NAICS 52

Finance and Insurance in Springfield, MA

Metro Market Score 82.0 (Difficult), ranked #330 of 331 metros. 460 establishments, 6,686 jobs.

Metro Market Score 82.0

Favorable 0-35

Moderate 35-48

Challenging 48-60

Difficult 60+

Difficult

ⓘ Lower is better. Relative to national finance and insurance average.

💰High-Cost Market

Springfield's finance and insurance sector saw employment decline over the past year (growth trend: 3.0). That contraction, combined with a 82.0 market score, puts this metro in the bottom 10% for market conditions. Understand why the local market is shrinking before committing.

Industry Concentration

75.8

LQ: 0.82

Rank #251 of 331 metros

Wage Competitiveness

91.8

$133,702 avg wage

Growth Trend

↓ 3.0

Employment growth index

Rank #322 of 331 metros

Wage Pressure

54.8

YoY wage change index

460 Finance and Insurance Firms in Springfield

460

Establishments

-26.2% YoY

6,686

Total Employment

-15.6% YoY

$133,702

Average Annual Wage

+9.6% YoY

0.82

Location Quotient

Below national avg

Within Massachusetts

#6 of 6

finance and insurance metros in state

Massachusetts state rank

#15 of 51

for finance and insurance entry risk

vs State Median

+4.3

worse than median (77.7)

Springfield vs Massachusetts Statewide

How this metro's finance and insurance market compares to Massachusetts overall. The state ranks #15/51 for entry risk.

Measure	Springfield	MA Statewide
Overall Score	82.0 Difficult	48.2 Elevated
Score Type	Metro Market Score	Entry Risk Score
Rank	#330 of 331 metros	#15 of 51 states

Metro and state scores use different methodologies (metro has 4 QCEW-based metrics; state adds BDS survival and momentum data). Direct score comparisons are approximate.

Other Industries in Springfield

Information 58.5 Real Estate and Rental and Leasing 60.2 Administrative and Support Services 61.3 Professional, Scientific, and Technical Services 62.6 Accommodation and Food Services 65.4 Construction 65.7 Retail Trade 67.8 Healthcare and Social Assistance 71.4 Other Services 73.3

Finance and Insurance in Other Massachusetts Metros

Amherst Town-Northampton 37.8 #88/331 Barnstable Town 59.8 #245/331 Pittsfield 70.7 #299/331 Worcester 77.7 #323/331 Boston-Cambridge-Newton 79.1 #328/331

Finance and Insurance Metros With Similar Conditions

Metros within 5 points of Springfield's 82.0 score. Useful when comparing markets with comparable entry profiles.

Minneapolis-St. Paul-Bloomington, MN 80.5 #329/331 Bridgeport-Stamford-Danbury, CT 84.0 #331/331 Boston-Cambridge-Newton, MA 79.1 #328/331 Columbus, OH 78.4 #327/331 Hartford-West Hartford-East Hartford, CT 78.3 #326/331 Albany-Schenectady-Troy, NY 77.9 #325/331 Winston-Salem, NC 77.7 #324/331 Worcester, MA 77.7 #323/331

Finance and Insurance in States Bordering Massachusetts

State-level entry risk for finance and insurance in adjacent states. Use this to weigh cross-border options.

Rhode Island 41.9 #4/51 New Hampshire 49.8 #22/51 Vermont 53.6 #34/51 New York 65.4 #49/51 Connecticut 73.7 #51/51

Browse Finance and Insurance in Other States

State-level entry risk reports for finance and insurance across all 51 markets, sorted by rank.

About Metro Market Score: A weighted composite of industry concentration (25%), wage competitiveness (25%), wage pressure (20%), and employment growth trend (30%). Lower scores indicate more favorable conditions. For Springfield's finance and insurance sector, the employment growth component (97.0) has the strongest pull on the composite. Metro scores use QCEW data only (no BDS survival data at metro level). Read full methodology →

Data Sources

Quarterly Census of Employment and Wages (QCEW), Bureau of Labor Statistics. MSA-level establishment counts, employment, wages, and location quotients for the Springfield, MA MSA area.

Data period: 2024. Last updated: April 2026.

Metro Market Assessment