Analysis
NAICS 531 is the 2022 subsector for real estate, part of 53 (Real Estate and Rental and Leasing). Census lists 155 example activities under it in the official index.
Between 2018 and 2023 the number of establishments grew 15% and employment rose 10%. 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.
By establishments it ranks 1st of the 3 codes at this level within Real Estate and Rental and Leasing, with 88.3% of them.
County Business Patterns counts 414,824 US establishments in this code in 2023, employing 1,819,631 people at an average annual payroll of $69,396 per employee (51st percentile of national industries). 82% of the establishments have fewer than five employees, which marks it as a small-business industry.
Across its national industries Census lists 155 index entries; typical ones are apartment building rental or leasing, amusement facility rental or leasing, equity real estate investment trusts (REITs), primarily… and agricultural property rental or leasing.
It splits into 3 more detailed codes. The largest by establishments is 5312 (Offices of Real Estate Agents and Brokers) with 163,894.
Official definition
Industries in the Real Estate subsector group establishments primarily engaged in renting or leasing real estate to others; managing real estate for others; selling, buying, or renting real estate for others; and providing other real estate related services, such as appraisal services.
This subsector includes equity real estate investment trusts (REITs) primarily engaged in leasing buildings, dwellings, or other real estate property to others. Mortgage REITs are classified in Subsector 525, Funds, Trusts, and Other Financial Vehicles.
Establishments primarily engaged in subdividing and developing unimproved real estate and constructing buildings for sale are classified in Subsector 236, Construction of Buildings. Establishments primarily engaged in subdividing and improving raw land for subsequent sale to builders are classified in Subsector 237, Heavy and Civil Engineering Construction.
Source: US Census Bureau, NAICS 2022 Manual.
Index entries (155)
- Apartment building rental or leasing
- Amusement facility rental or leasing
- Equity real estate investment trusts (REITs), primarily leasing miniwarehouses and self-storage units
- Agricultural property rental or leasing
- Agencies, real estate
- Apartment managers' offices
- Commercial property managing
- Appraisal services, real estate
- Agencies, real estate escrow