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2022 Economic Census / NAICS 52

Finance and insurance

The four largest firms in Finance and insurance accounted for 12.1% of the industry's 2022 sales, value of shipments, or revenue, and its concentration (HHI 78) ranks 6 of 17 sectors in the Economic Census. What is HHI?

National employer-firm concentration for this sector, measured from sales, value of shipments, or revenue. Census categories are statistical groupings, not necessarily antitrust markets.

SectorFinance and insuranceMiddle half

Revenue-based HHI

78.1

52
03,500
Same-level median 2371th percentile

National rank

#6

of 17 published

Sector rank

N/A

of 27 published

Largest 4 firms

12.1%

Share of industry revenue

Revenue

$5.9T

Sales, shipments, or revenue

Employer firms

243K

242,954

Employment

7.4M

7,384,808

Four source-bounded systems

Sector evidence passport

Open sector atlas

The passport juxtaposes four source-bounded sector signals for navigation. Each cell retains its own period, denominator, source, and rank universe; the cells are not combined into a sector score, merger rate, legal market, causal estimate, or assessment of competitive harm.

Industry profileFinance and insuranceSector · HHI 78.1 · CR4 12.1%

  • GeographyUnited StatesNational firm totals
  • UniverseEmployer firmsFirms with payroll
  • MeasurementRevenue concentrationSales, shipments, or revenue
  • Permitted useScreening onlyNot a legal market definition

Longitudinal sector pulse

How typical detailed industries changed inside Finance and insurance

Compare six strict-match medians, their publication coverage, and each sector's position among 17 economy-wide rows.

NAICS 52

Median HHI-point change across strict six-digit matches

-4.1 pts#16 highest change of 17 sectors

Economy median

+1.6 ptsAcross sector medians
2017 paired median
471.5
2022 paired median
492.9
Published pairs
21 of 23
Direction mix
10 up / 11 down

Interpretation

The typical published detailed-industry HHI moved -4.1 pts. This distribution statistic is separate from the official broad-sector HHI row.

Classification boundary: 1 changed and 5 new detailed rows remain outside strict deltas.

Open economy sector atlas Detailed change JSONDetailed change CSV
Sector rows summarize strict six-digit NAICS matches. Their medians are not sector HHI values, legal antitrust markets, liability findings, or causal estimates. Vintage medians and the median of row-level changes are distinct distribution statistics and need not reconcile. Publication coverage varies by metric, and revenue changes are nominal.

Census formation and sector context

Monthly formation signals beside annual sector structure

60 monthly observations for the exact NAICS 52 broad-sector contract.
Direct broad-sector join
Business Applications
20,287
Jul 2026 monthly count
Application annual change
+3.4%
Same month one year earlier
U.S. application share
3.5%
Share of national applications
High-propensity mix
29.6%
5,997 applications
Projected formations
912
Modeled four-quarter source projection
Establishment entry rate
8.1%
2023 annual BDS rate

Monthly source trajectory

Applications and high-propensity applications

Aug 2021 to Jul 2026
Business ApplicationsHigh-Propensity Business Applications
Sixty-month business application trajectory for Finance and insuranceBusiness Applications and the high-propensity subset share one count axis. The chapter describes the selected broad sector.50K37.5K25K12.5K0Aug 2021Nov 2022Feb 2024May 2025Jul 2026
233,149 applications / latest 12 months52,543 high-propensity / latest 12 months

Source clocks

Four releases, three measurement systems

Business Formation Statistics
2026-07
monthly applications and projected formations
Business Dynamics Statistics
2023
annual employer-establishment flows
Economic Census structure
2022
median across detailed-industry HHI rows
Strict concentration history
2017-2022
same-code and same-label detailed pairs
Source custody
Exact broad-sector boundary

NAICS 52 is the exact broad-sector contract used by this chapter. This atlas joins only exact broad-sector NAICS contracts across three separate Census systems: monthly Business Formation Statistics, annual Business Dynamics Statistics, and Economic Census industry structure. The release clocks, populations, denominators, and measures remain distinct. Positions are descriptive context, not composite competition scores, causal estimates, legal antitrust markets, or evidence that applications, entry, concentration, and competitive effects are interchangeable.

BLS labor and payroll context

Financial activities signals across linked sectors

2 Census sectors share these BLS source-group readings; none is allocated a separate value.
Shared BLS group
Job openings
4.4%
Jun 2026 JOLTS rate
Hires
2.0%
Jun 2026 JOLTS rate
Quits
1.0%
Jun 2026 JOLTS rate
Layoffs + discharges
0.5%
Jun 2026 JOLTS rate
All employees
9.1M
9,090 thousand payroll jobs
Weekly hours
37.4
-0.2 hrs from year earlier
Hourly earnings
$49.44
+3.9% from year earlier

JOLTS worker flows

Openings and quits on native rate scales

Jul 2021 to Jun 2026
Job openings rateQuits rate
Sixty-month JOLTS openings and quits ratesJob openings and quits rates for the mapped Financial activities source group. The measures keep their published denominators and are not a labor-market power score.8.0%6.0%4.0%2.0%0.0%Jul 2021Oct 2022Jan 2024Apr 2025Jun 2026
+0.7 pp openings / year earlier-0.2 pp quits / year earlier

CES payroll context

Payroll jobs and nominal earnings, indexed

Aug 2021 = 100
Payroll jobsHourly earnings
Sixty-month CES payroll jobs and hourly earnings indexesPayroll jobs and nominal average hourly earnings for the mapped Financial activities source group, each independently indexed to 100 in the first displayed month. Native levels remain in the readouts.13012111310495Aug 2021Nov 2022Feb 2024May 2025Jul 2026
-1.2% payroll jobs / year earlier+3.9% nominal earnings / year earlier

Declared classification bridge

One profile, two source-owned industry groups

Selected Census parent
NAICS 52
Finance and insurance
JOLTS group
510099
Financial activities
CES supersector
55
Financial activities
Mapped Census sectors
2
52, 53

Independent release clocks

Two monthly systems, no merged series

JOLTS worker flows
2026-06
60 displayed months · latest preliminary
CES payroll context
2026-07
60 displayed months · latest preliminary
Source custody
Shared-group boundary

The selected Finance and insurance sector (NAICS 52) is one of 2 Census-sector contexts attached to the broader Financial activities JOLTS and Financial activities CES groups. Their published values cannot be allocated to this sector alone. JOLTS industry rates describe national labor demand and worker-flow activity in broad BLS industry groups. They do not measure employer concentration, monopsony power, wages, bargaining power, job quality, local labor-market conditions, worker substitutability, a legal labor market, or the competitive cause of a change. The job openings rate uses employment plus openings as its denominator. Hires, quits, and layoffs and discharges use employment. Rates may be compared across published industry groups within the same measure, but different measures must not be added together or treated as a common flow balance. CES employment, hours, and earnings describe national payroll jobs and establishment averages in broad private-industry groups. They do not measure unique workers, vacancies, employer concentration, monopsony power, bargaining power, job quality, a local or occupational labor market, a legal antitrust market, or the competitive cause of a change. All-employee hourly earnings are current-dollar averages and are not adjusted for inflation. Changes can reflect shifts in industry and worker composition. Employment is reported in thousands of payroll jobs, so multiple jobholders may be counted more than once. Compare industries only within the same published measure; do not add or ratio the three measures into a common score. The two releases remain separate and are not combined into a labor-market, monopsony, competition, welfare, or causal score.

BEA industry output context

Finance in the U.S. value-added map

Exact broad-sector bridge from Census NAICS 52 to BEA line 55.
Exact sector context
GDP share
7.9%
2025 current-dollar composition
Real growth
-3.0%
2026-Q1 annualized BEA convention
Growth contribution
-0.25 pp
2026-Q1 contribution to real GDP growth
Real quantity index
112.3
2026-Q1 / 2017=100
Current value added
$2.56T
2026-Q1 seasonally adjusted annual rate

Annual composition trajectory

Share of current-dollar GDP

1997-2025
Finance annual share of current-dollar GDPBEA value-added share from 1997 through 2025. This is an accounting composition measure, not a market share.9.0%8.0%7.0%6.0%5.0%19972004201120182025
6.7%1997+1.2 pplong-run shift7.9%2025
Source custodyU.S. Bureau of Economic Analysis / 2026-06-25GDP by Industry, value-added tablesOfficial BEA releaseAccess reviewed 2026-08-15
Exact broad-sector boundary

BEA line 55 and Census NAICS 52 share the declared broad-sector classification used by this profile. BEA value added measures an industry's contribution to GDP. It is not sales, gross output, profit, a markup, market share, concentration, a legal antitrust market, or evidence of competitive harm or causation. Current-dollar value-added shares reflect both prices and quantities. Real value added uses chained 2017 dollars and is suitable for growth comparisons, but chained-dollar industry components are not additive. Quarterly levels are seasonally adjusted at annual rates, and quarterly growth and contribution measures retain BEA's published annualized convention. The BEA table contains nested industries, cross-industry aggregates, and addenda. Only the 20 major-industry rows form the composition view; summing those rows with their children, parent aggregates, or addenda would double count activity.

BEA domestic production requirements

Production industries inside the broader Finance and insurance sector

Parent NAICS 52 supplies a classification directory only; no requirement coefficient is assigned to this narrower profile.
Sector directory only
BEA lines in scope
4
inside NAICS 52
Annual matrices
28
1997-2024
Raw matrix cells
7,952
retained without aggregation
Net requirement
Not constructed
not additive across buyer columns
Own requirement
Not constructed
no sector diagonal constructed

Published production directory

4 BEA industries map to this parent sector

521CIFederal Reserve banks, credit intermediation, and related activities523Securities, commodity contracts, and investments524Insurance carriers and related activities525Funds, trusts, and other financial vehicles
Source custodyU.S. Bureau of Economic Analysis / 2025-09-25Input-Output Accounts, domestic requirements tablesOfficial BEA tablesAccess reviewed 2026-08-15
Directory boundary

This chapter is a directory of 4 BEA summary industries classified inside parent sector Finance and insurance (NAICS 52). No coefficient is averaged, summed across buyer columns, or allocated to Finance and insurance (NAICS 52). A domestic total-requirements coefficient reports the U.S. output required from the supplier-row industry, directly and indirectly, per dollar of output delivered to final use by the buyer-column industry. It is not observed spending, a contract, a firm supplier link, market share, concentration, a legal antitrust market, competitive harm, or causation. Rows are supplying industries and columns are buyer industries delivering output to final use. Reading down a buyer column traces upstream requirements; reading across a supplier row traces the industries whose final-use output requires that supplier. BEA requirements tables use fixed input structures, constant returns to scale, and no input substitution. Coefficients are average, ex-post industry relationships; domestic import adjustments are estimated and do not identify firm-specific sourcing. Diagonal values include an industry's own direct and indirect requirements. Published negative coefficients are retained as accounting adjustments and must not be ranked as positive supply requirements.

Longitudinal sector profile

Business formation and job flows since 1978

46 annual BDS records compare Finance and insurance with the national series while preserving the BDS universe.
Finance and insurance
8.115%
2023 sector rate
United States
10.608%
2023 national rate
Sector gap
-2.493 pp
Below U.S. rate
Joined-sector rank
#13
of 17 by magnitude

Establishment entry rate

Finance and insurance and the United States

Entering establishments as a share of the Census BDS establishment denominator.
Finance and insuranceUnited States
2023Finance and insurance8.115%United States10.608%Gap -2.493 pp
1978: United States 15.146%; Finance and insurance 10.994%1979: United States 13.970%; Finance and insurance 11.047%1980: United States 12.806%; Finance and insurance 9.336%1981: United States 12.797%; Finance and insurance 9.767%1982: United States 12.464%; Finance and insurance 8.677%1983: United States 13.389%; Finance and insurance 12.964%1984: United States 14.534%; Finance and insurance 11.694%1985: United States 13.810%; Finance and insurance 11.318%1986: United States 14.095%; Finance and insurance 11.318%1987: United States 14.325%; Finance and insurance 11.937%1988: United States 13.959%; Finance and insurance 12.816%1989: United States 13.368%; Finance and insurance 14.653%1990: United States 12.683%; Finance and insurance 12.150%1991: United States 12.358%; Finance and insurance 17.192%1992: United States 11.577%; Finance and insurance 10.408%1993: United States 11.509%; Finance and insurance 10.238%1994: United States 11.885%; Finance and insurance 12.878%1995: United States 12.058%; Finance and insurance 11.048%1996: United States 11.795%; Finance and insurance 11.048%1997: United States 12.200%; Finance and insurance 13.444%1998: United States 11.438%; Finance and insurance 12.667%1999: United States 11.115%; Finance and insurance 13.060%2000: United States 10.848%; Finance and insurance 12.940%2001: United States 10.990%; Finance and insurance 13.049%2002: United States 11.911%; Finance and insurance 13.349%2003: United States 11.425%; Finance and insurance 12.933%2004: United States 11.511%; Finance and insurance 12.299%2005: United States 11.615%; Finance and insurance 13.222%2006: United States 12.495%; Finance and insurance 14.192%2007: United States 11.761%; Finance and insurance 13.118%2008: United States 10.307%; Finance and insurance 10.430%2009: United States 9.281%; Finance and insurance 8.909%2010: United States 9.495%; Finance and insurance 8.711%2011: United States 9.886%; Finance and insurance 8.511%2012: United States 10.018%; Finance and insurance 9.667%2013: United States 9.807%; Finance and insurance 8.019%2014: United States 9.906%; Finance and insurance 8.670%2015: United States 10.025%; Finance and insurance 8.822%2016: United States 10.194%; Finance and insurance 9.585%2017: United States 9.675%; Finance and insurance 7.745%2018: United States 9.414%; Finance and insurance 8.396%2019: United States 9.613%; Finance and insurance 8.090%2020: United States 9.637%; Finance and insurance 7.455%2021: United States 10.845%; Finance and insurance 9.136%2022: United States 11.651%; Finance and insurance 9.399%2023: United States 10.608%; Finance and insurance 8.115%
1978
10.994%
-2.879 pp to latest
2018
8.396%
Lower than 2018
Series high / 1991
17.192%
Highest published rate
Series low / 2020
7.455%
Lowest published rate

Exact annual series

Sector and national values

2023 back to 1978
Establishment entry rate for Finance and insurance and the United States, with the sector-minus-national gap.
Year52United StatesGap
20238.115%10.608%-2.493 pp
20229.399%11.651%-2.252 pp
20219.136%10.845%-1.709 pp
20207.455%9.637%-2.182 pp
20198.09%9.613%-1.523 pp
20188.396%9.414%-1.018 pp
20177.745%9.675%-1.93 pp
20169.585%10.194%-0.609 pp
20158.822%10.025%-1.203 pp
20148.67%9.906%-1.236 pp
20138.019%9.807%-1.788 pp
20129.667%10.018%-0.351 pp
20118.511%9.886%-1.375 pp
20108.711%9.495%-0.784 pp
20098.909%9.281%-0.372 pp
200810.43%10.307%+0.123 pp
200713.118%11.761%+1.357 pp
200614.192%12.495%+1.697 pp
200513.222%11.615%+1.607 pp
200412.299%11.511%+0.788 pp
200312.933%11.425%+1.508 pp
200213.349%11.911%+1.438 pp
200113.049%10.99%+2.059 pp
200012.94%10.848%+2.092 pp
199913.06%11.115%+1.945 pp
199812.667%11.438%+1.229 pp
199713.444%12.2%+1.244 pp
199611.048%11.795%-0.747 pp
199511.048%12.058%-1.01 pp
199412.878%11.885%+0.993 pp
199310.238%11.509%-1.271 pp
199210.408%11.577%-1.169 pp
199117.192%12.358%+4.834 pp
199012.15%12.683%-0.533 pp
198914.653%13.368%+1.285 pp
198812.816%13.959%-1.143 pp
198711.937%14.325%-2.388 pp
198611.318%14.095%-2.777 pp
198511.318%13.81%-2.492 pp
198411.694%14.534%-2.84 pp
198312.964%13.389%-0.425 pp
19828.677%12.464%-3.787 pp
19819.767%12.797%-3.03 pp
19809.336%12.806%-3.47 pp
197911.047%13.97%-2.923 pp
197810.994%15.146%-4.152 pp

Sector structure lab

Map concentration inside Finance and insurance

Each bubble is one six-digit industry. Horizontal position is revenue-based HHI, vertical position is CR4, and bubble area follows the selected economic scale.

Detailed industries29Six-digit rows
Median HHI405.827 published
Median CR431.0%29 published
HHI 2,500+1Detailed rows
Published weight93.8%Revenue in chart

Bubble area = revenue

27 rows have both HHI and CR4 / 2 HHI values withheld

Top-five revenue share / 61.4%
NAICS 524126: Direct property and casualty insurance carriers; HHI 405.8; CR4 31.0%; Revenue $727.5B; 12.43% of sectorNAICS 524113: Direct life insurance carriers; HHI 331.2; CR4 26.4%; Revenue $600.7B; 10.26% of sectorNAICS 522110: Commercial banking; HHI 241.9; CR4 25.5%; Revenue $591.1B; 10.10% of sectorNAICS 523940: Portfolio management and investment advice; HHI 97.8; CR4 15.0%; Revenue $372.9B; 6.37% of sectorNAICS 523150: Investment banking and securities intermediation; HHI 354.8; CR4 28.3%; Revenue $306.7B; 5.24% of sectorNAICS 524292: Pharmacy benefit management and other third party administration of insurance and pension funds; HHI 1,633.5; CR4 77.3%; Revenue $283.6B; 4.84% of sectorNAICS 524210: Insurance agencies and brokerages; HHI 59.5; CR4 11.2%; Revenue $194.3B; 3.32% of sectorNAICS 521110: Monetary authorities - central bank; HHI 3,074; CR4 76.6%; Revenue $170.4B; 2.91% of sectorNAICS 522210: Credit card issuing; HHI 1,245.6; CR4 63.1%; Revenue $161.6B; 2.76% of sectorNAICS 522320: Financial transactions processing, reserve, and clearinghouse activities; HHI 659.6; CR4 46.5%; Revenue $136.7B; 2.33% of sectorNAICS 522220: Sales financing; HHI 378.9; CR4 29.3%; Revenue $133.6B; 2.28% of sectorNAICS 522292: Real estate credit; HHI 261.7; CR4 24.8%; Revenue $109.1B; 1.86% of sectorNAICS 524130: Reinsurance carriers; HHI 1,119.5; CR4 57.8%; Revenue $98.7B; 1.69% of sectorNAICS 522291: Consumer lending; HHI 450.4; CR4 34.8%; Revenue $47.6B; 0.81% of sectorNAICS 523910: Miscellaneous intermediation; HHI 84.4; CR4 14.0%; Revenue $45.8B; 0.78% of sectorNAICS 522180: Savings institutions and other depository credit intermediation; HHI 384.1; CR4 29.9%; Revenue $36.7B; 0.63% of sectorNAICS 522390: Other activities related to credit intermediation; HHI 263; CR4 25.4%; Revenue $26.1B; 0.45% of sectorNAICS 524128: Other direct insurance (except life, health, and medical) carriers; HHI 1,189.4; CR4 57.2%; Revenue $25.3B; 0.43% of sectorNAICS 524127: Direct title insurance carriers; HHI 1,796.5; CR4 80.2%; Revenue $23.4B; 0.40% of sectorNAICS 523991: Trust, fiduciary, and custody activities; HHI 705.1; CR4 42.3%; Revenue $19.1B; 0.33% of sectorNAICS 523160: Commodity contracts intermediation; HHI 301.2; CR4 25.1%; Revenue $18.2B; 0.31% of sectorNAICS 522310: Mortgage and nonmortgage loan brokers; HHI 217.7; CR4 24.3%; Revenue $17.1B; 0.29% of sectorNAICS 523210: Securities and commodity exchanges; HHI 2,434.7; CR4 95.1%; Revenue $16.5B; 0.28% of sectorNAICS 523999: Miscellaneous financial investment activities; HHI 1,209.3; CR4 60.1%; Revenue $13.9B; 0.24% of sectorNAICS 524291: Claims adjusting; HHI 161.3; CR4 21.3%; Revenue $8.9B; 0.15% of sectorNAICS 524298: All other insurance related activities; HHI 492.9; CR4 40.1%; Revenue $8.7B; 0.15% of sectorNAICS 524114: Direct health and medical insurance carriers; HHI 649.3; CR4 44.2%; Revenue $1.3T; 22.19% of sector
0-499500-9991,000-1,4991,500-2,4992,500+Withheld

Disclosure lane

Rows missing HHI or CR4 stay outside the numerical plane.

2 rows / 6.2% of revenue
522299International, secondary market, and all other nondepository credit intermediation$265B / 4.53%522130Credit unions$95.5B / 1.63%

Active detailed industry

Direct health and medical insurance carriersNAICS 524114
HHI649.3
CR444.2%
Revenue$1.3T#1 / 22.19% of sector
Open evidence profile

Largest by revenue

Hover or focus to inspect

Top 8
01Direct health and medical insurance carriers524114$1.3T22.2%02Direct property and casualty insurance carriers524126$727.5B12.4%03Direct life insurance carriers524113$600.7B10.3%04Commercial banking522110$591.1B10.1%05Portfolio management and investment advice523940$372.9B6.4%06Investment banking and securities intermediation523150$306.7B5.2%07Pharmacy benefit management and other third party administration of insurance and pension funds524292$283.6B4.8%08International, secondary market, and all other nondepository credit intermediation522299$265B4.5%

Continue analysis

Compare top fourCurrent revenue leadersSector JSON29 detailed rowsSector CSVNotebook-ready packet

Bubble size describes economic weight inside this NAICS sector. HHI and CR4 remain national statistical screens, not product-market definitions or findings of market power.

Sector intelligence dossier

From industry structure to antitrust evidence

Join the Census screen for Finance and insurance to descendant curated markets, public enforcement records, research outputs, and the next evidence queue.

Observatory coverage

2 curated markets

NAICS 52 / national sector screen

Detailed industries

29

27 HHI published

Curated markets

2

2 exact NAICS crosswalks

Policy actions

4

3 linked reports

Evidence sources

5

1 Census HHI at 2,500+

Curated market crosswalk

Definitions and market metrics nested below this sector

2 of 29 detailed NAICS rows have exact links

NAICS crosswalk 524292

PBMs

Agency defined

Pharmacy benefit management services represented by prescription processing

Market HHI

Not published

2023 evidence

Census HHI

1,633.5

2022 NAICS row

Market CR4

Not published

incomplete

Policy docket

4

2 reports

Geographic scope
United States
Measurement
FTC-reported aggregate shares of prescriptions processed

NAICS crosswalk 524114

Individual insurance

Source defined

ACA-regulated individual health insurance represented in the KFF competition dataset

Market HHI

3,650

2024 evidence

Census HHI

649.3

2022 NAICS row

Market CR4

Not published

estimated public

Policy docket

0

1 report

Geographic scope
United States for the canonical national profile; states and the District of Columbia remain separately reported jurisdiction screens
Measurement
KFF source-reported HHI, leading-insurer share, and count of insurers above 5 percent

Descendant NAICS codes provide a research crosswalk only. They do not make a curated product and geographic market equivalent to its Census industry, and market metrics are never aggregated into a sector score.

Review method

Firm concentration ladder

How much revenue the largest firms hold

Each rung widens the group of largest firms included in the Census concentration ratio.

CR4Four largest firms12.1%
CR8Eight largest firms19.6%
CR20Twenty largest firms32.8%
CR50Fifty largest firms48.2%

Same-level benchmark

Position in the hierarchy

MeasureThis rowMedian
HHI78.123
CR412.1%6.9%
Revenue$5.9T$1.3T
Firms243K265.5K

HHI distance from median

+55.1

NAICS hierarchy

Move up or down the classification tree

Level 2 of 6
52 Finance and insurance

Direct child categories

521Monetary authorities - central bank522Credit intermediation and related activities523Securities, commodity contracts, and other financial investments and related activities524Insurance carriers and related activities

Federal merger-review composition

Where NAICS 52 appears in HSR review releases

Each release aggregates its own published acquired-entity 3-digit rows. Volume, review stages, labels, denominators, and source custody remain separate from the Census concentration screen.

Open filtered HSR atlas

FY2023 sector aggregate

Finance and insurance

4 published 3-digit rows

Exact code + normalized label
163adjusted transactionsRank 5 of 19classified HSR sectors
Published share
9.4%
of adjusted release transactions
Agency clearances
3
1.6% of release / rank 10
Second Requests
0
0.0% of release / rank 9
Intra-industry flags
12
15.2% of release / rank 3

FY2024 sector aggregate

Finance and insurance

4 published 3-digit rows

Exact code + normalized label
167adjusted transactionsRank 5 of 19classified HSR sectors
Published share
8.5%
of adjusted release transactions
Agency clearances
12
6.5% of release / rank 6
Second Requests
5
8.5% of release / rank 3
Intra-industry flags
9
11.3% of release / rank 4

Adjacent-release shift

Stable HSR sector code and label

FY2023 to FY2024

Exact HSR sector code 52 is published in FY2023 and FY2024 with a stable source label. The deltas compare adjacent release aggregates without recoding their 3-digit rows.

Transactions
+4
Published share
-0.9 pp
Clearances
+9
Second Requests
+5
Intra-industry
-3
Published rows
0

Interpretation boundary

This bridge joins only the exact broad-sector NAICS code published by both sources. The 2022 Economic Census sector row measures economy-wide employer-firm structure, while each HSR sector aggregate sums the release's published acquired-entity 3-digit rows. The shared code does not define a legal antitrust market, measure a sector merger rate, establish competitive harm, or score agency performance.

Intra-industry field

An intra-industry transaction means the acquiring and acquired persons both reported revenue in the same 3-digit NAICS code. It does not establish a horizontal overlap, relevant antitrust market, or competitive effect.

Nearest structural neighbors

Comparable fingerprints across the economy

Smallest mean national-percentile gaps across HHI, CR4, CR8, revenue, employment, and employer firms, using the same published dimensions as this row.

Evidence access

Reuse this exact row

Filtered JSONNAICS 52Download CSVOne-row data packetCensus source archiveEC2200SIZECONCEN

Source citation

U.S. Census Bureau, 2022 Economic Census, EC2200SIZECONCEN: Selected Sectors - Concentration of Largest Firms for the United States, released April 2025.

Industry screen, not market conclusion

A NAICS industry is a statistical classification, not a legally defined antitrust market. Use these national revenue concentration measures to screen where deeper product and geographic market analysis may be warranted, not to infer market power or liability.

Market definition method
Finance and insurance industry concentration (NAICS 52) | Antitrust Radar