Industries with the Largest Number of Businesses in the US in 2022

1. Trusts & Estates in the US

Number of Businesses for 2022: 3,701,427

The Trusts and Estates industry is composed of 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 five years to 2021. The industry benefited from substantial yields in equity markets in addition to appreciation in house prices, leading up to the spread of COVID-19 (coronavirus). Overall, revenue is expected to increase at an annualized rate of 4.9% to $196.0 billion over the five years to 2021. Revenue is expected to increase 22.6% in... Learn More

2. Taxi & Limousine Services in the US

Number of Businesses for 2022: 2,055,802

The Taxi and Limousine Services industry provides nonregular transportation services through vehicles such as taxicabs, limousines and luxury sedans. Rising consumer spending and corporate profit levels have prompted greater industry demand over the past five years, with the exception of 2020. Moreover, the proliferation of ride-sharing applications, namely Uber Technologies Inc. (Uber) and Lyft Inc. (Lyft), has led to a sustained wave of nonemploying operators entering the market, bolstering industry growth. In 2020, however, the COVID-19 (coronavirus) pandemic caused an estimated 49.5% decline in revenue. Closure of nonessential businesses, canceled travel plans and shelter-in-place orders all reduced industry demand drastically.... Learn More

3. Hair & Nail Salons in the US

Number of Businesses for 2022: 1,064,533

The Hair and Nail Salons industry comprises salons that offer haircuts, facials, makeup application services, hair modification treatments, such as perms and straightening procedures, and deluxe spa manicures and pedicures. Demand for industry services mirrors the broader economic performance as economic growth boosts consumer spending on personal care products and services. Specifically, new products and services have favorably contributed to industry revenue growth over the majority of the past five years. However, the industry has taken a hard hit by the COVID-19 (coronavirus) outbreak in 2020, outpacing revenue growth in previous years. Nevertheless, industry operators have reopened as restrictions are... Learn More

4. Janitorial Services in the US

Number of Businesses for 2022: 1,063,988

Operators in the Janitorial Services industry clean building interiors and exteriors, the inner parts of transportation equipment and other spaces, such as event stadiums. Overall, demand for industry services has grown over the five years to 2021, despite a setback in 2020 due to the adverse effects of the COVID-19 (coronavirus) pandemic, which reduced demand from many important downstream markets. However, the coronavirus pandemic has increased demand for new types of cleaning regimens to combat the spread of the virus, which will likely help to drive industry revenue moving forward. Many of the trends that proved detrimental to the industry... Learn More

5. Performers & Creative Artists in the US

Number of Businesses for 2022: 1,004,805

The highly diverse Performers and Creative Artists industry comprises independent artists and performers, including freelance and bestselling writers, stage and A-list actors and painters, in addition to a dozen other artistic professions. Over 90.0% of industry operators are nonemployers (i.e. business with no paid employees) that make little money in return. However, top artists, such as famous authors and actors, are capable of earning millions of dollars annually and typically employ teams to maintain their image, but account for a slim portion of industry operators. Although favorable economic conditions persisted over much of the five years to 2021, bolstering industry... Learn More

6. Real Estate Sales & Brokerage in the US

Number of Businesses for 2022: 965,978

The Real Estate Sales and Brokerage industry in the United States comprises brokers and agents that 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. Industry revenue is directly correlated with property prices and real estate transaction volumes, and agents are typically paid completely on a commission basis, receiving a fee only when they close a deal. Additionally, the residential market accounts for more than two-thirds of industry revenue, making the industry sensitive to fluctuations in housing prices and existing home... Learn More

7. Credit Counselors, Surveyors & Appraisers in the US

Number of Businesses for 2022: 875,348

The Credit Counselors, Surveyors and Appraisers industry has experienced significant revenue growth, growing an annualized 5.9% to $77.6 billion over the five years to 2021. 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. As a result, the industry is affected by a broad range of demographic and macroeconomic factors that have a material influence on the industry. The ongoing COVID-19 (coronavirus) pandemic is expected to benefit credit counselors in 2021. Amid widespread stay-at-home orders, many businesses have closed operations, creating a spike in... Learn More

8. Hair Salons

Number of Businesses for 2022: 874,408

The Hair Salons industry has benefited from rising consumer sentiment and per capita disposable income over most of the five years to 2021. These trends have also led to increased demand for ancillary services to standard haircuts, such as hair modification treatments (e.g. straightening procedures, perms and relaxing treatments), skincare services and others. However, the onset of COVID-19 (coronavirus) in 2020 led to the temporary closure of industry establishments and declining demand as individuals had fewer reasons to get haircuts due to stay-at-home mandates and high unemployment. Consequently, industry revenue decreased overall at an annualized rate of 3.2% to $39.5... Learn More

9. Management Consulting in the US

Number of Businesses for 2022: 865,756

The Management Consulting industry has experienced unusual turbulence over the five years to 2021. Prior to 2020, overall economic growth and continued merger and acquisition (M&A) activity in the corporate sector drove demand for consulting services from industry operators. However, in 2020, the COVID-19 (coronavirus) pandemic caused a recession which reduced aggregate downstream spending on industry services. Nonetheless, a marked improvement in the economic outlook in 2021 has positioned the industry for growth. As a result, industry revenue has grown over the past five years, rising an annualized 1.4% to $253.1 billion, including growth of 8.6% in 2021 alone.

Due to... Learn More

10. Direct Selling Companies in the US

Number of Businesses for 2022: 808,296

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 state policymakers issued stay-at-home orders and social gathering restrictions, making it difficult for operators to sell their products. Furthermore, 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. Overall, industry revenue is expected to decline at an annualized rate of 1.4%... Learn More