecting 9,550 workers where the number was stated, from WARN notices, SEC filings and news reports. The companies with the most layoff events were Wells Fargo & Company (10), JPMorgan Chase & Co. (7), UnitedHealth Group Incorporated (6).
Official US government statistics, published once a year. Business locations are places with paid employees; employees are counted in mid-March; payroll covers the whole year. Covers most private employers, not the self-employed, most government workers or farm workers on farms. Changes from the year before are shown only when both years use the same edition of the industry codes. Market size is counted every five years; producer prices, output and sales are monthly and the newest month is revised later.
