Report: Financial Services Help Drive Mass.

The financial services industry in Massachusetts remains strong and helps fuel other top sectors in the economy, even though it is still recovering from the recession, according to a study released Friday.

Banks, insurance companies, money managers, and brokerage firms account for $36 billion, or 9 percent, of the state's total economic output, according to the study by Mass Insight, a Boston research firm, and consulting firm, PricewaterhouseCoopers.

Although the sector has cut about 3 percent of its jobs in Massachusetts since 2009, it still employs nearly 166,000.

"It's still the most important sector in the state," William Guenther, the chairman and founder of Mass Insight, told The Boston Globe. "It's the supporting sector that makes it possible for the life sciences, health, and education sector to do well as they do."

Banks, venture capitalists, and investment firms provide capital to help tech, biotech, and other cutting-edge companies to grow, he said.

The financial services industry is also among the state's highest paying. The average salary for a financial services worker in Massachusetts was about $114,000 last year, more than twice the average wage of about $55,600 for all industries, according to the report.

The study was done for the Boston Financial Services Leadership Council, an advocacy group of local asset managers, investment firms, and banks.