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.
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
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.
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 |
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% |
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 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.
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.