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
- 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
- 15.3% of Houston's financial workforce were in securities, commodities, and investments in 2023
- Insurance carriers and related activities employed 45,200 in Houston MSA in 2023
- Banking and credit intermediation jobs totaled 32,400 in Houston in 2023
- Nondepository credit intermediation employed 12,100 in Houston 2023
- Activities related to credit intermediation had 8,900 jobs in Houston 2023
- Securities and commodity contracts intermediation employed 18,500 in Houston 2023
- Investment banking and securities dealing had 9,200 jobs in Houston MSA 2023
- Financial transaction processing employed 14,300 in Houston 2023
- Funds, trusts, and endowments administration had 4,100 jobs in Houston 2023
- Insurance carriers employed 28,400 in Houston MSA 2023
- Agencies, brokerages, and service employed 16,800 in insurance in Houston 2023
- Financial services professionals aged 35-44 comprised 32% of Houston workforce in 2023
- Women held 48.2% of financial services jobs in Houston 2023
- Bachelor's degree holders were 67% of Houston financial workforce 2023
- Hispanic or Latino workers were 28% in Houston financial services 2023
- Entry-level financial analyst jobs in Houston numbered 2,300 in 2023
- Senior financial managers employed 12,500 in Houston 2023
- Compliance officers in finance totaled 3,400 jobs in Houston 2023
- Loan officers employed 4,200 in Houston financial services 2023
- Insurance underwriters numbered 2,100 in Houston 2023
- Financial examiners held 1,800 positions in Houston 2023
- Tellers in depository institutions: 10,200 jobs in Houston 2023
- Personal financial advisors employed 5,600 in Houston MSA 2023
- Houston financial services unemployment rate was 2.8% in 2023 average
- Part-time financial services workers: 12% of total in Houston 2023
- Self-employed in finance: 4,500 in Houston MSA 2023
Employment 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
- 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
- Nondepository credit firms: 1,234 in Houston MSA 2022
- Securities brokerage establishments: 567 in Houston 2022
- Investment advice establishments: 1,089 in Houston MSA 2022
- Insurance carriers establishments: 234 in Houston 2022
- Insurance agencies and brokerages: 4,512 in Houston MSA 2022
- Financial transaction processing firms: 156 in Houston 2022
- Real estate credit establishments: 789 in Houston 2022
- Venture capital firms headquartered in Houston: 42 in 2023
- Private equity firms in Houston: 156 active in 2023
- FinTech startups in Houston financial services: 89 in 2023
- Hedge funds managed from Houston: 23 in 2023
- Captive insurance companies domiciled in Houston area: 12 in 2023
- Mortgage lenders establishments: 678 in Houston MSA 2022
- Consumer lending companies: 345 in Houston 2022
- Trust and agency establishments: 123 in Houston MSA 2022
- Claims adjusting establishments: 210 in Houston insurance sector 2022
- Third-party administrators in insurance: 45 in Houston 2022
- Payroll funding firms: 34 in Houston financial services 2022
- Check cashing establishments: 156 in Houston MSA 2022
Establishment 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
- Financial services GDP growth Houston: 4.8% annualized 2022-2023
- Employment growth in Houston finance: 3.2% projected 2023-2030
- FinTech investments in Houston up 25% to $1.8B in 2023
- Bank branch openings Houston: +12 net in 2023
- Insurance premiums growth Houston: 7.1% YoY 2023
- AUM growth Houston wealth firms: 9.4% in 2023
- Venture capital deals Houston finance: 67 in 2023 up 15%
- Digital banking adoption Houston: 72% of customers 2023
- ESG investing AUM growth Houston: 22% to $34B 2023
- Mortgage originations growth: 11% in Houston 2023
Growth 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
- 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
- Bank of America Houston branches: 120 serving 1.2M customers 2023
- BBVA Compass (now PNC) Houston HQ assets: $120B post-merger 2023
- Amegy Bank (Zions) Houston employees: 2,800 in 2023
- Frost Bank Houston market share: 8% deposits 2023
- Cadence Bank Houston operations: $15B assets regional 2023
- Prosperity Bank Houston branches: 85 across metro 2023
- Texas Capital Bank HQ Houston assets: $38B 2023
- Allegiance Bank Houston founded 2007 assets $6.2B 2023
- Largest insurance firm Houston: Halliburton insurance arms but USAA regional $200B assets impact
- AIG Houston office premiums $5B local 2023
- Marsh McLennan Houston revenue $1.2B 2023
- Largest wealth manager Houston: RBC Wealth $45B AUM local 2023
- Merrill Lynch Houston advisors: 450 managing $50B 2023
- Raymond James Houston offices AUM $12B 2023
- Top VC firm Houston: Mercury Fund $450M under mgmt 2023
- Endeavor Energy Partners PE firm Houston $2B AUM 2023
- Houston fintech leader: Toast (acquired) but current Greenlight $500M funding 2023
Major 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
- 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
- Securities intermediation revenue: $18.9 billion in Houston MSA 2021
- Asset management AUM by Houston firms: $1.2 trillion in 2023
- Total bank assets in Houston: $450 billion across 456 institutions 2023
- Credit union assets in Houston area: $78.4 billion in 2023
- Mortgage debt outstanding serviced in Houston: $256 billion 2023
- Insurance premiums written in Texas Houston metro: $42.1 billion 2022
- Property-casualty insurance premiums Houston: $18.7 billion 2022
- Venture capital deployed in Houston financial tech: $1.45 billion 2023
- Private equity AUM Houston firms: $89 billion 2023
- Hedge fund assets under Houston management: $45.6 billion 2023
- Total loans originated by Houston banks: $112 billion in 2023
- Commercial real estate loans Houston banks: $67.4 billion 2023
- Deposits in Houston depository institutions: $389 billion 2023
- Net interest income Houston banks: $12.3 billion 2023
- Noninterest income financial services Houston: $23.8 billion 2022
- Financial services GDP contribution Houston MSA: $48.2 billion 2022
- Profit margins average for Houston banks: 28.4% ROA in 2023
- Total assets under management Houston wealth firms: $567 billion 2023
- FinTech revenue generated in Houston: $2.1 billion 2023
- Houston financial services firms revenue growth: 5.6% YoY 2023
Revenue 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
- 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
- Insurance sales agents median wage: $62,340 in Houston MSA 2023
- Securities sales agents average wage: $112,450 in Houston 2023
- Financial analysts median annual wage: $95,570 in Houston 2023
- Tellers average hourly wage: $17.85 in Houston financial services 2023
- Personal financial advisors average wage: $138,220 in Houston 2023
- Insurance underwriters median wage: $81,920 in Houston MSA 2023
- Compliance officers wage percentile 90th: $145,670 in Houston 2023
- Financial examiners average wage: $98,450 in Houston 2023
- Credit analysts median wage: $82,340 in Houston MSA 2023
- Claims adjusters average annual wage: $76,550 in Houston 2023
- Budget analysts wage: $89,120 median in Houston financial 2023
- Actuaries average wage: $128,450 in Houston MSA 2023
- Total employee compensation in Houston financial sector: $28.4 billion in 2022
- Benefits as % of total compensation: 32.1% in Houston finance 2023
- Overtime pay average per financial worker: $2,450 annually in Houston 2023
- Bonus pay in investment banking Houston: average $45,000 in 2023
- Entry-level financial analyst salary: $65,200 average in Houston 2023
- CFO average total compensation: $456,780 in Houston financial firms 2023
- Houston finance sector wages grew 4.2% YoY in 2023
- Top 10% wage earners in Houston finance: $198,450+ annually 2023
- Bottom 10% wage in financial services Houston: $38,920 in 2023
Wage 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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