WASHINGTON–A new analysis suggests firms that belong to the Financial Services Institute during 2015 meant $48 billion to the U.S. GDP and were responsible for 482,000 jobs, according to a new report from the Institute.
The report, “The Economic Impact of FSI’s Members,” measures the economic impact analysis of FSI’s member firms. The report measures the national and state economic impact of FSI members and compares those figures with the overall economic impact of the financial services industry at the state level. The report looks at the direct (operational), indirect (supply chain) and induced (wage spending) contributions of the independent financial services industry, according to FSI.
“We have always known that our members make tremendous contributions to the economy, not only at the national level, but also in the state and local economies in which they serve,” said FSI President and CEO Dale Brown. “With this study we have now quantified those contributions and shown that the impact of independent financial services firms and independent advisors extends well beyond the financial services industry.”
Among the findings:
- $48 billion contributed to the U.S. GDP by FSI members in 2015
- 482,000 jobs created by FSI members
- One in six independent financial advisors are veterans
- FSI members generate the highest economic activity as a share of the financial services industry in small and mid-sized states:
Mississippi (41.1%)
Maine (36.4%)
Kansas (30.1%)
- Notwithstanding their disproportionately large contribution to smaller states, FSI members have significant impact in large states as well:
California ($5.4 billion)
New York ($4.3 billion)
Texas ($2.9 billion)
- Outside of the financial services industry, FSI members have the greatest impact in these industries: Professional and business services, Trade, transportation and utilities, Education and health services
The analysis was performed by Oxford Economics.