Portfolio management & investment advice NAICS 523940 · 2024 annual averages · private ownership

Total Firms (U.S.)
88,234
Total Employment
506,998
National Avg Pay
$288,633
States Reporting
52

State-by-state

Click a column header to sort. Location quotient (LQ) compares this state's industry concentration to the national average — 1.00 means national-average concentration; 1.50 means 50% denser than national; 0.50 means half as dense.

State Firms Employment Avg Pay LQ YoY %
California (CA) 10,810 56,819 $337,410 0.80 +3.2%
Texas (TX) 7,101 40,894 $211,118 1.15 +5.1%
Florida (FL) 6,996 24,457 $265,042 1.09 +4.4%
New York (NY) 6,590 91,774 $506,827 1.27 +0.4%
North Carolina (NC) 3,991 16,247 $188,787 1.45 -0.6%
Pennsylvania (PA) 3,264 36,048 $186,374 1.15 +4.1%
Illinois (IL) 3,037 20,989 $311,287 1.05 -0.2%
Colorado (CO) 2,854 14,802 $193,926 1.56 +1.9%
Ohio (OH) 2,779 11,888 $161,055 1.11 +5.1%
Georgia (GA) 2,382 10,890 $204,326 0.83 +15.5%
Connecticut (CT) 2,323 15,646 $486,321 2.14 +5.4%
Arizona (AZ) 2,316 7,073 $146,570 1.41 +6.6%
New Jersey (NJ) 2,310 15,687 $235,105 0.97 -1.8%
Massachusetts (MA) 2,208 28,518 $356,338 1.07 -0.1%
Washington (WA) 1,904 9,331 $193,117 1.10 +6.8%
Michigan (MI) 1,785 6,510 $142,863 0.81 -1.7%
Virginia (VA) 1,756 7,573 $208,533 0.76 +4.8%
Tennessee (TN) 1,748 6,323 $193,217 1.05 +7.0%
Minnesota (MN) 1,530 7,749 $177,263 0.98 +7.7%
Missouri (MO) 1,434 6,250 $143,361 0.81 +2.4%
Wisconsin (WI) 1,430 6,398 $179,580 0.96 +26.2%
Oregon (OR) 1,366 3,924 $158,433 1.00 +2.9%
Maryland (MD) 1,344 10,172 $232,676 0.94 +5.4%
Indiana (IN) 1,298 5,156 $126,238 0.93 +3.7%
Utah (UT) 1,243 4,102 $163,716 1.22 +4.9%
South Carolina (SC) 994 2,523 $159,448 0.71 +7.1%
Oklahoma (OK) 940 2,926 $113,077 1.00 -3.8%
Kansas (KS) 915 4,836 $137,823 1.25 +4.5%
Iowa (IA) 804 3,240 $135,007 0.98 +2.0%
Kentucky (KY) 761 2,291 $112,738 0.66 +4.8%
Louisiana (LA) 647 1,595 $120,062 0.57 +4.0%
Idaho (ID) 639 1,179 $121,743 0.85 +11.7%
Nebraska (NE) 608 2,744 $116,747 1.08 +1.7%
New Hampshire (NH) 587 2,639 $197,406 1.20 +2.6%
Alabama (AL) 547 1,802 $140,449 0.47 +7.5%
Arkansas (AR) 533 1,264 $127,464 0.70 +3.7%
Nevada (NV) 484 1,486 $189,060 0.61 -2.8%
Rhode Island (RI) 402 1,486 $153,805 1.12 +5.2%
District of Columbia (DC) 392 2,413 $360,925 1.03 +0.3%
Delaware (DE) 380 2,695 $137,191 1.14 +8.0%
Maine (ME) 358 1,088 $177,143 0.75 +1.4%
Montana (MT) 336 567 $138,813 0.72 -1.8%
Mississippi (MS) 308 602 $113,184 0.47 +4.1%
New Mexico (NM) 305 680 $185,262 0.61 +8.9%
South Dakota (SD) 268 726 $113,998 0.91 +4.7%
Hawaii (HI) 240 483 $131,052 0.55 +10.1%
Vermont (VT) 202 559 $205,960 0.86 +6.9%
North Dakota (ND) 185 422 $106,185 0.69 +4.5%
West Virginia (WV) 174 455 $113,298 0.39 +5.5%
Puerto Rico (PR) 166 507 $101,218 0.44 -3.5%
Wyoming (WY) 164 300 $318,870 0.73 -0.6%
Alaska (AK) 96 270 $155,122 0.52 +0.0%
Reading the table. "Firms" = annual-average establishment count (a firm with multiple locations counts as multiple establishments). "Avg Pay" is per-employee wages including bonuses (not owner draw — for proprietorships, the owner's take is largely outside this number). "LQ" is BLS's location quotient on establishment count — a quick read on whether an industry over- or under-indexes in a state. YoY % = year-over-year change in establishment count from 2023 to 2024.

SMB Density · firm counts, employment, and wages by industry × state · data from BLS QCEW 2024 annual (private ownership, state-level; mostly 6-digit NAICS, 3 specialty-trade industries at 5-digit aggregation) · data.json