Economic Impact of the Financial Services Industry in San Antonio. November 18, 2005
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1 Economic Impact of the Financial Services Industry in San Antonio November 18,
2 Table of Contents 1. Background of the Finance San Antonio Ad Hoc Committee (3-5) 2. Introduction to the Economic Impact Study (6-9) 3. Comparison to Targeted Industries (10-14) 4. Comparison to Other Regions (15-17) 5. Economic Impact (18-20) 6. Employment (21-23) 7. Wages (24-28) 8. Summary (29-32) 9. Next Steps (33) 10. Definitions (34-39) 2
3 Background of the Finance San Antonio Ad Hoc Committee 3
4 Purpose At the request of Councilman Art Hall, City Council created the Committee on July 14, 2005, to achieve the following five goals: 1. Review and analyze the current status of the financial industry in San Antonio to include an economic impact study and a gap analysis. 2. Review how we can further develop the financial industry in San Antonio to support our other targeted industries. 3. Review the feasibility of creating a financial district in San Antonio to help attract and develop financial industry programs and corporations. 4. Review the interest currently shown by financial exchanges in San Antonio, such as the Chicago Stock Exchange, and review what San Antonio can do to increase the attractiveness from a business perspective to encourage the opening of a branch exchange. 5. Recommend additional educational endeavors to increase awareness of finance and financial careers among students in San Antonio and South Texas. 4
5 Committee Members Terry Brechtel, Chair Karl Borgerding Michael Burke Alan Chesler Karen Diaz Randy Goldsmith Don Gonzales Jim Greenwood Doug Heath Mario Hernandez Bill McCartney Lanham Napier Alex Perez Keith Phillips Laura Powell Carlos Resendez Jorge Rodriguez Raul Rodriguez Robert Rodriguez Mickey Roth Floyd Wilson Jeanie Wyatt Ramiro Cavazos, Vice-Chair Milo Nitschke Steve Nivin (staff) Albert Garza (staff) Marina Sifuentes (staff) 5
6 Introduction to the Economic Impact Study 6
7 Research Team Analysis conducted by: Dr. Steve Nivin, Industry Development Manager, City of San Antonio Economic Development Department Dr. Keith Phillips, Senior Economist, Federal Reserve Bank of Dallas Economic Impact Subcommittee members Mickey Roth Dr. Randy Goldsmith Robert Rodriguez 7
8 Methodology This study used the same data sources and methodology used in the economic impact studies of other targeted industries. Data sources include: Texas Workforce Commission (TWC) Economic Census (U.S. Census Bureau) Bureau of Labor Statistics (used only in comparison to other regions) 8
9 Definition of the Finance Industry The study includes the following sectors: Banking and credit Investment activities Insurance Funds, trusts, and other financial vehicles Accounting and bookkeeping See last section for more detailed definition of these sectors. 9
10 Comparison to Targeted Industries 10
11 Comparison of Economic Impact of the Targeted Industries 25 Billions of Dollars Creative (2003) Aerospace (2002) Healthcare (2004) Hospitality (2002) IT (2000) Finance (2004) Economic Impact NOTE: Healthcare includes the bioscience industry 11
12 Comparison of Employment in Targeted Industries 120, ,000 80,000 60,000 40,000 20,000 0 Creative (2003) Aerospace (2002) Healthcare (2004) Hospitality (2002) IT (2000) Finance (2004) Employment 11,888 8, ,000 86,380 11,500 50,469 NOTE: Healthcare includes the bioscience industry 12
13 Comparison of Total Wages in the Targeted Industries (billions of dollars) Creative (2003) Aerospace (2002) Healthcare (2004) Hospitality (2002) IT (2000) Finance (2004) Total Wages NOTE: Healthcare includes the bioscience industry 13
14 Comparison of the Average Wages in the Targeted Industries $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Creative (2003) Aerospace (2002) Healthcare (2004) Hospitality (2002) IT (2000) Finance (2004) Average Wage $26,867 $38,623 $38,531 $15,860 $43,539 $52,612 NOTE: Healthcare includes the bioscience industry 14
15 Comparison to Other Regions 15
16 Finance and Insurance Employment by Metropolitan Area, , , , , , , ,000 0 New York City Chicago San Francisco Los Angeles Dallas/Ft. Worth Houston Austin San Antonio 16
17 Finance and Insurance Employment as % of Total Employment, % 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% New York City Chicago San Francisco Los Angeles Dallas/Ft. Worth Houston Austin San Antonio 17
18 Economic Impact 18
19 Finance Industry Growing at a Strong Pace $20,500,000,000 $20,000,000,000 $19,500,000,000 $19,000,000,000 $18,500,000,000 $18,000,000,000 $17,500,000,000 $17,000,000, % 5.5% -4.6% Economic Impact $19,097,099,872 $18,211,984,020 $19,205,751,905 $20,480,113,971 Percentages indicate annual growth. 19
20 Economic Impact by Sector $12,000,000,000 $10,000,000,000 $8,000,000,000 $6,000,000,000 $4,000,000,000 $2,000,000,000 $ Banking and Credit $3,068,491,701 $3,293,048,491 $3,540,755,057 $3,923,189,885 Inves tment Activities $634,021,261 $629,381,149 $659,195,386 $712,581,600 Insurance $11,081,169,091 $9,921,486,344 $10,616,730,065 $10,965,073,899 Funds, Trusts, and Other Financial Vehicles $2,060,709,227 $1,832,774,710 $1,392,331,450 $1,781,077,559 Accounting and Bookkeeping $566,587,401 $560,276,283 $577,731,978 $627,548,356 20
21 Employment 21
22 Finance Employment Growing Faster Than Overall Employment 51, % 50, % 49,000 48, % 47,000 46,000 45, Employment 47,317 47,823 49,228 50,469 Percentages indicate annual growth. Average annual growth in the finance industry in San Antonio was 2.18%, compared to 0.36% for all industries. 22
23 Employment by Sector ,000 20,000 15,000 10,000 5, Banking and Credit 17,443 19,530 21,176 21,333 Investment Activities 3,111 3,047 3,099 3,050 Insurance 21,346 20,322 20,381 20,745 Funds, Trusts, and Other Financial Vehicles 1,388 1, ,464 Accounting and Bookkeeping 4,030 3,788 3,703 3,879 23
24 Wages 24
25 Finance Total Wages Growing Faster Than Overall Total Wages $2,700,000, % $2,600,000,000 $2,500,000, % $2,400,000,000 $2,300,000, % $2,200,000,000 $2,100,000, Total Wages $2,332,948,701 $2,305,603,200 $2,481,205,810 $2,655,293,018 Percentages indicate annual growth. Average annual growth of total wages in the San Antonio finance industry was 4.5% compared to 4.0% for all industries. 25
26 Total Wages by Sector $1,500,000,000 $1,000,000,000 $500,000,000 $ Banking and Credit $678,470,605 $749,716,765 $852,524,962 $913,993,294 Investment Activities $197,208,124 $193,432,493 $200,422,948 $215,793,032 Insurance $1,206,178,713 $1,124,580,157 $1,208,266,723 $1,272,886,877 Funds, Trusts, and Other Financial Vehicles $104,760,392 $93,172,872 $70,782,033 $90,544,741 Accounting and Bookkeeping $146,330,867 $144,700,913 $149,209,144 $162,075,074 26
27 Finance Industry Pays Wages Much Higher Than Overall Average Wage $60,000 $40,000 $20,000 $ San Antonio - Finance $49,305 $48,211 $50,403 $52,612 San Antonio - All $30,416 $31,089 $32,288 $33,911 Texas - Finance $52,376 $51,967 $53,549 $55,789 Texas - All $36,042 $36,248 $36,961 $38,508 27
28 Average Wages by Sector $100,000 $80,000 $60,000 $40,000 $20,000 $ Banking and Credit $38,897 $38,389 $40,259 $42,845 Investment Activities $63,385 $63,488 $64,684 $70,763 Insurance $56,507 $55,337 $59,284 $61,360 Funds, Trusts, and Other Financial Vehicles $75,503 $81,946 $81,476 $61,869 Accounting and Bookkeeping $36,313 $38,205 $40,291 $41,783 28
29 Summary 29
30 Headquarters Are An Important Part of the Industry Dominated by the insurance and banking sectors While every city has a core of a finance industry (e.g., branch banks), the finance industry in San Antonio extends far beyond that core with the presence of several finance industry corporate headquarters: USAA Frost Bank Argonaut Group GPM Life Broadway Bank Catholic Life Security Service Federal Credit Union San Antonio Federal Credit Union There is also a number of regional headquarters located in San Antonio: World Savings Citicorp Chase Bank Washington Mutual (soon to come) 30
31 Largest Industry by Some Measures Economic impact of $20.5 billion in 2004 Employed 50,469 people in 2004 Paid total wages of $2.66 billion in 2004 Paid an average wage of $52,612 in 2004 considerably higher than the average wage in San Antonio of $33,911 When compared to the other targeted industries, the finance industry: Registers the largest economic impact Pays the highest average wage Pays the second highest amount of total wages Employs the third highest number of people 31
32 Significant Contributor to the Growth, Diversity, and Stability of the San Antonio Economy Healthy growth in economic impact, employment and wages Contributes significantly to San Antonio s economic diversity Provides stability to the San Antonio economy (Source: Keith R. Phillips and Kristen T. Hamden, Vista, Steady-as-She-Goes? An Analysis of the San Antonio Business Cycle, Winter 2004.) 32
33 Next Steps Continue research on the economic impact Economic status of the finance industry throughout the country Comparison of economic impact of the industry in other cities Calculation of a composite economic impact index Location quotient analysis Issue a RFP to hire a consultant to conduct a gap analysis and provide input regarding methods for encouraging the growth of the industry 33
34 Definitions 34
35 Definition of the Banking and Credit Sector This sector includes: Commercial banking Savings institutions Credit unions Other depository credit intermediation: Comprises establishments primarily engaged in accepting deposits and lending funds (except for above institutions). Establishments known as industrial banks or Morris plans and primarily engaged in accepting deposits, and private banks (i.e., unincorporated banks) are included in this industry. Credit card issuing Sales financing Other nondepository credit intermediation: Comprises establishments primarily engaged in making cash loans or extending credit through credit instruments (except credit cards and sales finance agreements (e.g., consumer lending, real estate credit, international trade financing, secondary market financing) Mortgage and nonmortgage loan brokers Financial transactions processing, reserve, and clearinghouse activities Other activities related to credit intermediation: Comprises establishments primarily engaged in facilitating credit intermediation (except mortgage and loan brokerage; and financial transactions processing, reserve, and clearinghouse activities) e.g., loans servicing, money order issuance services, travelers check issuance services 35
36 Definition of the Investment Activities Sector This sector includes: Investment banking and securities dealing Securities brokerage Commodity contracts dealing Commodity contracts brokerage Securities and commodity exchanges Miscellaneous intermediation: Comprises establishments primarily engaged in acting as principals (except investment bankers, securities dealers, and commodity contracts dealers) in buying or selling financial contracts generally on a spread basis e.g., investment clubs, venture capital companies, mineral royalties or leases dealing, tax liens dealing Portfolio management Investment advice Trust, fiduciary, and custody activities Miscellaneous financial investment activities: comprises establishments primarily engaged in acting as agents and/or brokers (except securities brokerages and commodity contracts brokerages) In buying or selling financial contracts and those providing financial investment services (except securities and commodity exchanges; portfolio management; investment advice; and trust, fiduciary, and custody services) on a fee or commission basis e.g., exchange clearinghouses, commodities or securities; gas lease brokers offices; stock quotation services 36
37 Definition of the Insurance Sector This sector includes: Direct life, health, and medical insurance carriers Direct property and casualty insurance carriers Direct title insurance carriers Other direct insurance carriers (except life, health, and medical): Comprises establishments primarily engaged in initially underwriting insurance policies (except life, disability income, accidental death and dismemberment, health and medical, property and casualty, and title insurance policies) e.g., bank deposit insurance carriers, warranty insurance carriers, deposit or share insurance carriers Reinsurance carriers Insurance agencies and brokerages Claims adjusting Third party administrators All other insurance related activities: Comprises establishments primarily engaged in providing insurance services on a contract or fee basis (except insurance agencies and brokerages, claims adjusting, and third party administrators). Insurance advisory services and insurance ratemaking services are included in this industry. 37
38 Definition of Funds, Trusts, and Other Financial Activities Sector This sector includes: Pension funds Health and welfare funds Other insurance funds: Comprises legal entities (i.e., funds (except pension, and health- and welfare-related employee benefit funds)) organized to provide insurance exclusively for the sponsor, firm, or its employees or members. Self-insurance funds (except employee benefit funds) and workers compensation insurance funds are included in this sector. Open-end investment funds Trusts, estates, and agency accounts Real estate investment trusts Other financial vehicles: Includes closed-end investment funds (except REITs) collateralized mortgage obligations, special purpose vehicles, unit investment trust funds, real estate mortgage investment conduits 38
39 Definition of the Accounting and Bookkeeping Sector This sector includes: Offices of certified public accountants Tax preparation services Payroll services Other accounting services: Comprises establishments (except offices of CPAs) engaged in providing accounting services (except tax return preparation services only or payroll services only). These establishments may also provide tax return preparation or payroll services. Accountant (except CPA) offices, bookkeeper offices, and billing offices are included in this industry. 39
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