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2022 Economic Census / NAICS 53

Real estate and rental and leasing

The four largest firms in Real estate and rental and leasing accounted for 5.8% of the industry's 2022 sales, value of shipments, or revenue, and its concentration (HHI 20) ranks 11 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.

Revenue-based HHI

19.6

53
03,500
Same-level median 2341th percentile

National rank

#11

of 17 published

Sector rank

N/A

of 17 published

Largest 4 firms

5.8%

Share of industry revenue

Revenue

$946.4B

Sales, shipments, or revenue

Employer firms

369K

368,958

Employment

2.5M

2,522,021

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.

  • 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 Real estate and rental and leasing

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

NAICS 53

Median HHI-point change across strict six-digit matches

+2.3 pts#8 highest change of 17 sectors

Economy median

+1.6 ptsAcross sector medians
2017 paired median
93.2
2022 paired median
103.8
Published pairs
16 of 24
Direction mix
9 up / 7 down

Interpretation

The typical published detailed-industry HHI moved +2.3 pts. This distribution statistic is separate from the official broad-sector HHI row.

Classification boundary: 0 changed and 0 new detailed rows remain outside strict deltas.

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 53 broad-sector contract.
Direct broad-sector join
Business Applications
26,431
Jul 2026 monthly count
Application annual change
+18.9%
Same month one year earlier
U.S. application share
4.6%
Share of national applications
High-propensity mix
12.0%
3,163 applications
Projected formations
1,239
Modeled four-quarter source projection
Establishment entry rate
12.6%
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 Real estate and rental and leasingBusiness 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
306,045 applications / latest 12 months33,324 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
Exact broad-sector boundary

NAICS 53 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 53
Real estate and rental and leasing
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
Shared-group boundary

The selected Real estate and rental and leasing sector (NAICS 53) 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

Real estate in the U.S. value-added map

Exact broad-sector bridge from Census NAICS 53 to BEA line 60.
Exact sector context
GDP share
13.8%
2025 current-dollar composition
Real growth
+1.5%
2026-Q1 annualized BEA convention
Growth contribution
+0.21 pp
2026-Q1 contribution to real GDP growth
Real quantity index
130.2
2026-Q1 / 2017=100
Current value added
$4.34T
2026-Q1 seasonally adjusted annual rate

Annual composition trajectory

Share of current-dollar GDP

1997-2025
Real estate annual share of current-dollar GDPBEA value-added share from 1997 through 2025. This is an accounting composition measure, not a market share.15.0%14.0%13.0%12.0%11.0%19972004201120182025
12.1%1997+1.7 pplong-run shift13.8%2025
Exact broad-sector boundary

BEA line 60 and Census NAICS 53 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 Real estate and rental and leasing sector

Parent NAICS 53 supplies a classification directory only; no requirement coefficient is assigned to this narrower profile.
Sector directory only
BEA lines in scope
3
inside NAICS 53
Annual matrices
28
1997-2024
Raw matrix cells
5,964
retained without aggregation
Net requirement
Not constructed
not additive across buyer columns
Own requirement
Not constructed
no sector diagonal constructed

Published production directory

3 BEA industries map to this parent sector

Directory boundary

This chapter is a directory of 3 BEA summary industries classified inside parent sector Real estate and rental and leasing (NAICS 53). No coefficient is averaged, summed across buyer columns, or allocated to Real estate and rental and leasing (NAICS 53). 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 Real estate and rental and leasing with the national series while preserving the BDS universe.
Real estate and rental and leasing
12.647%
2023 sector rate
United States
10.608%
2023 national rate
Sector gap
+2.039 pp
Above U.S. rate
Joined-sector rank
#5
of 17 by magnitude

Establishment entry rate

Real estate and rental and leasing and the United States

Entering establishments as a share of the Census BDS establishment denominator.
Real estate and rental and leasingUnited States
2023Real estate and rental and leasing12.647%United States10.608%Gap +2.039 pp
1978: United States 15.146%; Real estate and rental and leasing 17.547%1979: United States 13.970%; Real estate and rental and leasing 17.362%1980: United States 12.806%; Real estate and rental and leasing 15.183%1981: United States 12.797%; Real estate and rental and leasing 14.279%1982: United States 12.464%; Real estate and rental and leasing 13.455%1983: United States 13.389%; Real estate and rental and leasing 14.798%1984: United States 14.534%; Real estate and rental and leasing 18.078%1985: United States 13.810%; Real estate and rental and leasing 18.470%1986: United States 14.095%; Real estate and rental and leasing 18.678%1987: United States 14.325%; Real estate and rental and leasing 18.340%1988: United States 13.959%; Real estate and rental and leasing 16.742%1989: United States 13.368%; Real estate and rental and leasing 15.873%1990: United States 12.683%; Real estate and rental and leasing 14.917%1991: United States 12.358%; Real estate and rental and leasing 16.104%1992: United States 11.577%; Real estate and rental and leasing 13.461%1993: United States 11.509%; Real estate and rental and leasing 13.172%1994: United States 11.885%; Real estate and rental and leasing 13.534%1995: United States 12.058%; Real estate and rental and leasing 13.521%1996: United States 11.795%; Real estate and rental and leasing 12.583%1997: United States 12.200%; Real estate and rental and leasing 13.594%1998: United States 11.438%; Real estate and rental and leasing 12.369%1999: United States 11.115%; Real estate and rental and leasing 13.465%2000: United States 10.848%; Real estate and rental and leasing 11.661%2001: United States 10.990%; Real estate and rental and leasing 12.331%2002: United States 11.911%; Real estate and rental and leasing 12.968%2003: United States 11.425%; Real estate and rental and leasing 12.919%2004: United States 11.511%; Real estate and rental and leasing 13.533%2005: United States 11.615%; Real estate and rental and leasing 15.291%2006: United States 12.495%; Real estate and rental and leasing 16.059%2007: United States 11.761%; Real estate and rental and leasing 14.185%2008: United States 10.307%; Real estate and rental and leasing 11.987%2009: United States 9.281%; Real estate and rental and leasing 10.266%2010: United States 9.495%; Real estate and rental and leasing 11.255%2011: United States 9.886%; Real estate and rental and leasing 11.544%2012: United States 10.018%; Real estate and rental and leasing 12.043%2013: United States 9.807%; Real estate and rental and leasing 12.380%2014: United States 9.906%; Real estate and rental and leasing 12.146%2015: United States 10.025%; Real estate and rental and leasing 11.933%2016: United States 10.194%; Real estate and rental and leasing 12.645%2017: United States 9.675%; Real estate and rental and leasing 13.033%2018: United States 9.414%; Real estate and rental and leasing 11.919%2019: United States 9.613%; Real estate and rental and leasing 11.608%2020: United States 9.637%; Real estate and rental and leasing 11.896%2021: United States 10.845%; Real estate and rental and leasing 14.203%2022: United States 11.651%; Real estate and rental and leasing 14.335%2023: United States 10.608%; Real estate and rental and leasing 12.647%
1978
17.547%
-4.9 pp to latest
2018
11.919%
Higher than 2018
Series high / 1986
18.678%
Highest published rate
Series low / 2009
10.266%
Lowest published rate

Exact annual series

Sector and national values

2023 back to 1978
Establishment entry rate for Real estate and rental and leasing and the United States, with the sector-minus-national gap.
Year53United StatesGap
202312.647%10.608%+2.039 pp
202214.335%11.651%+2.684 pp
202114.203%10.845%+3.358 pp
202011.896%9.637%+2.259 pp
201911.608%9.613%+1.995 pp
201811.919%9.414%+2.505 pp
201713.033%9.675%+3.358 pp
201612.645%10.194%+2.451 pp
201511.933%10.025%+1.908 pp
201412.146%9.906%+2.24 pp
201312.38%9.807%+2.573 pp
201212.043%10.018%+2.025 pp
201111.544%9.886%+1.658 pp
201011.255%9.495%+1.76 pp
200910.266%9.281%+0.985 pp
200811.987%10.307%+1.68 pp
200714.185%11.761%+2.424 pp
200616.059%12.495%+3.564 pp
200515.291%11.615%+3.676 pp
200413.533%11.511%+2.022 pp
200312.919%11.425%+1.494 pp
200212.968%11.911%+1.057 pp
200112.331%10.99%+1.341 pp
200011.661%10.848%+0.813 pp
199913.465%11.115%+2.35 pp
199812.369%11.438%+0.931 pp
199713.594%12.2%+1.394 pp
199612.583%11.795%+0.788 pp
199513.521%12.058%+1.463 pp
199413.534%11.885%+1.649 pp
199313.172%11.509%+1.663 pp
199213.461%11.577%+1.884 pp
199116.104%12.358%+3.746 pp
199014.917%12.683%+2.234 pp
198915.873%13.368%+2.505 pp
198816.742%13.959%+2.783 pp
198718.34%14.325%+4.015 pp
198618.678%14.095%+4.583 pp
198518.47%13.81%+4.66 pp
198418.078%14.534%+3.544 pp
198314.798%13.389%+1.409 pp
198213.455%12.464%+0.991 pp
198114.279%12.797%+1.482 pp
198015.183%12.806%+2.377 pp
197917.362%13.97%+3.392 pp
197817.547%15.146%+2.401 pp

Sector structure lab

Map concentration inside Real estate and rental and leasing

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 industries24Six-digit rows
Median HHI116.917 published
Median CR429.4%23 published
HHI 2,500+1Detailed rows
Published weight89.1%Revenue in chart

Bubble area = revenue

17 rows have both HHI and CR4 / 7 HHI values withheld

Top-five revenue share / 66.4%
NAICS 531110: Lessors of residential buildings and dwellings; HHI 34.9; CR4 8.8%; Revenue $162.3B; 17.15% of sectorNAICS 531120: Lessors of nonresidential buildings (except miniwarehouses); HHI 64; CR4 11.1%; Revenue $155.2B; 16.40% of sectorNAICS 531311: Residential property managers; HHI 24.1; CR4 7.1%; Revenue $69.6B; 7.35% of sectorNAICS 533110: Lessors of nonfinancial intangible assets (except copyrighted works); HHI 329; CR4 28.4%; Revenue $62.1B; 6.56% of sectorNAICS 532490: Other commercial and industrial machinery and equipment rental and leasing; HHI 186.7; CR4 23.2%; Revenue $43.8B; 4.63% of sectorNAICS 532111: Passenger car rental; HHI 3,029.2; CR4 89.6%; Revenue $38.8B; 4.10% of sectorNAICS 532120: Truck, utility trailer, and RV (recreational vehicle) rental and leasing; HHI 1,081.4; CR4 58.9%; Revenue $37.3B; 3.94% of sectorNAICS 531390: Other activities related to real estate; HHI 60.7; CR4 13.2%; Revenue $25.9B; 2.74% of sectorNAICS 531130: Lessors of miniwarehouses and self-storage units; HHI 606; CR4 42.7%; Revenue $20.6B; 2.18% of sectorNAICS 532411: Commercial air, rail, and water transportation equipment rental and leasing; HHI 798.4; CR4 47.4%; Revenue $13.2B; 1.40% of sectorNAICS 531190: Lessors of other real estate property; HHI 258.9; CR4 29.4%; Revenue $11.7B; 1.24% of sectorNAICS 531320: Offices of real estate appraisers; HHI 116.9; CR4 17.8%; Revenue $7.9B; 0.84% of sectorNAICS 532289: All other consumer goods rental; HHI 43.5; CR4 9.3%; Revenue $7.2B; 0.76% of sectorNAICS 532310: General rental centers; HHI 30.5; CR4 7.3%; Revenue $3.2B; 0.33% of sectorNAICS 532420: Office machinery and equipment rental and leasing; HHI 393; CR4 33.5%; Revenue $2.6B; 0.27% of sectorNAICS 532284: Recreational goods rental; HHI 90.6; CR4 16.6%; Revenue $2.3B; 0.24% of sectorNAICS 531210: Offices of real estate agents and brokers; HHI 54.3; CR4 11.8%; Revenue $179.4B; 18.96% of sector
0-499500-9991,000-1,4991,500-2,4992,500+Withheld

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 Real estate and rental and leasing to descendant curated markets, public enforcement records, research outputs, and the next evidence queue.

Observatory coverage

1 curated market

NAICS 53 / national sector screen

Detailed industries

24

17 HHI published

Curated markets

1

1 exact NAICS crosswalks

Policy actions

2

2 linked reports

Evidence sources

6

1 Census HHI at 2,500+

Curated market crosswalk

Definitions and market metrics nested below this sector

1 of 24 detailed NAICS rows have exact links

NAICS crosswalk 531110

Rental housing

Mixed scope

Rental housing access with affordability, supply, and selected institutional single-family rental ownership evidence

Market HHI

Not published

2026 evidence

Census HHI

34.9

2022 NAICS row

Market CR4

Not published

incomplete

Policy docket

2

2 reports

Geographic scope
National affordability and supply indicators plus selected local ownership evidence
Measurement
Mixed public indicators rather than one firm-share distribution

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 firms5.8%
CR8Eight largest firms8.9%
CR20Twenty largest firms15.8%
CR50Fifty largest firms24.5%

Same-level benchmark

Position in the hierarchy

MeasureThis rowMedian
HHI19.623
CR45.8%6.9%
Revenue$946.4B$1.3T
Firms369K265.5K

HHI distance from median

-3.4

NAICS hierarchy

Move up or down the classification tree

Level 2 of 6

Federal merger-review composition

Where NAICS 53 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

Real estate and rental and leasing

3 published 3-digit rows

Exact code + normalized label
43adjusted transactionsRank 12 of 19classified HSR sectors
Published share
2.5%
of adjusted release transactions
Agency clearances
5
2.7% of release / rank 8
Second Requests
0
0.0% of release / rank 9
Intra-industry flags
0
0.0% of release / rank 15

FY2024 sector aggregate

Real estate and rental and leasing

3 published 3-digit rows

Exact code + normalized label
56adjusted transactionsRank 11 of 19classified HSR sectors
Published share
2.8%
of adjusted release transactions
Agency clearances
14
7.6% of release / rank 5
Second Requests
4
6.8% of release / rank 6
Intra-industry flags
1
1.3% of release / rank 12

Adjacent-release shift

Stable HSR sector code and label

FY2023 to FY2024

Exact HSR sector code 53 is published in FY2023 and FY2024 with a stable source label. The deltas compare adjacent release aggregates without recoding their 3-digit rows.

Transactions
+13
Published share
+0.3 pp
Clearances
+9
Second Requests
+4
Intra-industry
+1
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

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
Real estate and rental and leasing industry concentration (NAICS 53) | Antitrust Radar