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Rating:Study Reaffirms Financial Services' Role in Mass. Economy Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, October 12, 2010

Study Reaffirms Financial Services' Role in Mass. Economy

by: Armie Margaret Lee

Fundsters flipping through the pages of today's Boston Globe will find an article that reaffirms the financial services industry's role in Massachusetts' economy. The paper picked up on a study from research and consulting firm Mass Insight and Big Four accounting firm PricewaterhouseCoopers, which found that, despite the financial crisis, the financial services sector continues to be one of the biggest sources of jobs in Massachusetts outside of government and nonprofits.

The financial services field directly employs 170,000 people, which translates to more than 1 in 20 jobs in the state. The finance and insurance sector accounts for $35.5 billion of economic output, or about 10 percent of the total in Massachussetts.

The study also found that although some jobs were lost during the financial crisis and its aftermath, employment was more stable in the state compared to others like New York and California.

"We didn't get caught in the bubble," Mass Insight president William Guenther was quoted as saying.

The release of the study today coincides with the launch of a new group called Boston Financial Services Leadership Council, whose members include executives from Fidelity, Natixis, State Street and Putnam. [see related story

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