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In 2017, The New England Council partnered with a group of members to release a report highlighting the economic impact of the financial services industry in New England. "The New England Financial Services Industry: Around the Corner and Around the World" detailed direct and indirect financial services employment in the region, outlined key sub-sectors in the region, and highlighted the industry's role in supporting economic growth across industries.
The Council is again partnering with members to release an updated report, and initial research is well underway. During today's committee meeting, staff from PwC shared some of their initial research and findings, and Council staff shared opportunities for member participation as the report is developed and finalized in the coming weeks.
Overview of Initial Findings
- The PwC team explained that the updated report will include new population, real estate, and business data, as well as explore themes like cloud computing, artificial intelligence, and remote work.
- Updated data shows that financial services industry employment has been more stable than other industries in the region, while also being the highest paying industry in the region, which has had a positive impact on job migration.
- The industry's shift towards higher value, complex jobs and digitalization could be a main driver of job migration and the emergence of new industries.
- PwC staff noted that the stability of employment in financial services despite the offshoring of jobs and the increase in remote work, which could contribute to the wage increase.
- The team also explained that they are planning to provide state-specific "tear sheets" for use in advocacy efforts.
Initial Feedback
Several members offered some initial feedback during the meeting, all of which PwC will look into incorporating, including:
- State-specific data will be very useful to members to incorporate into their own policy advocacy efforts.
- Data on taxes paid by financial institutions in the region, including but not limited to real estate taxes.
- Aggregate data on philanthropic giving by financial institutions in the region.
- A look ahead section of the report exploring future job growth in the industry, particularly as it related to AI and other new technologies.
Next Steps: Opportunities for Member Participation
Members are invited to participate in the ongoing development of the report in three ways:
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Meet with the PwC team for a more in depth conversation about your perspectives and feedback. Such meetings would take place during the month of April.
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Volunteer to read the draft report and provide feedback. It is expected that the draft will be available for review during the month of May.
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Contribute a spotlight feature to be included in the report. We are looking for some examples of tangible ways that your institution is contributing to the region. Examples include initiatives focused on workforce development, financial literacy, affordable housing/homeownership, support for small businesses, or philanthropic investments. These spotlight features will be collected during the month of April.
*If you are interested in any of these opportunities for member participation, please contact Emily Heisig by March 31, 2025.*
Next Steps: Timeline
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March: Identifying members who are interested in participating in any of the ways outlined above
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April: Individual member feedback meetings with PwC team, submission of spotlight features
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May: Review of draft
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June: Initial release of report; event in Boston
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TBD 2025: Congressional Briefing in Washington, DC
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