The results are in, and it looks like FinTech is currently the fastest-growing sector across the job market – growing at a staggering rate of 12.97% over the past three months compared to an average growth rate of 1.03% across other industries and sectors.
The study was conducted by DesignRush, an online B2B marketplace that helps businesses find and compare professional agencies specializing in digital marketing, web design, branding, and more using data from both Crunchbase and Indeed.
These findings back up McKinsey’s estimate that FinTech will grow at nearly three times the overall banking industry’s growth rate between 2022 and 2028.
THE NEXT TOP GROWING INDUSTRIES
The study considered 4,045 mid-sized companies with 100 – 1000 employees, and annual revenue of anywhere between $10 million – $1 billion. The industries evaluated included media, marketing, tech, finance, and professional services industries and their subcategories.
Gianluca Ferruggia, General Manager of DesignRush.com commented, “Despite layoffs in the FinTech sector lately, the long-term view of the sector looks promising.”
He adds, “The sector is changing how we deliver and consume financial services. So, we’re seeing entire new categories of jobs being born, from blockchain specialists, and AI-driven risk analysts to compliance experts.”
Also impressive was the video and music industry, who grew by 3.44% in the last quarter. Forbes touched on this trend as people increasingly subscribe to series like Spotify and YouTube Music.
The event services sector has made a huge comeback post-pandemic with a growth of 3.12% in the past three months.
EMPLOYMENT GROWTH ACROSS STATES
Among the 4,045 companies considered, three states stood out among the top ten for those with the most growth.
In the lead was Florida, with a 1.60% growth in the last quarter and a strong 1.17% in the previous quarter, which is significantly outpacing the national average of 1.03%.
“Florida stands out with cheaper land, labor, and capital, a streamlined permitting process, no personal income tax, and a huge market,” says Ferruggia.
“It’s a perfect recipe for business growth, attracting industries from tech startups to tourism giants.”
Next was Ohio, which rose to 1.56% in the last 3 months.
“Ohio’s success in attracting fintech companies comes from its strong talent pool in IT, competitive labor costs, and a high concentration of finance and tech firms. This creates a thriving ecosystem for fintech,” says Ferruggia.
The state with the third highest growth was Texas, with a 1.54% increase in the last 3 months, up from 0.99% in the previous quarter.
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