Houston's financial services industry is a dynamic and rapidly growing sector of the local economy, employing nearly a quarter of a million people who collectively earn billions, with employment rising over 2% last year and average annual wages surpassing $92,000.
Key Takeaways
- In 2023, the Houston-The Woodlands-Sugar Land MSA had 248,900 employment in financial activities (NAICS 52)
- Financial services employment in Houston grew by 2.1% from 2022 to 2023, adding 5,100 jobs
- Average annual wage in Houston financial services sector was $92,450 in 2023
- Financial services establishments in Houston MSA: 8,742 in 2022
- Commercial banking establishments: 456 in Houston MSA 2022
- Credit unions: 89 establishments in Houston 2022
- Average annual payroll per employee in Houston financial services: $112,340 in 2022
- Median hourly wage for financial managers in Houston: $68.45 in 2023
- Loan officers average wage: $78,920 annually in Houston 2023
- Total receipts for Houston financial services firms: $142.3 billion in 2021
- Banking sector receipts in Houston MSA: $56.7 billion in 2021
- Insurance carriers receipts: $34.2 billion in Houston 2021
- Number of banks headquartered in Houston: 24 in 2023
- JPMorgan Chase Houston presence: largest with 200+ branches and 5,000 employees 2023
- Wells Fargo Houston assets managed: $34 billion locally 2023
Houston's financial services industry grew last year, adding jobs with strong wages and significant economic impact.
Employment Statistics
1In 2023, the Houston-The Woodlands-Sugar Land MSA had 248,900 employment in financial activities (NAICS 52)
Verified2Financial services employment in Houston grew by 2.1% from 2022 to 2023, adding 5,100 jobs
Verified3Average annual wage in Houston financial services sector was $92,450 in 2023
Verified415.3% of Houston's financial workforce were in securities, commodities, and investments in 2023
Directional5Insurance carriers and related activities employed 45,200 in Houston MSA in 2023
Single source6Banking and credit intermediation jobs totaled 32,400 in Houston in 2023
Verified7Nondepository credit intermediation employed 12,100 in Houston 2023
Verified8Activities related to credit intermediation had 8,900 jobs in Houston 2023
Verified9Securities and commodity contracts intermediation employed 18,500 in Houston 2023
Directional10Investment banking and securities dealing had 9,200 jobs in Houston MSA 2023
Single source11Financial transaction processing employed 14,300 in Houston 2023
Verified12Funds, trusts, and endowments administration had 4,100 jobs in Houston 2023
Verified13Insurance carriers employed 28,400 in Houston MSA 2023
Verified14Agencies, brokerages, and service employed 16,800 in insurance in Houston 2023
Directional15Financial services professionals aged 35-44 comprised 32% of Houston workforce in 2023
Single source16Women held 48.2% of financial services jobs in Houston 2023
Verified17Bachelor's degree holders were 67% of Houston financial workforce 2023
Verified18Hispanic or Latino workers were 28% in Houston financial services 2023
Verified19Entry-level financial analyst jobs in Houston numbered 2,300 in 2023
Directional20Senior financial managers employed 12,500 in Houston 2023
Single source21Compliance officers in finance totaled 3,400 jobs in Houston 2023
Verified22Loan officers employed 4,200 in Houston financial services 2023
Verified23Insurance underwriters numbered 2,100 in Houston 2023
Verified24Financial examiners held 1,800 positions in Houston 2023
Directional25Tellers in depository institutions: 10,200 jobs in Houston 2023
Single source26Personal financial advisors employed 5,600 in Houston MSA 2023
Verified27Houston financial services unemployment rate was 2.8% in 2023 average
Verified28Part-time financial services workers: 12% of total in Houston 2023
Verified29Self-employed in finance: 4,500 in Houston MSA 2023
DirectionalEmployment Statistics Interpretation
Houston's finance sector is a robust, $92k-a-year-paying engine—equal parts banking, insurance, and high-stakes deals—where nearly 250,000 people, half of them women and a third of them millennials, keep the money moving while barely breaking a sweat with an enviable 2.8% unemployment rate.
Establishment Counts
1Financial services establishments in Houston MSA: 8,742 in 2022
Verified2Commercial banking establishments: 456 in Houston MSA 2022
Verified3Credit unions: 89 establishments in Houston 2022
Verified4Nondepository credit firms: 1,234 in Houston MSA 2022
Directional5Securities brokerage establishments: 567 in Houston 2022
Single source6Investment advice establishments: 1,089 in Houston MSA 2022
Verified7Insurance carriers establishments: 234 in Houston 2022
Verified8Insurance agencies and brokerages: 4,512 in Houston MSA 2022
Verified9Financial transaction processing firms: 156 in Houston 2022
Directional10Real estate credit establishments: 789 in Houston 2022
Single source11Venture capital firms headquartered in Houston: 42 in 2023
Verified12Private equity firms in Houston: 156 active in 2023
Verified13FinTech startups in Houston financial services: 89 in 2023
Verified14Hedge funds managed from Houston: 23 in 2023
Directional15Captive insurance companies domiciled in Houston area: 12 in 2023
Single source16Mortgage lenders establishments: 678 in Houston MSA 2022
Verified17Consumer lending companies: 345 in Houston 2022
Verified18Trust and agency establishments: 123 in Houston MSA 2022
Verified19Claims adjusting establishments: 210 in Houston insurance sector 2022
Directional20Third-party administrators in insurance: 45 in Houston 2022
Single source21Payroll funding firms: 34 in Houston financial services 2022
Verified22Check cashing establishments: 156 in Houston MSA 2022
VerifiedEstablishment Counts Interpretation
Houston’s financial sector is less a monolithic banking fortress and more a wildly diverse, slightly chaotic bazaar where you can get a mortgage, place a hedge fund bet, cash a check, and insure the whole endeavor—all before lunch.
Growth and Trends
1Financial services GDP growth Houston: 4.8% annualized 2022-2023
Verified2Employment growth in Houston finance: 3.2% projected 2023-2030
Verified3FinTech investments in Houston up 25% to $1.8B in 2023
Verified4Bank branch openings Houston: +12 net in 2023
Directional5Insurance premiums growth Houston: 7.1% YoY 2023
Single source6AUM growth Houston wealth firms: 9.4% in 2023
Verified7Venture capital deals Houston finance: 67 in 2023 up 15%
Verified8Digital banking adoption Houston: 72% of customers 2023
Verified9ESG investing AUM growth Houston: 22% to $34B 2023
Directional10Mortgage originations growth: 11% in Houston 2023
Single sourceGrowth and Trends Interpretation
While Houston’s financial sector is growing at a robust 4.8% and steadily adding jobs, its real personality is revealed in the city’s surging FinTech investments, widespread digital adoption, and a 22% leap in ESG assets, proving the industry is not just building bank branches but actively funding the future.
Major Players
1Number of banks headquartered in Houston: 24 in 2023
Verified2JPMorgan Chase Houston presence: largest with 200+ branches and 5,000 employees 2023
Verified3Wells Fargo Houston assets managed: $34 billion locally 2023
Verified4Bank of America Houston branches: 120 serving 1.2M customers 2023
Directional5BBVA Compass (now PNC) Houston HQ assets: $120B post-merger 2023
Single source6Amegy Bank (Zions) Houston employees: 2,800 in 2023
Verified7Frost Bank Houston market share: 8% deposits 2023
Verified8Cadence Bank Houston operations: $15B assets regional 2023
Verified9Prosperity Bank Houston branches: 85 across metro 2023
Directional10Texas Capital Bank HQ Houston assets: $38B 2023
Single source11Allegiance Bank Houston founded 2007 assets $6.2B 2023
Verified12Largest insurance firm Houston: Halliburton insurance arms but USAA regional $200B assets impact
Verified13AIG Houston office premiums $5B local 2023
Verified14Marsh McLennan Houston revenue $1.2B 2023
Directional15Largest wealth manager Houston: RBC Wealth $45B AUM local 2023
Single source16Merrill Lynch Houston advisors: 450 managing $50B 2023
Verified17Raymond James Houston offices AUM $12B 2023
Verified18Top VC firm Houston: Mercury Fund $450M under mgmt 2023
Verified19Endeavor Energy Partners PE firm Houston $2B AUM 2023
Directional20Houston fintech leader: Toast (acquired) but current Greenlight $500M funding 2023
Single sourceMajor Players Interpretation
Houston's financial might proves it's far more than an oil town, with a sprawl of homegrown banks, formidable national outposts, and deep pools of private capital that could fund a small moon mission—or at least a very well-insured one.
Revenue and Assets
1Total receipts for Houston financial services firms: $142.3 billion in 2021
Verified2Banking sector receipts in Houston MSA: $56.7 billion in 2021
Verified3Insurance carriers receipts: $34.2 billion in Houston 2021
Verified4Securities intermediation revenue: $18.9 billion in Houston MSA 2021
Directional5Asset management AUM by Houston firms: $1.2 trillion in 2023
Single source6Total bank assets in Houston: $450 billion across 456 institutions 2023
Verified7Credit union assets in Houston area: $78.4 billion in 2023
Verified8Mortgage debt outstanding serviced in Houston: $256 billion 2023
Verified9Insurance premiums written in Texas Houston metro: $42.1 billion 2022
Directional10Property-casualty insurance premiums Houston: $18.7 billion 2022
Single source11Venture capital deployed in Houston financial tech: $1.45 billion 2023
Verified12Private equity AUM Houston firms: $89 billion 2023
Verified13Hedge fund assets under Houston management: $45.6 billion 2023
Verified14Total loans originated by Houston banks: $112 billion in 2023
Directional15Commercial real estate loans Houston banks: $67.4 billion 2023
Single source16Deposits in Houston depository institutions: $389 billion 2023
Verified17Net interest income Houston banks: $12.3 billion 2023
Verified18Noninterest income financial services Houston: $23.8 billion 2022
Verified19Financial services GDP contribution Houston MSA: $48.2 billion 2022
Directional20Profit margins average for Houston banks: 28.4% ROA in 2023
Single source21Total assets under management Houston wealth firms: $567 billion 2023
Verified22FinTech revenue generated in Houston: $2.1 billion 2023
Verified23Houston financial services firms revenue growth: 5.6% YoY 2023
VerifiedRevenue and Assets Interpretation
While Houston's financial engine may be oil-adjacent, it's clear the city has firmly diversified its portfolio, now minting money from money itself, with banks, insurers, and asset managers collectively building a formidable fortress of finance that rivals any energy titan's coffers.
Wage and Compensation
1Average annual payroll per employee in Houston financial services: $112,340 in 2022
Verified2Median hourly wage for financial managers in Houston: $68.45 in 2023
Verified3Loan officers average wage: $78,920 annually in Houston 2023
Verified4Insurance sales agents median wage: $62,340 in Houston MSA 2023
Directional5Securities sales agents average wage: $112,450 in Houston 2023
Single source6Financial analysts median annual wage: $95,570 in Houston 2023
Verified7Tellers average hourly wage: $17.85 in Houston financial services 2023
Verified8Personal financial advisors average wage: $138,220 in Houston 2023
Verified9Insurance underwriters median wage: $81,920 in Houston MSA 2023
Directional10Compliance officers wage percentile 90th: $145,670 in Houston 2023
Single source11Financial examiners average wage: $98,450 in Houston 2023
Verified12Credit analysts median wage: $82,340 in Houston MSA 2023
Verified13Claims adjusters average annual wage: $76,550 in Houston 2023
Verified14Budget analysts wage: $89,120 median in Houston financial 2023
Directional15Actuaries average wage: $128,450 in Houston MSA 2023
Single source16Total employee compensation in Houston financial sector: $28.4 billion in 2022
Verified17Benefits as % of total compensation: 32.1% in Houston finance 2023
Verified18Overtime pay average per financial worker: $2,450 annually in Houston 2023
Verified19Bonus pay in investment banking Houston: average $45,000 in 2023
Directional20Entry-level financial analyst salary: $65,200 average in Houston 2023
Single source21CFO average total compensation: $456,780 in Houston financial firms 2023
Verified22Houston finance sector wages grew 4.2% YoY in 2023
Verified23Top 10% wage earners in Houston finance: $198,450+ annually 2023
Verified24Bottom 10% wage in financial services Houston: $38,920 in 2023
DirectionalWage and Compensation Interpretation
The Houston finance sector offers a surprisingly lucrative pyramid scheme of a career path, where you can start as a teller counting someone else's money for $17 an hour and, with enough grit and compliance training, ascend to a role where you count your own money for over $450,000 a year.
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