Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Industries with the Largest Number of Businesses in the US in 2024
Number of Businesses for 2024: 3,681,573
The Trusts and Estates industry comprises trusts, estates and agency accounts administered on behalf of beneficiaries under the terms established in a fiduciary contract. Industry revenue, composed primarily of capital gains on trusted assets and ordinary dividends, exhibited an increase over the past five years. The industry benefited from substantial yields in equity markets and appreciation in house prices during the current period. Over the past five years, revenue has climbed at a CAGR of 2.8% to $221.4 billion, including an expected 4.2% increase in 2023. Profit is expected to dip to 50.5% of revenue in 2023 from 51.1% in... Learn More
Number of Businesses for 2024: 1,494,555
Taxi and Limousine services offer nonregular transportation through taxicabs, limousines and luxury sedans. Taxicabs and limousines are supported by per capita disposable income and consumer spending, while luxury sedans are supported by rising corporate profit and business activity. An important downstream market for both offerings is travel, typically to and from airports. All avenues of downstream demand were crushed during COVID-19 as the country was shutdown to attempt to slow the spread. Revenue fell at a CAGR of 1.5% to $49.5 billion, with a 2.8% increase in 2023 alone.
Taxi and limousine services have also seen a changing make-up of operators.... Learn More
Number of Businesses for 2024: 1,464,924
The Hair and Nail Salons industry offers haircuts, facials, makeup application services, hair modification treatments, as well as deluxe spa manicures and pedicures. Demand for these services mirrors broader economic performance since economic growth boosts consumer spending on personal care products and services. New products and services have favorably contributed to industry revenue growth in recent years. However, COVID-19 caused revenue for Hair and Nail Salons industry to plunge in 2020. Although hair and nail salons have since reopened, hair and nail salon revenue has shrunk at a five-year CAGR of 2.3% to $67.4 billion through the end of 2023,... Learn More
Number of Businesses for 2024: 1,380,002
Providing varied services to diverse downstream markets with unique needs allows management consultants to weather changing economic conditions. Extreme shocks like the COVID-19 pandemic led to revenue declines, but sometimes clients need consulting services in bad times, which buffers revenue declines and ensures low revenue volatility. Bouncing back from the COVID-19 pandemic, industry-wide revenue grew at a CAGR of 1.1% to $329.9 billion over the past five years, growing 0.1% in 2023 alone.
Technological change in client markets will spur demand for various consulting services, but challenge profit margin growth. Advisory in the age of digital transformation requires employees with unique... Learn More
Number of Businesses for 2024: 1,223,334
Real estate salespeople and brokers sell, buy or rent real estate for others. The industry is closely aligned with the health of the residential and commercial real estate markets in the United States. Revenue is directly correlated with property prices and real estate transaction volumes, and agents are paid completely on a commission basis, receiving a fee only when they close a deal. Also, the residential market accounts for most of revenue, making the real estate sales sensitive to fluctuations in housing prices and existing home sales.
Through the end of 2023, real estate sales have seen growth in line with... Learn More
Number of Businesses for 2024: 1,167,424
The personal trainers industry operates in two general areas; the largest segment is located in gyms and other fitness centers, while the other segment is in-house operations, tailoring workouts and regiments to the individual client and their needs at home. This industry derives its demand from downstream consumer groups. The group with the highest demand for personal trainer services are the 35- to 50-year-old consumers. Due to the nature of the industry, consumers with a higher per capita disposable income are much more likely to purchase the discretionary good, that is, personal training. COVID-19 was a major roadblock for the... Learn More
Number of Businesses for 2024: 1,159,821
Performers and creative artists include independent artists, freelance and bestselling writers, stage and A-list actors and painters, in addition to a dozen other artistic professions. Over 96.0% of working artists don't employ any workers since revenue in this field can be difficult to come by. The top artists are the ones whose work is highly coveted and revered, and famous authors and actors are capable of earning millions of dollars annually. Some have the fame and financial means that requires them to employ teams to maintain their image, but these account for a slim portion of artists. Favorable economic conditions... Learn More
Number of Businesses for 2024: 1,122,796
Janitorial services companies rely heavily on economic growth for revenue, as commercial cleaning services make up more than two-thirds of janitorial services sales. When the economy is doing well, cleaning companies provide services on a more frequent basis and can charge higher prices, as their clients have more funds to spend. Households account for a smaller but still significant revenue share. Residential cleaning services are subject to fluctuations in mortgage rates, as lower rates tend to be linked to a higher number of home purchases. Over the past five years, janitorial services revenue is expected to grow at a CAGR... Learn More
Number of Businesses for 2024: 952,909
Over the past five years, the Hair Salons industry has benefited from rising consumer sentiment and per capita disposable income. These trends have also increased demand for ancillary services to standard haircuts like hair modification treatments (e.g. straightening procedures, perms and relaxing treatments), skincare services and others. Nonetheless, the onset of the COVID-19 pandemic in 2020 led to the temporary closure of industry establishments and a significant decline in demand in 2020 as individuals had fewer reasons to get haircuts due to stay-at-home mandates and high unemployment. These economic trends caused industry revenue to decline at a CAGR of 2.4%... Learn More
Number of Businesses for 2024: 881,909
Operators in the Direct Selling Companies industry retail a range of products from one person to another away from a fixed retail location. The COVID-19 (coronavirus) pandemic caused a substantial shift in the industry as mass layoffs propelled industry participation levels, resulting in heightened performance. However, intense competition from big-box retailers and e-commerce has negatively affected the industry, as competitors are able to offer a wider selection of substitute products at lower prices and in a convenient one-stop location. Nonetheless, industry revenue is expected to increase at an annualized rate of 5.3% to $65.1 billion over the five years to... Learn More
Number of Businesses for 2024: 857,728
The industry has skyrocketed, with revenue increasing over the past five years at a CAGR of 4.9% through the end of 2023 to $95.2 billion. The industry includes a wide variety of professional and technical service providers, including credit counselors, quantity surveyors, visual inspectors, weather forecasters, arbitrators and commodity inspectors. The industry is affected by many demographic and macroeconomic factors that have a material influence on the industry. The COVID-19 pandemic benefited credit counselors since more difficult economic conditions caused more consumers to seek financial advice. In 2022, credit counselors are expected to benefit again as high inflation, rising interest... Learn More
Number of Businesses for 2024: 820,147
Remodelers renovate the interiors and exteriors of residential buildings. Industry activities include additions, alterations, reconstruction, maintenance and repair work. The Remodeling industry is inextricably tied to consumers' disposable income levels and propensity toward discretionary spending. A decline in consumer confidence amid uncertain economic conditions and rising mortgage rates has caused the industry to contract. Remodeling revenue has been declining at a CAGR of 0.5% to $110.8 billion over the past five years, including a projected skid of 3.4% in 2023 alone, as profit is expected to stabilize at 7.2%.
Before 2020, as construction activity expanded and demand for industry services increased,... Learn More
Number of Businesses for 2024: 819,226
Apartment lessors provide housing to renters either in a property that they own or in a property that they rent themselves. Lessors have enjoyed a period of success recently, although the pandemic and general economic shifts have disrupted the industry and slowed growth. The economic recession brought on by the pandemic resulted in falling rent prices in line with rising unemployment. Also, those that could afford to largely chose to leave cities as the pandemic incentivized people to focus on their living situations. According to the Apartment List National Rent Report, rent prices shot up following the end of pandemic-related... Learn More
Number of Businesses for 2024: 761,699
The beef cattle production industry in the United States includes farms and ranches that primarily raise cattle, including cattle for dairy herd replacements or feeding cattle to prepare them for consumption. In the current period, fluctuating feed prices and inefficiencies, exacerbated by the COVID-19 pandemic, have caused volatility in the price of red meat. In 2021 alone, the price of red meat jumped 21.1% as drought conditions lowered herd numbers and increased the price of feed. While prices have begun to rise again, the larger losses of revenue in the early period have resulted in the industry's revenue falling at... Learn More
Number of Businesses for 2024: 661,309
Demand for the Landscaping Services industry is dependent on the health of the housing and property markets, as well as on levels of per capita disposable income, since landscaping services are often discretionary. Landscapers also rely on institutional and commercial clients because they generate higher revenue per service.
The domestic housing market boom has underpinned the industry's growth. A healthier housing market has encouraged current homeowners to invest in their properties to increase their value amid growing disposable income. While the COVID-19 pandemic disrupted operations in 2020 as states across the country ordered nonessential businesses to close and commercial clients reduced... Learn More
Number of Businesses for 2024: 648,195
Real estate asset managers and consultants sell a variety of real estate services, like consulting and advisory, real estate asset management, escrow, relocation, tenant representation, listing and fiduciary activities. Most companies in the industry are nonemployers, with many firms employing just a few workers. Market share concentration is also relatively low, with real estate consulting companies mainly serving regional markets.
During the current period, revenue increased significantly because of massive growth in residential construction. Despite the cratering economy caused by COVID-19 in 2020, low-interest rates and massive government aid spurred more housing starts and home buying. This kept sales for real... Learn More
Number of Businesses for 2024: 622,038
The industry is engaged in the full, single-load, long-distance and local transportation of palletized commodities by tractor-trailer or container. Industry performance is dependent on the health of the United States economy. High consumer spending, manufacturing output and trade volumes prompt revenue growth. However, the inherent volatility of fuel prices influences the industry each year because fuel surcharges account for a large portion of the industry's operating revenue. Fuel surcharges are required to mitigate the effects of changes in the price of fuel on operating costs and profit. Trucker revenue is expected to increase at a 2.5% CAGR to $89.7 billion... Learn More
Number of Businesses for 2024: 616,268
Long-distance freight trucking service performance broadly follows the US economy as increases in consumer spending, manufacturing output and trade volumes increase demand for services, which is why COVID-19 caused such havoc in 2020. Manufacturing output and commodity prices fell, leading to reduced spending on long-distance freight trucking services from the sector. Revenue is also affected by the cost of fuel fluctuations, which generate volatility for the industry by affecting fuel surcharges and the value of commodities. The unprecedented losses faced in 2020 and the ongoing economic situation led industry-wide revenue to decrease at a CAGR of 0.5% to $260.3 billion... Learn More
Number of Businesses for 2024: 568,320
The Day Care industry provides day care and preschool services to infants and children. Day care providers rely on tuition payments and are mostly private but receive government support. In the past five years, revenue rose at a CAGR of 1.2% to reach $69.4 billion.
The pandemic left an unerasable mark on day care services. Supply and demand are completely thrown in nearly every facet of this market. Operations essentially ceased in 2020 due to pandemic restrictions. In 2021 the flood gates were opened and demand soared. Weary parents expected to enroll children in day care and return to work as... Learn More
Number of Businesses for 2024: 551,158
The Hay and Crop Farming industry produces hay, sugar beets and other crops, such as hops and herbs, agave, spices, tea and maple sap. Most industry operators are dedicated to growing hay, though the low margin nature of this product causes it to only account for roughly one-quarter of industry revenue, despite the overwhelming number of industry establishments being hay farmers. Overall, industry revenue performance has been bolstered by annualized increases in the value of each industry product segment, with 2023 preliminary results indicating double digit growth in the revenue earned from and hay. Other segment leaders include outdoor grown... Learn More
Number of Businesses for 2024: 525,824
Handyman Service providers offer residential and commercial clients a broad range of repair and maintenance services, from painting projects and drywall repair to plumbing work and electrical system repairs. Handymen derive most of their revenue from the residential sector, including homeowners and property managers. As a result, the industry contracted at the end of the current period as rising interest rates threaten the construction sector.
An increase in total credit advanced by financial institutions, coupled with improving per capita disposable income, provided the industry with enough momentum to grow steadily through the beginning of 2020. As demand for housing grew,... Learn More
Number of Businesses for 2024: 520,121
The Home Care Providers industry is among the fastest-growing healthcare industries in the United States. Home care saves patients billions of dollars every year by treating them in their own homes instead of hospitals. An aging population, the prevalence of chronic diseases, growing physician acceptance of home care, medical advancements and a movement toward cost-efficient treatment options from public and private payers have all fostered industry revenue growth. Industry revenue has grown at an average annual rate of 3.4% to $136.2 billion over the past five years, including 4.8% growth in 2023 alone. Despite the COVID-19 pandemic's initial reduction in... Learn More
Number of Businesses for 2024: 496,630
Due to low capital requirements, a sizable number of operators are small nonemployers or independent contractors. IT Consulting has experienced a shift in technological change towards cloud computing and data analytics. The constantly changing character of the industry has led larger players to acquire smaller companies and develop new products to remain competitive. Industry revenue has grown at a CAGR of 2.0% to $665.9 billion over the five years to 2023, including a rise of 4.0% in 2023 alone.
Shifting technology trends have boosted demand for new services and encouraged companies to replace older, more traditional technology. Operators compete on offering... Learn More
Number of Businesses for 2024: 478,963
The personal waxing and nails salons industry, which includes salons offering waxing and nail care services, has grown over the past five years despite substantial disruptions caused by the pandemic. Given the industry's discretionary nature, rising disposable income and consumer spending over the past five years resulted in more consumers using services. Revenue gains have been led by various product trends, including matte nails, colored gel nails and threading, which have generated high growth for the industry. Over the past five years, revenue has been growing at a CAGR of 8.6% to $29.9 billion, including an expected 1.9% increase in... Learn More
Number of Businesses for 2024: 447,390
Home builders construct single-family homes while also remodeling houses and other residential buildings. Low housing stock led to the development of new homes throughout the period. In 2020, amid the pandemic, inadequate housing and near-zero interest rates led to an uptick in construction, despite harsh economic conditions. Loans were easier to access, with mortgage rates reaching historic lows, allowing property developers to break ground on more residential projects. As the economy recovered, housing stock became fulfilled and interest rates rose again as the federal reserve continued to combat inflationary concerns. This led to a massive slowdown in construction at the... Learn More
Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Industries with the Highest Labor Costs in the US in 2024
VIEW ARTICLEBased on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Industries with the Highest Profit Margin in the US in 2024
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