Financial sector employment in Georgia ended the year in relatively good shape, especially when compared to other sectors in the state.
The financial activities sector, ended 2020 with 253,900 jobs, representing a net loss of 900 jobs or 0.35 percent. The Bureau of Labor Statistics defines the sector as including jobs in banking, commercial and consumer lending, investment activities, insurance, real estate, and rental and leasing services.
Financial activities employment accounts for approximately 5.5 percent of the state’s job market, but its key role in facilitating financial transactions -- involving the creation, liquidation, or change in ownership of financial assets – makes it a critical part of the state’s economy.
Within the financial sector, losses were concentrated in the real estate and rental and leasing industry, which saw an employment decline 1,500 jobs while the other industries in the sector saw net growth of 2,400 jobs. About a quarter of the financial activities employment in the state is located within this industry.
The relatively small loss in this sector compares to a net loss of nearly 207,000 jobs, or -4.4 percent in the state’s overall jobs market in 2020.
Financial activities did record a net decline of 7,600 jobs over the first four months of the year, but then added 6,700 jobs in the remainder of 2020. Within the sector, the real estate and rental and leasing industry in the state suffered slightly lower losses in the first four months, declining by 6.800 jobs, but then recorded a slower recovery, adding 5,300 jobs over the following eight months.
Georgia’s experience was very similar to the nation with financial activities nationally recording losses in the first four months followed by a rebound in the remainder of the year. Like in Georgia, financial activities across the U.S. recorded a small (-0.58 percent) net decline in 2020, while the national job market showed a 6 percent decrease compared to the previous year.
Effective with these data, all nonfarm payroll employment
estimates for have been adjusted to 2020 benchmark by the U.S. Bureau of Labor
Statistics. Not seasonally adjusted data beginning with April 2019 and
seasonally adjusted data beginning with January 2016 were subject to revision.
Some not seasonally adjusted and seasonally adjusted series may have been
revised as far back as 1990.
