This employment trend and the improved profitability of the securities industry have profoundly impacted the New York City and New York State economies, as officials credit revenue from the industry with helping to close budget gaps. “The securities industry remains the engine of growth for New York, and New York remains the industry’s center and the world’s financial capital,” said Securities Industry Association Senior Vice President and Chief Economist Frank Fernandez.
The issue of SIA’s Securities Industry Trends also emphasizes the importance of these jobs to the New York City and New York State economies. “Although securities industry employees make up only 2.1 percent and 4.5 percent, respectively, of the workforce in New York State and New York City, wages paid to securities industry employees account for 8.5 percent and 19.2 percent, respectively, of adjusted gross income earned in the state and the city,” said Fernandez. “The industry makes a disproportionate contribution to personal income, total tax revenues, and overall economic growth.”
Securities Industry Trends, The Street, The City And The State, The Securities Industry’s Importance to New York City and State is available at http://www.sia.com/research/pdf/TrendsMarch2005.pdf