Greater Halifax is undeniably the financial services center for the Maritime provinces. The sector is a major economic engine for the community. Greater Halifax has over 2,600 firms in the finance, insurance, and real estate (FIRE) sector. Even though Greater Halifax represents only 20% of the Maritime Provinces' total population, almost 30% of all FIRE firms are located here. The region has a dominant share of specialized financial services firms - 60% of all mortgage investment fund companies, and almost 50% of the Maritimes' insurance firms.
The financial services sector has a considerable impact on Nova Scotia's economy. According to the 2007 Nova Scotia Statistical Review published by the Nova Scotia Department of Finance, the FIRE sector makes up almost 21% of provincial GDP. In addition, the sector employs almost 14,000 in Greater Halifax, or 6.8% of the labour force.
In the past few years, the sector has been adding employees. The five major Canadian banks have added almost 500 new employees in the past three years. Furthermore, in 2006 the sector witnessed one of the most exciting employment developments in recent years. Five new global financial services firms – Citco Fund Services, Butterfield Fund Services, Marsh, Olympia Capital, and Meridian Fund Services (Canada) Ltd - providing a variety of services ranging from hedge fund management to customer support have set- up here. These five companies will be hiring over 1,200 employees, adding an estimated $84 million in new annual payroll to the local economy.
Learn more about opportunities in the financial services sector.