Analysis
NAICS 522110 is the 2022 national industry for commercial banking, part of 52211 (Commercial Banking). Census lists 7 example activities under it in the official index.
County Business Patterns counts 82,989 US establishments in this code in 2023, employing 1,630,919 people at an average annual payroll of $107,216 per employee (88th percentile of national industries). 25% of the establishments have fewer than five employees, which points to larger operations.
Its index entries, the activities Census uses to assign businesses to this code, include banks, commercial, branches of foreign banks, commercial banking and commercial banks, among 7 in all.
Between 2018 and 2023 the number of establishments fell 8% and employment rose 6%. The 2018 count used NAICS 2017, so part of a large move can come from codes being redefined rather than from businesses opening or closing.
Census lists 3 related activities that belong elsewhere, most often in 522210, 522180 and 523991. Businesses that do several things are classified by their primary activity, the one that generates the most value, so check those boundaries before settling on this code.
For example, credit card banking are classified in 522210 (Credit Card Issuing) instead.
Official definition
This industry comprises establishments primarily engaged in accepting demand and other deposits and making commercial, industrial, and consumer loans. Commercial banks and branches of foreign banks are included in this industry.
Source: US Census Bureau, NAICS 2022 Manual.
Not this code if…
| The business mainly does | Use instead |
|---|---|
| Credit card banking | 522210 Credit Card Issuing |
| Establishments known as industrial banks and primarily engaged in accepting deposits | 522180 Savings Institutions and Other Depository Credit Intermediation |
| Establishments of depository institutions primarily engaged in trust activities | 523991 Trust, Fiduciary, and Custody Activities |
Index entries (7)
- Banks, commercial
- Branches of foreign banks
- Commercial banking
- Commercial banks
- Depository trust companies
- National commercial banks
- State commercial banks