I need this done by 17 April 20 for $25.00
https://my-ibisworld-com.ezproxy.trident.edu/us/en/industry/48111a/industry-performance#current-performance
In SLP 3, you will use an actual IBISWorld report to prepare an Excel spreadsheet and graphs.
For the industry that you selected, you will use the “Industry Performance” tab.
- On the “Industry Performance” tab, scroll down to the bottom of the page to the section entitled, Historical Performance Data. Click the small arrow pointing downward (located at the top right of the Historical Performance Data section) and export the data to Excel. Once you have the Excel spreadsheet with the data for “Historical Performance Data”:
1. Highlight the data in column B, then create a Column Chart illustrating the Revenue ($m) data.
2.Use the Excel formula to calculate the Average for each column of data within the sheet.
3. Add this information to the bottom of each column.
4.Use Excel to calculate the Sum for each column of data within the sheet.
5.Add this information below the row of Averages for each column.
6. Change the name of this Tab to Revenue Growth.
WWW.IBISWORLD.COM International Airlines in the US September 2019
1
IBISWorld Industry Report 48111a
International Airlines in the US
September 2019 Qing Zheng
Prepare for takeoff: Rising disposable income will
fuel increased passenger travel, boosting revenu
e
2
About this Industry
2
Industry Definition
2
Main Activities
2
Similar Industries
3
Additional Resources
4 Industry at a Glance
5
Industry Performance
5 Executive Summary
5 Key External Drivers
7 Current Performance
9 Industry Outlook
11 Industry Life Cycle
13 Products and Markets
13
Supply Chain
13
Products and Services
14 Demand Determinants
15
Major Markets
16 International Trade
17 Business Locatio
ns
19
Competitive Landscape
19 Market Share Concentration
19 Cost Structure Benchmarks
21 Basis of Competition
22 Barriers to Entry
23 Industry Globalization
24
Major Companies
24 United Continental Holdings Inc.
25 American Airlines Group Inc.
26 Delta Air Lines Inc.
27 JetBlue Airways Corporation
28
Operating Conditions
28
Capital Intensity
29 Technology and Systems
29 Revenue Volatility
30 Regulation and Policy
31 Industry Assistance
33 Key Statistics
33
Industry Data
33
Annual Change
33
Key Ratios
34
Industry Financial Ratios
35
Jargon & Glossary
www.ibisworld.com | 1-800-330-3772 | info@ibisworld.com
WWW.IBISWORLD.COM International Airlines in the US September 2019
2
The International Airlines industry
provides air transportation to passengers
and cargo over regular routes and
schedules. These services include any
flights that either end or originate
internationally. Scheduled air passenger
carriers, including commuter and
helicopter carriers (except scenic and
sightseeing), are included in this industry.
Airlines that provide international mail
transportation on a contract basis are also
included in this industry.
The primary activities of this industry are
Scheduled international passenger air transpor
t
Scheduled international cargo and freight air transport (except air couriers)
Scheduled commuter international passenger air transport
Scheduled charter international passenger air transport
33641a Aircraft, Engine & Parts Manufacturing in the US
This industry provides factory conversion, overhaul and rebuilding of aircraft.
48111b Domestic Airlines in the US
This industry provides air transportation of passengers and cargo over regular routes and on regular
schedules.
48121 Charter Flights in the US
This industry provides international air transportation of passengers, cargo or specialty flying services with
no regular routes and regular schedules are classified.
48211 Rail Transportation in the US
The industry comprises companies that operate railroads across the United States. This includes large
railroads and regional and local line-haul railroads that carry freight and passengers.
48311 Ocean & Coastal Transportation in the US
This industry provides deep-sea, coastal, Great Lakes and St. Lawrence Seaway water transportation. The
deep-sea shipping activity includes US-flagged vessels and non-US-flagged vessels.
48811 Airport Operations in the US
This industry includes businesses that operate international, national or civil airports or public flying fields.
49222 Couriers & Local Delivery Services in the US
This industry provides international air courier services for the market.
Industry Definition
Main Activities
Similar Industries
About this Industry
The major products and services in this industry are
Cargo transportation
Fees
Passenger transportation
Other
WWW.IBISWORLD.COM International Airlines in the US September 2019
3
About this Industry
For additional information on this industry
www.airlines.org
Airlines for America
www.bts.gov
Bureau of Transportation Statistics
www.faa.gov
Federal Aviation Administration
www.census.gov
US Census Bureau
Additional Resources
IBISWorld writes over 1000 US
industry reports, which are updated
up to four times a year. To see all
reports, go to www.ibisworld.com
WWW.IBISWORLD.COM International Airlines in the US September 2019
4
%
c
ha
ng
e
8
-2
0
2
4
6
2614 16 18 20 22 24Year
Inbound trips by non-US residents
SOURCE: WWW.IBISWORLD.COM
%
c
ha
ng
e
20
-20
–
10
0
10
2511 13 15 17 19 21 23Year
Revenue Employment
Revenue vs. employment growth
Products and services segmentation (2019)
72.0%
Passenger transportation
13.6%
Cargo transportation
8.9%
Other
5.5%
Fees
Key Statistics
Snapshot
Industry at a Glance
International Airlines in 201
9
Industry Structure
Life Cycle Stage
Mature
Revenue Volatility Medium
Capital Intensity Medium
Industry Assistance High
Concentration Level High
Regulation Level Heavy
Technology Change High
Barriers to Entry High
Industry Globalization High
Competition Level High
Revenue
$52.9bn
Profit
$4.8bn
Wages
$8.6bn
Businesses
226
Annual Growth 19–24
1.9%
Annual Growth 14–19
-1.7%
Key External Drivers
Inbound trips by
non-US residents
International trips
by US residents
World price of crude oil
Corporate profit
Per capita disposable
income
Market Share
United Continental
Holdings Inc.
31.1%
American Airlines
Group Inc.
25.9%
Delta Air Lines
Inc.
24.1%
p. 24
p.
5
FOR ADDITIONAL STATISTICS AND TIME SERIES SEE THE APPENDIX ON PAGE 33
SOURCE: WWW.IBISWORLD.COM
WWW.IBISWORLD.COM International Airlines in the US September 2019 5
Key External Drivers Inbound trips by non-US residents
International tourists account for a
significant portion of passengers on
international flights. Moreover, the
majority of foreign visitors arrive by
plane, and many take US-based
airlines. Consequently, an increase in
the number of foreign travelers visiting
the United States generally leads to
greater demand for industry services.
Inbound trips by non-US residents are
expected to increase in 2019,
representing a potential opportunity for
the industry.
International trips by US residents
US residents seeking to travel
internationally represent an important
source of revenue for the International
Airlines industry. Therefore, an increase
in the number of international trips made
by US residents is expected to generate
significant revenue for industry operators.
The number of international trips by US
residents is expected to increase in 2019.
World price of crude oil
Given that jet fuel is refined from crude oil,
when global crude oil prices decline, jet fuel
Executive Summary The International Airlines industry has
declined over the five years to 2019 despite
rising levels of per capita disposable
income and increased travel activity both
into and out of the United States. In recent
years, mounting competition from foreign
competitors and chronic overcapacity
within the industry’s cargo transportation
segment have forced industry operators to
slash ticket prices and reduce freight
shipping rates, causing industry revenue to
decline. Moreover, substantial declines in
the world price of crude oil led the price of
jet fuel to plummet during the five-year
period, preventing operators from
generating revenue through fuel surcharge
fees. As a result, industry revenue is
anticipated to decrease at an annualized
rate of 1.7% to $52.9 billion over the five
years to 2019, including an expected 1.3%
decrease in 2019 alone.
This industry is dominated by a few
large-scale players; the industry’s four
largest companies are expected to generate
over 80.0% of total industry revenue in
2019. Prior to the five-year period, poor
profitability and increasing competition
forced several airlines out of business,
leading to industry consolidation.
Additionally, American Airlines and US
Airways merged in December 2013,
consolidating as American Airlines Group
Inc. In turn, these major companies have
been able to access significant economies of
scale, investing in new technologies and
ordering larger, more fuel-efficient aircraft
to reduce operating costs. With fuel prices
still below historical levels, industry profit
is also expected to increase during the
current five-year period.
Industry revenue is expected to recover
over the next five years as continued
growth in disposable income, corporate
profit and US travel activities are
anticipated to be bolstered by a substantial
decrease in the price of jet fuel. However,
industry revenue will continue to be
constrained by growing competition from
foreign operators and alternative modes of
transportation. To maintain profitability
despite intense competition, operators’
ability to increase their aircraft’s load
factor, a measure of capacity utilization, is
critical for industry operators. Overall,
industry revenue is forecast to increase at
an annualized rate of 1.9% to $58.1 billion
over the five years to 2024.
Industry Performance
Executive Summary | Key External Drivers | Current Performance
Industry Outlook | Life Cycle Stage
Industry revenue is expected to recover amid
continued growth in disposable income,
corporate profit and US travel activity
WWW.IBISWORLD.COM International Airlines in the US September 2019 6
Industry Performance
Key External Drivers
continued
prices tend to decline as well, causing
major airlines to remove fuel surcharges
and reduce ticket prices to remain
competitive. In turn, lower prices limit
industry revenue growth. The world price
of crude oil is forecast to decrease slightly
in 2019; however, the volatile nature of
world oil prices will likely continue to pose
a potential threat to the industry.
Corporate profit
International business travel represents
a significant source of revenue for
industry operators. When corporate
profit is high, companies are more likely
to pay for business travel and travelers
are more likely to purchase first-class
tickets and other high-margin industry
products. Corporate profit is expected to
increase in 2019.
Per capita disposable income
The majority of industry revenue comes
from discretionary consumer spending
on leisure travel. When per capita
disposable income rises, consumers are
able to spend more on vacations and
other nonessential international trips.
Per capita disposable income is expected
to increase in 2019.
%
c
ha
ng
e
7
3
4
5
6
2614 16 18 20 22 24Year
International trips by US residents
SOURCE: WWW.IBISWORLD.COM
%
c
ha
ng
e
8
-2
0
2
4
6
2614 16 18 20 22 24Year
Inbound trips by non-US residents
WWW.IBISWORLD.COM International Airlines in the US September 2019 7
Industry Performance
Current
Performance
Despite rising levels of airline passenger
traffic and improving US trade activity,
the International Airlines industry has
declined over the past five years. This
industry, which includes US-based
airlines that transport passengers and
cargo internationally, has suffered from
volatile fuel prices, mounting competition
from foreign airlines and global economic
and political uncertainties. Consequently,
industry revenue is estimated to decrease
at an annualized rate of 1.7% to $52.9
billion over the five years to 2019.
%
c
ha
ng
e
10
-10
-5
0
5
2511 13 15 17 19 21 23Year
Industry revenue
SOURCE: WWW.IBISWORLD.COM
Passenger and cargo
traffic
The industry is cyclical and highly
sensitive to economic factors that affect
the number of inbound and outbound
international travelers. Economic
growth, rising consumer spending and
improving corporate profit have driven
demand from both business and leisure
travelers to increase over the past five
years; as a result, the total number of
international trips taken by US
residents grew during the current
five-year period. Moreover, due to
global economic growth and the
expansion of the global middle class,
the number of trips to the United States
by non-US residents is also estimated
to increase. This increase in flights into
and out of the United States has
provided the industry with an
expanding customer base.
However, despite overall expansion,
passenger traffic growth slowed down over
the past five years, and inbound trips
actually declined in 2016. This decline in
inbound traffic was due to slowed
economic growth in emerging markets
and political instability associated with
global trade tensions and conflicts, as well
as the appreciation of the US dollar. In
particular, a strengthening dollar has
made it more expensive for foreign visitors
to travel to the United States. Additionally,
overall freight volume transported by both
cargo-exclusive and passenger airlines has
only recently begun to grow in a
meaningful way.
Fuel prices, capacity
and competition
Diminishing passenger traffic only partially
explains the industry’s revenue declines
over the past five years, especially given the
overall increase in air traffic. Factors such
as fuel prices, capacity and competition are
the other reasons why revenue dropped.
Fuel prices, in particular, had the largest
effect. The purchase of jet fuel represents a
substantial cost for industry operators, and
fuel expenses can range from between
20.0% and 40.0% of an international
airline’s total purchase costs. As a result,
large-scale movements in jet fuel prices can
have a significant effect on airline operating
costs and profit margins. However, when
the price of jet fuel increases, industry
carriers are also able to generate significant
revenue by implementing fuel surcharges
and increasing ticket prices and freight
rates, shifting the burden of rising fuel
WWW.IBISWORLD.COM International Airlines in the US September 2019 8
Industry Performance
Fuel prices, capacity
and competition
continued
costs to consumers. Nonetheless, when oil
prices plunged during the five-year period,
jet fuel prices followed. Consequently,
airlines were forced to remove fuel
surcharges and reduce prices to remain
competitive, causing substantial revenue
declines in 2015 and 2016.
As fuel prices fluctuated, industry
players also had to deal with increased
competition and capacity. To meet
growing demand and mitigate fuel costs,
airlines have increasingly invested in
new aircraft that burn less fuel, fly
longer distances and transport more
people and cargo. As result, capacity
slightly outgrew demand, reducing
industry load factor (a measure of
capacity utilization of airline services)
from 82.4% to 80.6% in 2016.
Consequently, airline pricing ability was
limited. Moreover, industry players have
had to contend with increased
competition from foreign airlines.
Competitors such as Emirates maintain
substantial fleets of wide-body aircraft,
and many foreign carriers are subsidized
or owned by government bodies,
enabling them to grow relatively quickly
and expand their share of the global
airline market. Meanwhile, the increased
efficiency of aircraft has enabled long-
range budget airlines such as Norwegian
Air to enter the international market. As
a result of greater competition, industry
players have had to lower prices and lose
market share. The introduction of
aircraft with more cargo capacity and
the overall expansion of the global
aircraft fleet has also forced down
freight rates, further pressuring industry
revenue. Nevertheless, a recent increase
in jet fuel prices and the pickup in
passenger and cargo traffic to and from
the United States helped industry
revenue to increase 9.3% in 2018.
Overall, continued intense competition
and volatile fuel prices are expected to
hinder industry growth. In 2019, jet fuel
prices are expected to fall again, leading
to a 1.3% decline in industry revenue.
Industry structure Following a period of significant merger and
acquisition activity on the part of the
industry’s largest players, the industry is
now overwhelmingly dominated by large-
scale operators, such as United Continental
Holdings Inc. and American Airlines Group
Inc. In fact, the industry’s four largest
players are expected to account for over
80.0% of total industry revenue in 2019,
which acts as a significant barrier to entry
for small-scale players attempting to gain
market share in this industry. Moreover,
external pressure on industry airfare and
freight rates has kept the number of
companies entering the industry low and
mostly limited to foreign carriers, which are
not considered part of the US industry.
Consequently, the number of industry
enterprises has decreased at an annualized
rate of 2.6% to 226 companies over the five
years to 2019. Conversely, the pickup in
capacity and slowly rising demand
encouraged operators to hire more staff,
especially after years of stagnant
employment. Therefore, over the five years
to 2019, the number of industry employees
is expected to climb at an annualized rate of
4.7% to 107,862. At the same time, the
average industry profit margin (measured as
earnings before interest and taxes) has
recently improved due to decreasing fuel
costs and increasing industry consolidation.
However, at 9.1% of industry revenue,
average profit is still expected to have grown
over the past five years, rising from 7.5% in
2014, when fuel prices were far higher.
The industry is now
overwhelmingly dominated
by large-scale operators
WWW.IBISWORLD.COM International Airlines in the US September 2019 9
Industry Performance
Industry
Outlook
Over the five years to 2024, the
International Airlines industry is
expected to gradually expand from recent
setbacks, although it will be contingent
upon sustained growth in US and global
economic conditions and travel activity.
The combination of growing air travel
demand and higher fuel surcharges are
expected to bolster revenue. At the same
time, competition from an array of global
airlines will continue to place downward
pressure on industry ticket prices,
benefiting airline customers while
reducing revenue opportunities for
airline companies. Nevertheless, industry
revenue is forecast to grow at an
annualized rate of 1.9% to $58.1 billion
over the five years to 2024.
Traffic Rising per capita disposable income and
an expanding service portfolio offered by
industry airlines are expected to support
revenue growth moving forward. As the
size of the global middle class increases,
demand for industry services from
foreign consumers is forecast to rise, and
the number of inbound trips by non-US
residents is projected to increase at an
annualized rate of 3.8% over the next five
years. Similarly, as domestic consumer
spending continues to rise, the number of
international trips taken by US residents
is expected to grow as well, increasing at
an annualized rate of 3.2% during the
same period. This growing consumer
demand for air travel into and out of the
United States will likely generate
increased demand for the industry’s
passenger transportation services, while
growing levels of domestic per capita
disposable income will enable greater
numbers of passengers to purchase
first-class seats, extra baggage allowances
and other amenities that most
international airlines offer. Growing
levels of trade are also projected to
increase freight volumes, increasing
demand for industry cargo services.
Furthermore, over the five years to
2019, the world price of crude oil is
anticipated to decrease at a slower rate,
an annualized rate of 0.2%. The recovery
in jet fuel prices will enable airlines to
raise fuel surcharges and thus revenue. In
addition, according to the Federal
Aviation Administration, industry load
factor, which measures industry capacity
utilization, is forecast to reach 81.1% by
2024, an improvement over levels posted
over the past five years. This indicates
that operators will improve their capacity
management, leading to greater demand
per seat and granting operators more
leeway in pricing.
However, operators will continue to
deal with competition from foreign
airlines, many of which continue to
expand their operations, putting pricing
pressure on various routes. Moreover,
industry performance will be exposed to
various global macroeconomic
headwinds. With global trade tensions
anticipated to persist, the rate of
globalization may decrease, with various
trade and travel barriers potentially going
up. Consequently, global air travel may
decline or grow slower, tempering
demand. Moreover, a decrease in
emerging market growth or increased
political uncertainty may further erode
demand for air travel.
Operators will continue to
deal with competition from
foreign airlines
WWW.IBISWORLD.COM International Airlines in the US September 2019 10
Industry Performance
Improving profit
margins
The combination of increasing demand,
improved load factor and the
introduction of more-efficient aircraft are
forecast to increase average industry
profit, measured as earnings before
interest and taxes, from 9.1% of revenue
in 2019 to 9.7% in 2024. A higher load
factor means that aircraft are fuller,
enabling carriers to spread costs across
more customers and run their operations
more efficiently. At the same time, new
aircraft models are more efficient because
they use less fuel, fly over longer ranges
and can carry more passengers and
cargo. However, compared with the prior
period, rising fuel costs will likely keep
margins under pressure. In addition,
moving forward, the industry’s profit
margins are also expected to be
constrained by the rising costs of capping
and trading greenhouse gas emissions
and competition from foreign airlines.
Limited industry
participation
The combination of high barriers to entry,
domination by incumbents and
competition from foreign airlines will
likely lead to further industry
consolidation. Therefore, over the five
years to 2024, the number of industry
players is projected to fall at an annualized
rate of 0.7% to reach 218. Conversely, the
expansion in demand and capacity will
encourage carriers to hire more staff.
Consequently, the number of industry
employees is anticipated to climb at an
annualized rate of 1.6% to 116,578 people
during the coming five-year period.
The expansion in demand
and capacity will encourage
carriers to hire more staff
WWW.IBISWORLD.COM International Airlines in the US September 2019 11
Industry Performance
The total number of industry operators is decreas
ing
The industry has experienced major consolidation,
boosting market share concentration
Technological developments in the
industry are moderate
There is wholehearted market
acceptance of industry services
Life Cycle Stage
WWW.IBISWORLD.COM International Airlines in the US September 2019 12
Industry Performance
Industry Life Cycle The International Airlines industry is in
the mature phase of its economic life
cycle. The industry’s contribution to the
US economy, as measured by industry
value added, is projected to increase at an
annualized rate of 3.5% over the 10 years
to 2024. Comparatively, US GDP is
expected to grow at an annualized rate of
2.0% during the same period. Typically,
IVA growth that much greater than GDP
indicates a growing industry. However,
much of the industry’s IVA growth is due
to the industry’s growing wage expense
caused by increasing capacity and
average wages.
Mergers and acquisitions are
prominent in the industry as major
players attempt to expand their market
share. For example, in 2013, American
Airlines and US Airways merged to form
the largest airline in the world. In 2016,
Alaska Air Group Inc. acquired Virgin
American Inc. to expand west coast
presence and customer base. Industry
operators also frequently form alliances
to expand their geographical reach and
share the costs associated with
transportation. Many of the industry’s
largest shipping alliances, such as Star
Alliance, SkyTeam and One World, were
formed in recent decades as companies
attempted to improve operations in a
highly competitive environment. As a
result, the industry’s major players have
experienced a period of prolonged
consolidation, and the industry’s four
largest companies are expected to
account for over 80.0% of total industry
revenue in 2019. This trend is indicative
of a mature industry.
Additionally, technological upgrades in
the industry are moderate. While
companies are spending generously on
new aircraft and machinery, the level of
change from previous models is
declining. Over the past five years, there
has been an increase in the focus on
fuel-efficient technology and cost-
reduction machinery. While technological
upgrades are a consistent source of
investment for airlines, benefits from
each upgrade are slowing.
This industry
is Mature
WWW.IBISWORLD.COM International Airlines in the US September 2019 13
Products and Services
Passenger transportation
Passenger transportation is the main
service offered by the International
Airlines industry, accounting for an
estimated 72.0% of industry revenue in
2019. Most revenue is earned through
coach travel, while a relatively large
portion of profit is earned through
business and first-class travel. Mainline
carriers are flag carriers that have large
and well-developed home markets. These
carriers also have the ability to exploit
open skies agreements through global
alliances, and major passenger airlines
generally focus on long-haul flights
between and beyond their alliance’s main
Products & Markets
Supply Chain | Products and Services | Demand Determinants
Major Markets | International Trade | Business Locations
KEY BUYING INDUSTRIES
48851 Freight Forwarding Brokerages & Agencies in the US
This industry uses international airlines to arrange the transportation of freight between
shippers and carriers.
49222 Couriers & Local Delivery Services in the US
This industry uses international airlines to transport packages and parcels to international
destinations.
NN002 Tourism in the US
This industry relies on international airlines to transport visitors to the United States.
KEY SELLING INDUSTRIES
33641a Aircraft, Engine & Parts Manufacturing in the US
This industry provides aircraft and associated machinery to international airlines.
42472 Gasoline & Petroleum Wholesaling in the US
This industry supplies fuel and lubricants to international airlines.
48811 Airport Operations in the US
This industry provides space for international airlines to unload and load passengers and
cargo.
48819 Aircraft Maintenance, Repair & Overhaul in the US
The industry provides maintenance and support to airlines.
Supply Chain
Products and services segmentation (2019)
Total $52.9bn
72.0%
Passenger transportation
13.6%
Cargo transportation
8.9%
Other
5.5%
Fees
SOURCE: WWW.IBISWORLD.COM
WWW.IBISWORLD.COM International Airlines in the US September 2019 14
Products & Markets
Demand
Determinants
Factors affecting demand for the
International Airlines industry include
general economic activity, airfares,
exchange rates, levels of personal
disposable income and the appeal of
major travel destinations.
Leisure and business
Movements in airfares can have a
substantial effect on leisure travel, and
holidays and overseas visits are often
postponed during periods of high airfares.
In contrast, airfares are not such an
important factor for business travelers,
since they are generally considered part of
the usual costs of running a business.
Major demand determinants for business
travel include the level of international
trade activity, corporate profitability and
available substitutes, such as video
conferencing. During periods of weak
corporate profitability, business travel may
be restricted or class of travel may be
downgraded for shorter international trips.
The extent to which companies expand
overseas and become more globalized also
influences demand for international air
transportation services, and demand for
industry services typically increases as
industries and companies expand.
Additionally, the emergence of no-frills
scheduled carriers has caused price
differentials among airlines to contract in
recent years, enabling a greater number of
Products and Services
continued
hubs. Many mainline carriers also have
subsidiaries or affiliates that provide
regional transportation services that
connect passengers to major airline hubs.
The number of international trips taken
by US residents has increased at an
annualized rate of 5.0% over the past five
years, and strong economic growth in
several developing countries has led to
more tourists visiting the United States.
Moreover, rising levels of per capita
disposable income and corporate profit
have enabled more airline customers to
purchase relatively high-end airline
services, such as first-class seating. As a
result of these trends, passenger
transportation has grown as a share of total
industry revenue over the past five years.
Cargo transportation
The international transportation of cargo,
including freight mail, is estimated to
generate 13.6% of industry revenue in
2019. The main cargo airlines operating in
this segment are divisions or subsidiaries
of national passenger airlines, and these
carriers generally use recently built or
converted aircraft to carry cargo. In
addition, cargo is also transported in the
belly of passenger flights. Industry
operators transport a wide variety of
cargo, such as fresh produce, perishable
goods, livestock and dangerous or
hazardous goods. Carriers that operate on
scheduled routes do not provide door-to-
door service. Instead, these carriers
provide transportation from an airport
near the cargo’s origin to an airport near
the cargo’s destination. This service
segment has declined as a portion of total
industry revenue over the past five years.
In particular, the expansion of global air
cargo has reduced freight rates, which put
downward pressure on segment revenue.
Fees
Fee revenue includes costs such as
baggage charges, reservation cancelation
fees, scheduled sightseeing tours and
other miscellaneous services and charges.
Revenue from cancelation fees, excess
baggage charges and similar items have
increased over the past five years, in
tandem with rising levels of airline
passenger traffic and increased consumer
spending. Collectively, these sources of
revenue are expected to account for 5.5%
of industry revenue in 2019.
WWW.IBISWORLD.COM International Airlines in the US September 2019 15
Products & Markets
Major Markets
The markets of the International Airlines
industry can be segmented in many ways.
Passengers usually travel for leisure, but
may also travel for business or for other
occasions. Aside from passengers, carries
also cater to the global shipping markets.
In particular, industry’s such automotive
manufacturing and fresh produce
Demand
Determinants
continued
consumers to travel via airlines. An
increase in tourist activity generally boosts
demand for airline services, especially from
cash-rich, time-poor tourists. At the same
time, the industry is vulnerable to
unexpected safety problems or global
political developments that affect an
individual’s perception of air travel.
Abnormal events decrease demand for air
travel, adversely affecting airline
operations. Seasonality is another factor
that influences demand in this industry.
Due to weather conditions, industry
performance is generally weaker during the
first and fourth quarters of the calendar
year than the second and third quarters.
Cargo
Factors that influence demand for
airfreight services include competition
from other modes of transportation,
availability of routes and the timeliness
of travel. Air transportation is generally
more expensive than road, rail and ship
transportation, largely due to the high
fuel costs and limited economies of scale
associated with aircraft. As a result, the
industry experiences significant external
competition from these alternative
modes of transportation. When these
competing means of transportation
become less expensive, they will likely
attract more consumers, reducing
demand for industry services. For
example, substantial overcapacity in
maritime shipping has caused many
waterborne transporters to lower
shipping rates in recent years, increasing
demand for marine transportation at the
expense of cargo airlines. At the same
time, many customers are willing to pay
more for their goods to be transported
quickly and safely via air, and goods that
are either high-value or time-sensitive
are generally shipped using air
transportation. Moreover, the rising
popularity of online shopping has
increased demand for airfreight because
most of these deliveries must be made in
a short period of time.
Major market segmentation (2019)
Total $52.9bn
38.0%
Atlantic
30.8%
Latin America
23.2%
Pacific
8.0%
Other
SOURCE: WWW.IBISWORLD.COM
WWW.IBISWORLD.COM International Airlines in the US September 2019 16
Products & Markets
International Trade As a service-based industry, international
trade is not technically a feature of the
International Airlines industry. However,
the industry generates revenue through
sales to customers originating and
traveling overseas. Moreover, many
companies also provide contract or ad
hoc services to foreign airlines when they
are in the United States; in effect, these
companies offer service export. Service
exports relate to US airlines carrying
nonresident passengers to and from the
United States, while service imports
relate to foreign airlines carrying US
residents to and from the United States.
IBISWorld estimates that import
competition in the industry has intensified
over the past five years. With developments
in the air transportation sectors of developing
countries and countries in the Middle East,
the global number of international airlines
has experienced substantial growth in recent
years. This expansion has increased the
number of flights offered by foreign carriers
to and from the United States, increasing
competition in the industry.
Major Markets
continued
supplies fly some of their goods by air
when timeliness is essential. However,
the most common way to break down
industry markets is by geographic
location. The US Department of
Transportation divides the industry into
the Atlantic, Latin American, Pacific and
international markets.
Atlantic
In 2019, the Atlantic market is expected
to account for 38.0% of industry revenue.
This market includes scheduled flights
between the United States, Europe,
Africa and the Middle East. Since this
market includes most of the developed
economies in the world, there is more
passenger traffic on routes. In particular,
consumers tend to be wealthier, enabling
more people to fly. The interconnected
nature of the United States and European
economies also encourages business
travel. Over the past five years, the
Atlantic market’s share of revenue has
decreased slightly. In part, this is due to
the market being mature, especially the
US and European routes and due to
Europe’s slower economic growth.
Industry players have also struggled to
maintain market share against rapidly
growing Middle East carriers and budget
airlines that have started to offer
transatlantic flights.
Latin America
The Latin America market accounts for
an expected 30.8% of industry revenue in
2019. This market includes routes
between the United States and countries
in Central and South America, as well as
the Caribbean. Over the past five years,
the market experienced the fastest
growth despite economic problems in
countries such as Brazil. US carriers have
an advantage over their competitors due
to the United States proximity to key
markets, such as Mexico and the
Caribbean countries.
Pacific
The Pacific market accounts for an
anticipated 23.2% of industry revenue
and consists of routes between the United
States and Asia. Despite rapid economic
growth in Asia, this market’s share of
revenue has actually declined over the
past five years. One reason for this has
been US carriers’ reliance on routes to
Japan, which while being a large market,
is not growing as fast as other places,
such as China. The Pacific route is also
subject to strong competition from rival
airlines from China, South Korea and
others. These airlines often pay lower
wages, receive some sort of government
support and have a home advantage to
US carriers.
WWW.IBISWORLD.COM International Airlines in the US September 2019 17
Products & Markets
Business Locations 2019
MO
1.3
West
West
West
Rocky
Mountains Plains
Southwest
Southeast
New
England
VT
0.3
MA
2.0
RI
0.4
NJ
2.2
DE
0.1
NH
0.3
CT
0.5
MD
0.7
DC
0.7
1
5
3
7
2
6
4
8 9
Additional States (as marked on map)
AZ
1.6
CA
12.5
NV
1.2
OR
1.1
WA
2.7
MT
1.2
NE
0.5
MN
1.0
IA
0.6
OH
1.8 VA
3.1
FL
9.6
KS
0.7
CO
2.0
UT
0.7
ID
0.8
TX
7.7
OK
0.7
NC
2.0
AK
4.5
WY
0.7
TN
1.5
KY
1.2
GA
2.7
IL
4.8
ME
0.5
ND
0.2
WI
1.1 MI
2.2 PA2.5
WV
0.4
SD
0.6
NM
0.6
AR
0.8
MS
0.3
AL
0.8
SC
1.2
LA
1.5
HI
2.7
IN
1.2
NY
8.6 5
6
7
8
3
21
4
9
SOURCE: WWW.IBISWORLD.COM
Mid-
Atlantic
Establishments
(%)
Less than 3%
3% to less than 10%
10% to less than 20%
20% or more
Great
Lakes
WWW.IBISWORLD.COM International Airlines in the US September 2019 18
Products & Markets
Business Locations Establishments for the International
Airlines industry tend to be located in
regions with large populations and
significant economic activity, though
government regulations and aircraft
noise concerns often cause industry
establishments to be located at a distance
from heavily urbanized areas.
Southeast
The Southeast is the most populous
region in the United States, accounting
for 25.7% of the total US population. As a
result, airline companies in this region
benefit from a steady stream of
consumers that require industry services
for both personal and professional travel.
Moreover, the region is home to the
Hartsfield-Jackson Atlanta International
Airport, which handles more passengers
than any other airport in the world.
Overall, the Southeast is the most
popular region for industry operators,
accounting for an estimated 24.8% of all
industry establishments in 2019. Airlines
in the Southeast employ small
workforces, while also offering relatively
low wages.
West
Similar to the Southeast region, the West
contains a substantial share of the US
population, generating significant
demand for airline passenger and cargo
transportation services. Consequently,
this region is expected to contain the
second-largest share of the industry’s
total establishments, accounting for an
estimated 24.6% of all airline
establishments in 2019. The state of
California is largely responsible for this
heavy concentration of establishments, as
the state contains an estimated 12.5% of
all international airline locations. The
West is also a major destination for goods
and travelers arriving from Asia, causing
the region’s airlines to handle large
amounts of cargo and passenger traffic.
Mid-Atlantic
The Mid-Atlantic region is characterized
by a relatively low concentration of airline
operators, as the region accounts for
15.2% of the total US population and just
14.8% of total industry establishments.
New York is the most popular location for
carriers within the region, containing an
estimated 8.6% of all airline
establishments. Major airports in the
Mid-Atlantic include John F. Kennedy
International Airport, LaGuardia Airport
and Newark Liberty International Airport.
Establishments within this region operate
with large workforces, and employees in
the Mid-Atlantic benefit from relatively
high wages.
%
30
0
10
20
So
ut
hw
es
t
W
es
t
G
re
at
L
ak
es
M
id
-A
tla
nt
ic
N
ew
E
ng
la
nd
Pl
ai
ns
Ro
ck
y
M
ou
nt
ai
ns
So
ut
he
as
t
Establishments
Population
Distribution of establishments vs. population
SOURCE: WWW.IBISWORLD.COM
WWW.IBISWORLD.COM International Airlines in the US September 2019 19
Cost Structure
Benchmarks
Cost structure of the International
Airlines industry, including the industry
profitability, is subject to the world price
of crude oil, since purchase costs account
for the largest share of industry revenue
and jet fuel is a significant input of
purchase. The following breakdown
represents the average costs structure for
an industry operator.
Wages
Wages are another major expense for
industry operators, accounting for an
estimated 16.3% of total revenue in 2019.
Employees in this industry include aircraft
and freight handling crews, maintenance
and repair workers and administrative
staff. Wages can vary significantly
depending on an airline’s location and the
Key Success Factors Optimum capacity utilization
Airlines need to have the ability to match
certain aircraft with certain routes for
better utilization. The use of code-sharing
agreements is also valuable to the
operation of international airlines.
Prompt delivery to market
Competition is fierce in this industry,
so the inability to deliver services on
time may result in the loss of customers
to a competitor.
Effective cost controls
Good cost-control systems help operators
manage yields and increase earnings.
This is particularly important in times of
operational uncertainty, as is currently
the case with highly volatile fuel prices.
Ability to expand and curtail operations
rapidly in line with market demand
Having flexible capacity to meet troughs
and peaks in demand is vital to
profitability in the industry. Airlines must
be able to serve markets with precision or
risk operating losses on a given route.
Well-developed internal processes
International airlines require reservation
systems and e-commerce products that
provide good access for clients to the
services provided.
Access to the latest available and most
efficient technology and techniques
The use of up-to-date technology
and new aircraft can improve
operational efficiencies.
Market Share
Concentration
The International Airlines industry has a
high level of concentration, with the
industry’s four largest players expected to
account for 84.4% of the industry’s total
revenue in 2019. Market share
concentration has fluctuated in recent
years due in part to significant merger
and acquisition activity on the part of the
industry’s largest players. For example,
American Airlines and US Airways
merged in 2013. Additionally, this high
level of concentration implies that there
is little scope for potential operators
seeking to enter the industry. Possible
entries include companies servicing niche
markets and traditional airlines that
compete with major companies by
offering of low-cost, no-frills flights.
Overall, the level of concentration in this
industry is not expected to increase
significantly over the next five years,
since any proposed merger between
major airlines is likely to garner
significant attention from the
Department of Justice. The industry’s
fluctuation in market share has also been
affected by the high level of revenue
volatility, with major industry players
being susceptible to large declines in
their revenue.
Competitive Landscape
Market Share Concentration | Key Success Factors | Cost Structure Benchmarks
Basis of Competition | Barriers to Entry | Industry Globalization
Level
Concentration in
this industry is High
IBISWorld identifies
250 Key Success
Factors for a
business. The most
important for this
industry are:
WWW.IBISWORLD.COM International Airlines in the US September 2019 20
Competitive Landscape
Cost Structure
Benchmarks
continued
position of the employee. For instance,
pilots in major metropolitan areas are
typically the highest paid employees
within the industry. Additionally,
employee travel expenses often reflect the
cost of air transportation, hotels and
reimbursements to cockpit and cabin crew
members incurred when crews operate
away from home. Wages have increased as
a share of total industry revenue over the
past five years, since revenue declined
while operations and employees continued
to expand.
Purchases
Purchases make up an estimated 36.5% of
total industry revenue in 2019. Airlines also
experience substantial maintenance and
repair costs, with aircraft components
requiring regular upkeep. Additionally,
many operators charter flights from other
airlines to meet demand or provide
customers with shipping routes that the
company does not typically service.
However, one largest purchase costs for the
industry is jet fuel. Over the past five years,
purchase costs have declined as the price of
jet fuel has decreased.
Profit
Profitability in this industry is highly
volatile. However, the industry is
dominated by heavily capitalized major
airlines that can afford to run losses for
years before experiencing serious
problems. Nevertheless, as a result of
strong external factors placing downward
pressure on industry profit, most airlines
have introduced measures to increase fuel
efficiencies and protect profitability over
the past five years, including flying at
slower cruising speeds and reducing the
number of flights operated on less-
profitable routes. At the same time, recent
fluctuations in the world price of crude oil
have added some uncertainty to
Sector vs. Industry Costs
n Profi t
n Wages
n Purchases
n Depreciation
n Marketing
n Rent & Utilities
n Other
Average Costs of
all Industries in
sector (2019)
Industry Costs
(2019)
0
20
40
60
Pe
rc
en
ta
ge
o
f r
ev
en
ue
80
100
SOURCE: WWW.IBISWORLD.COM
9.3 9.1
28.8
4.1 0.4
4.8
36.5
16.3
31.2
4.1 0.5
6.5
22.2
26.2
WWW.IBISWORLD.COM International Airlines in the US September 2019 21
Competitive Landscape
Basis of Competition Internal competition
Given the considerable variety of airline
customers and the ability of airlines to
differentiate their prices, the high levels
of competition within the International
Airlines industry has led to a range of
pricing and service trends. For example,
competition for price-sensitive travelers,
such as people traveling for leisure
reasons, has led to lower ticket prices,
whereas competition for price-insensitive
travelers, such as business people,
focuses on frequency of service, in-flight
services and the use of airport lounges.
The use of the internet to reach the
customer has also been a successful
competitive strategy deployed by most
airlines. The internet is used for flight
bookings and payments, which reduce
cost of sales.
International alliances between
domestic and foreign carriers, such as
marketing and code sharing
arrangements, have significantly
increased competition in international
markets. Through code sharing
Cost Structure
Benchmarks
continued
companies’ operations. Nevertheless, with
oil prices still below prior period levels, fuel
costs remain relatively low. Consequently,
the average industry profit margin
(measured as earnings before interest and
taxes) has increased from 7.5% of industry
revenue in 2014 to 9.1% in 2019.
Depreciation
Depreciation costs include the depreciation
of aircraft, aircraft parts, loading and
unloading equipment, communication
equipment, office supplies, technology and
software. Depreciation costs have increased
over the five years to 2019 due to the
replacement of older aircraft with newer,
more fuel-efficient models. In 2019,
expenses on depreciation are expected to
represent 4.8% of industry revenue.
Marketing
Expenses on advertising and marketing
efforts are expected to account for just
0.4% of total industry revenue in 2019.
Marketing expenses have been
maintained at a relatively low and
stagnant level, since most industry
operators compete in the price of tickets
and airline routes to attract customers.
Rent
Rent costs are expected to account for
3.9% of industry revenue in 2019. These
costs are typically related to airport hubs,
where operators store planes, handle
freight and deliver passengers.
Utilities
Utilities costs are expected to be
relatively low and account for 0.2% of
industry revenue in 2019, which mainly
include electricity, water, sewer, refuse
removal, and other utilities expenses.
Other
Other expenses include airport landing
fees, handling expenses, legal fees,
insurance premiums and administrative
costs. Many costs are relatively fixed,
which means that they increase as a
percentage of revenue when sales fall.
However, administration costs have
decreased in recent years due to the
proliferation of online booking and
check-in platforms. Insurance expenses
represent the cost of hull and liability
insurance. These insurance costs,
particularly those pertaining to third-
party coverage for war and terrorism,
have increased significantly over the past
five years and government intervention
has occurred in the form of indemnities
and cash payments. Collectively, these
miscellaneous costs are expected to
account for the remaining 28.8% of
industry revenue in 2019.
Level & Trend
Competition in
this industry is
High and the trend
is Increasing
WWW.IBISWORLD.COM International Airlines in the US September 2019 22
Competitive Landscape
Barriers to Entry The International Airlines industry is
characterized by high barriers to entry.
Start-up costs, which include initial
expenses on hangar and airfield space,
skilled labor, highly specialized
machinery and adherence to
international safety requirements, are
extremely high for operators in this
industry. Purchasing and updating
aircraft may cost millions of dollars,
which may be hard to secure given the
competitive nature of the industry.
Complying with international
government requirements is also costly
and timely, making it harder to enter
the industry. Skilled labor may also be
difficult to find in times of pilot
shortage, considering the extensive
training required to be able to work in
the industry.
Additionally, once a new company
enters the industry, it will likely
encounter significant barriers to success.
Incumbent companies with high market
share and established international
routes may already have network
alliances, a wide network of industry
contacts, a proven safety record and the
evidenced ability to deliver projects on
time. As a result, new entrants could
struggle to win business even after
massive initial capital outlays. Existing
major players can also use economies of
scale to win business by consistently
undercutting smaller players on price
and speed of delivery.
Basis of Competition
continued
arrangements with US carriers, foreign
carriers have obtained access to interior
passenger traffic. Similarly, US carriers
have increased their ability to sell
transatlantic services to European and
Asian cities.
Major US air carriers have an
advantage over foreign competitors in the
ability to generate traffic from their
extensive domestic route systems. In
some cases, however, foreign
governments limit US air carriers’ rights
to carry passengers beyond designated
gateway cities in foreign countries. To
improve access to each other’s markets,
various US and foreign air carriers have
established marketing relationships.
Alliances link the networks of the
member carriers to enhance customer
service and smooth connections to the
destinations served by the alliance,
including linking carriers’ frequent flyer
programs and access to the carriers’
airport lounge facilities.
External competition
Substitutes such as road, rail and water
transportation also affect industry
revenue, and consumer preferences for
different forms of passenger and freight
transportation are generally determined
by differences in price, travel time and
destinations served. Foreign airlines also
compete with US carriers, and many
foreign carriers are subsidized by
government bodies, which enables these
competitors to grow more quickly and
expand their share of the global airline
market. The deregulation of the airline
industry, particularly over the past
twenty years, has also contributed to a
significant increase in competition
among international airlines, especially
along key profitable routes.
Barriers to Entry checklist
Competition High
Concentration High
Life Cycle Stage Mature
Capital Intensity Medium
Technology Change High
Regulation and Policy Heavy
Industry Assistance High
SOURCE: WWW.IBISWORLD.COM
Level & Trend
Barriers to Entry
in this industry are
High and Steady
WWW.IBISWORLD.COM International Airlines in the US September 2019 23
Competitive Landscape
Industry
Globalization
Globalization measures the extent to which
the International Airlines industry operates
on a global scale, which is determined by
factors such as the level of foreign ownership
of industry operations and the presence of
domestic operators in foreign markets. For
example, many passenger airlines have
branch offices set up outside their domiciled
country. Additionally, many airlines form
partnerships, such as SkyTeam, Star Alliance
and One World, to tap into additional routes
through code-sharing agreements. The lifting
of various travel restrictions and market
regulations has bolstered industry
globalization in recent years. Wide-ranging
policies aimed at deregulating entry,
increasing foreign ownership, liberalizing
market access and easing infrastructure
restrictions have been implemented by
several national governments, and these
policies have proven to be highly beneficial
for this industry.
The United States and the European
Union are also engaged in Open Skies
agreement, which gives airlines from the
United States and EU member states
open access to each other’s markets, with
freedom of pricing and unlimited rights
to fly. It enables every US- and EU-
domiciled airline to operate between
airports in the United States and
London’s Heathrow Airport. The
agreement has significantly increased
traffic between the two regions. Overall,
this industry is characterized by a high
level of globalization.
Level & Trend
Globalization in
this industry is
High and the trend
is Increasing
WWW.IBISWORLD.COM International Airlines in the US September 2019 24
Player Performance United Continental Holdings Inc. (UCH)
is a holding company for two wholly
owned subsidiaries that include the
United Airlines and Continental Airlines
brands. The combined entity is based in
Chicago and is the result of a previous
merger between the two airlines. Since
this merger, UCH has slowly integrated
its products, services, policies and
information technology systems into its
combined operations. The company is
now one legal entity and has a single
reservation system, loyalty program and
departure control system. According to
the company, the merger delivers more
than $1.0 billion in net annual synergies.
UCH has grown to become one of the
highest revenue-earning airlines in the
world, operating more than 4,800 flights
per day to 353 airports across the world.
UCH mainly provides transportation
services for people and property across
the United States and abroad. It serves
almost every major market in the world,
either directly or through its participation
in the Star Alliance network. UCH
operates from hubs at Newark Liberty
International Airport, Chicago O’Hare
International Airport, Denver
International Airport, George Bush
Intercontinental Airport, Los Angeles
International Airport, San Francisco
International Airport, A.B. Won Pat
International Airport and Washington
Dulles International Airport. In 2018,
UCH employed over 92,000 staff and
earned $41.3 billion in global revenue
(latest data available). UCH’s
international airline operations
accounted for about 38.1% of its revenue
in 2019, more than for any other major
US carrier. Moreover, the airline has the
largest market share of the Atlantic and
Pacific markets.
Major Companies
United Continental Holdings Inc. | American Airlines Group Inc.
Delta Air Lines Inc. | Other Companies
18.9%
Other
United Continental Holdings Inc. 31.1%
American Airlines Group Inc. 25.9%
Delta Air Lines Inc. 24.1%
SOURCE: WWW.IBISWORLD.COM
Major Players
(Market Share)
United Continental Holdings Inc. (US industry-specifi c segment) –
fi nancial performance*
Year
Revenue
($ million) (% change)
Operating Income
($ million) (% change)
2014 16,580.5 N/C 1,375.7 N/C
2015 15,932.9 -3.9 2,313.5 68.2
2016 14,354.2 -9.9 1,109.5 -52.0
2017 14,604.1 1.7 840.6 -24.2
2018 15,750.8 7.9 1,122.8 33.6
2019 16,449.0 4.4 1,569.7 39.8
*Estimates
SOURCE: US DEPARTMENT OF TRANSPORTATION
United Continental
Holdings Inc.
Market Share: 31.1%
Industry Brand Names
United Airlines
Continental Airlines
WWW.IBISWORLD.COM International Airlines in the US September 2019 25
Major Companies
Player Performance Headquartered in Fort Worth, TX, and
formed in December 2013 following the
merger of American Airlines and US
Airways, American Airlines Group Inc.
(American Airlines Group) is the holding
company for AMR Corporation. This
merger was negotiated with the US
Department of Justice, and the company
was forced to give up landing slots in
seven major airports. Collectively, the
company’s airlines operate an average of
6,700 flights each day to over 350
destinations in more than 50 countries.
The company also employs over 18,180
pilots, flight attendants, maintenance
personnel and other staff members.
AMR Corporation, founded in 1934 and
based in Fort Worth, TX, had previously
been under Chapter 11 Bankruptcy
Protection, having filed a voluntary
petition for relief prior to the five-year
period. At the time, the company had
$29.6 billion in debt and $24.7 billion in
assets. The US Airways Group was formed
in 1982, with origins traceable to the
formation of All American Aviation in
1937. The company provides international
services to Canada, Central and South
America, Asia, Europe, Australia and New
Zealand. American Airlines Group earned
combined global revenue of $44.5 billion
in 2018 (latest data available), making it
one of the largest airline companies in the
world in terms of revenue.
The company generated 31.6% of its
revenue from international operations in
Player Performance
continued
Financial performance
Similar to other players in this industry,
UCH’s industry-relevant revenue growth
has been constrained in recent years by
fluctuations in the price of jet fuel, which
has forced industry operators to eliminate
fuel surcharges and reduce ticket prices to
remain competitive. Moreover, the
strengthening US dollar has made flights
to the United States relatively expensive
for consumers in foreign countries, which
has limited demand for industry services.
Therefore, over the five years to 2019,
UCH’s industry-specific revenue is
expected to decline at an annualized rate
of 0.2% to $16.4 billion; UCH’s operating
income of international services is
projected to increase at an annualized rate
of 2.7% to $1.6 billion, since they launched
several new international services and
routes, such as Houston to Sydney, San
Francisco to Tahiti and Denver to London.
American Airlines Group Inc. (US industry-specifi c segment) – fi nancial
performance*
Year
Revenue
($ million) (% change)
Operating Income
($ million) (% change)
2014 11,605.3 N/C 776.5 N/C
2015 12,895.5 11.1 1,523.6 96.2
2016 13,298.5 3.1 1,607.8 5.5
2017 12,587.9 -5.3 271.0 -83.1
2018 14,094.3 12.0 628.4 131.9
2019 13,683.1 -2.9 380.8 -39.4
*Estimates
SOURCE: US DEPARTMENT OF TRANSPORTATION
American Airlines
Group Inc.
Market Share: 25.9%
WWW.IBISWORLD.COM International Airlines in the US September 2019 26
Major Companies
Player Performance Delta Air Lines Inc. (Delta) is one of
the world’s largest airlines. The
company operates a system of hubs,
international gateways and key
airports in Amsterdam, Atlanta,
Boston, Detroit, London, Los Angeles,
Mexico City, Minneapolis, New York,
Paris, Salt Lake City, Sao Paulo,
Seattle, Seoul and Tokyo. Collectively,
Delta and its subsidiaries offer service
to 324 destinations across 57
countries. In 2018, Delta earned global
revenue of $44.4 billion and employed
89,000 full-time equivalent staff
(latest data available).
Delta’s operations have traditionally
focused on the US domestic market,
where it has become one of the fastest-
growing carriers. International flights
account for just less than one-third of the
company’s annual revenue. Delta has
codeshare agreements with various
airlines and is part of the SkyTeam
Airline Alliance. These agreements
facilitate the sharing of revenue and costs
on transatlantic routes. The airlines in
this alliance also cooperate on routes
between North America and Africa; the
Middle East and India; and Europe and
several Latin American countries. In
2016, Delta and Aeroméxico entered into
a joint cooperation agreement to better
coordinate efforts to expand destinations
and frequencies, improving connecting
Player Performance
continued
2018. While the carrier is not the largest
in any international markets (Atlantic,
Latin America and Pacific), it is the
second-largest operator in the Latin
America market.
Financial performance
American Airlines Group’s industry-
specific revenue is expected to increase at
an annualized rate of 3.3% to $13.7
billion over the five years to 2019.
However, the company’s operating
income from international services is
anticipated to decrease an annualized
13.3% to $380.8 million during the
five-year period. While total passenger
traffic has increased significantly in
recent years, the company has suffered
from competitive pricing actions, as well
as a particularly destructive year in terms
of hurricanes. Low fuel prices have
caused operators to lower ticket prices to
remain competitive, further limiting the
company’s revenue growth.
Delta Air Lines Inc.
Market Share: 24.1%
Delta Air Lines Inc. (US industry-specifi c segment) – fi nancial
performance*
Year
Revenue
($ million) (% change)
Operating Income
($ million) (% change)
2014 13,653.3 N/C 948.0 N/C
2015 13,020.7 -4.6 2,606.1 174.9
2016 11,643.3 -10.6 2,229.5 -14.5
2017 11,783.0 1.2 1,917.8 -14.0
2018 12,926.9 9.7 2,215.5 15.5
2019 12,720.2 -1.6 2,500.1 12.8
*Estimates
SOURCE: US DEPARTMENT OF TRANSPORTATION
WWW.IBISWORLD.COM International Airlines in the US September 2019 27
Major Companies
Player Performance Based in Long Island City, NY, JetBlue
Airways Corporation (JetBlue) was
founded in 1998. In 2000, JetBlue gained
formal approval to undertake flights to
Buffalo, NY, and Ft. Lauderdale, FL, from
John F. Kennedy International Airport
(JFK) in New York. Currently, the
company makes over 1,000 daily trips,
primarily serving domestic locations
from JFK. JetBlue makes trips to 105
destinations, and the company has
expanded its international operations in
recent years to serve the Bahamas,
Bermuda, Barbados, Colombia, Costa
Rica and the Dominican Republic. The
company operates 130 owned or leased
Airbus A320 aircraft, 63 Airbus A321
aircraft and 60 Embraer E190 aircraft.
JetBlue’s aircraft fleet is one of the
youngest and most fuel-efficient fleets of
all major US airlines.
JetBlue’s international operations have
grown as a share of company revenue over
the past five years. International flights
from Ft. Lauderdale-Hollywood
International Airport have become a major
focus for JetBlue as it continues to expand
its share of the international passenger
market, and JetBlue is the airport’s largest
carrier in Ft. Lauderdale. Due to the
company’s push into the Americas,
JetBlue’s industry-specific revenue is
projected to grow at an annualized rate of
9.0% to $1.8 billion over the five years to
2019. JetBlue has also benefited from its
low-cost business model.
Player Performance
continued
schedules and operations. The companies
will also be able to improve their on-
ground experiences by colocating and
investing in airport facilities such as gates
and lounges. Currently, the company is
the second-largest airline in the Atlantic
and Pacific markets.
Financial performance
Over the past five years, Delta’s
industry-relevant operations have
suffered from a decline in passenger
revenue per available seat mile, which
was largely driven by substantial price
competition caused by decreasing fuel
prices. The continued strengthening of
the US dollar reduced ticket sales in
foreign markets, where tickets are
typically purchased in the local
currency. Additionally, earthquake and
hurricane activity disrupted the
company’s operations, with Hurricane
Irma alone costing the company $120.0
million in operational disruptions in
2017. Overall, Delta’s international
revenue is expected to decrease at an
annualized rate of 1.4% to $12.7 billion
over the five years to 2019.
JetBlue Airways
Corporation
Market Share: 3.4%
WWW.IBISWORLD.COM International Airlines in the US September 2019 28
Capital Intensity The International Airlines industry is
characterized by a moderate to high level
of capital intensity, as operators are
highly reliant on both capital investment
and labor inputs. In 2019, industry
operators are expected to spend $0.29 on
capital investments for every dollar spent
on labor costs. These labor expenses
include the wages and salaries paid to
pilots, crew members, ground staff and
administrative staff. The average annual
wage for workers in this industry is
relatively high. Wages reflect long
working hours, the extended time a crew
member spends away from his or her
home and family and the industry’s
strong union representation. At the same
time, substantial amounts of capital are
required to purchase and operate an
airline. Many large-scale players operate
hundreds of planes, in addition to
massive airport hubs where cargo and
Operating Conditions
Capital Intensity | Technology & Systems | Revenue Volatility
Regulation & Policy | Industry Assistance
Capital Intensity
0.5
0.0
0.1
0.2
0.3
0.4
SOURCE: WWW.IBISWORLD.COM
Dotted line shows a high level of capital intensity
Capital units per labor unit
International
Airlines
Transportation
and Warehous-
ing
Economy
Level
The level of capital
intensity is Medium
WWW.IBISWORLD.COM International Airlines in the US September 2019 29
Operating Conditions
Technology and
Systems
The International Airlines industry has
experienced significant technological
changes in recent years. Technology
enables airlines to enhance the guest
experience, increase operating
efficiencies, lower costs and safeguard
information. For example, fuel efficiency
per available-ton-mile has steadily
improved over time due to the
introduction of larger aircraft, lighter
aircraft material and more aerodynamic
designs, and more importantly, due to
the development of new fuel-efficient
engines. With these improvements,
airlines can use less fuel per trip and
carry more passengers and cargo,
improving industry profit margins.
Examples of new aircraft include Boeing’s
737 Max and 787.
There have also been significant
technological improvements in avionics
such as an aircraft’s onboard computer
systems. Such improvements include the
ability of aircraft computer systems to
determine the most efficient route and
altitude for an aircraft to fly given load
factors and meteorological conditions.
Additionally, GPS satellite navigation
systems and onboard meteorological radars
are now found in most planes to enhance
navigation. Virtually all jet planes are also
equipped with Traffic Collision Avoidance
Systems (TCAS) and terrain warning
systems, which improve flight safety.
Airlines also rely on computerized
reservation systems, flight operations
systems, telecommunications systems,
websites, check-in kiosks and in-flight
entertainment systems to enhance their
operational efficiency. For example, online
booking, payment, scheduling and
check-in systems have eliminated many
paper costs and administration expenses.
Additionally, the proliferation of
smartphones has enabled consumers to
search, book and manage flights remotely.
Capital Intensity
continued
passengers are loaded and unloaded from
aircraft, all of which contributes to the
industry’s capital costs.
Airplanes can be leased to ease capital
requirements, though most airlines own
the majority of their airplanes. In
addition, efficient communications
equipment, newer aircraft, computer-
assisted booking, strong and flexible
packing equipment and route planning
facilities can reduce the need for
nonflying and maintenance labor.
However, many labor functions in the
industry, such as piloting and customer
service, cannot be made less labor
intensive. Moreover, many long trips
require extra crew members to adhere to
federal safety requirements. Moving
forward, capital investment within the
industry will likely increase as
competition intensifies and operators
replace older aircraft with newer ones.
Level
The level of
technology
change is High
Revenue Volatility International air travel is dependent on
the performance of the domestic and
global economies, consumer sentiment
and the price of fuel. In general, demand
for international air travel is positively
correlated with global economic
conditions. For example, as the global
economy expands, businesses are more
likely to spend on international business
trips, while rising levels of disposable
income typically increase the ability of
consumers to take international
vacations. Revenue for the International
Airlines industry is also affected by
noneconomic factors, such as the
popularity of specific tourist destinations
and whether or not US airlines dominate
the routes to them, global weather
Level
The level of volatility
is Medium
WWW.IBISWORLD.COM International Airlines in the US September 2019 30
Operating Conditions
Regulation and Policy The International Airlines industry is
heavily regulated, and standards are set
by both government authorities and
industry trade associations. For example,
the Department of Justice has
jurisdiction over airline antitrust matters.
Additionally, the US Environmental
Protection Agency is authorized to
regulate aircraft emissions and noise
reductions. Companies are also subjected
to the Occupational Health and Safety
Act concerning employee safety and
health matters. However, the most
relevant industry regulator is the Federal
Aviation Administration (FAA). The FAA
sets safety and maintenance standards,
certifies airlines and aircraft and even
sets certain operating procedures.
Level & Trend
The level of
Regulation is
Heavy and the
trend is Steady
conditions and outbreaks of panic
concerning terrorism or disease.
Jet fuel prices can also have a strong
effect on industry revenue. Airlines
generally respond to high jet fuel prices by
implementing fuel surcharges that increase
ticket prices for passengers. As a result,
industry revenue is subject to the highly
volatile prices of crude oil and jet fuel.
Additionally, the emergence of budget
carriers has contributed to the volatility of
industry revenue by diversifying flight
prices, especially to Latin America and
other destinations close to the United
States. Overall, the International Airlines
industry has experienced a moderate level
of revenue volatility over the past five years,
with year-to-year revenue growth rates
ranging from a decline of 9.5% in 2016 to
9.3% growth in 2018.
Revenue Volatility
continued
WWW.IBISWORLD.COM International Airlines in the US September 2019 31
Operating Conditions
Industry Assistance While tariffs are not directly applied to
the International Airlines industry’s
services, tariffs are often placed on
products that are transported through
airports, limiting demand for industry
services. However, over the past few
decades, industry assistance has been
provided through the reduction of many
trade tariffs and the overall liberalization
of the aviation market, as well as
government assistance to expand
airports. For example, the Airline
Deregulation Act of 1978 eliminated most
controls on entry, exit and pricing for US
domestic airlines, which led to extensive
structural changes within the industry.
Additionally, the Federal Aviation
Administration (FAA) assists airlines in
solving congestion problems caused by
air traffic control systems.
Open skies agreements have become
increasingly prominent within the air
transportation sector, and these policies
can provide direct assistance to the
industry by reducing the government’s
role in the commercial decisions of air
carriers regarding routes, capacity and
pricing, which enables carriers to provide
more affordable and efficient services for
consumers. The United States has
established open skies policies with over
100 partners from every region of the
world and at every level of economic
development. In addition to bilateral
open skies agreements, the United States
has negotiated two multilateral open
skies accords: the 2001 Multilateral
Agreement on the Liberalization of
International Air Transportation
(MALIAT) with New Zealand, Singapore,
Brunei and Chile, and the 2007 Air
Transport Agreement with the member
states of the European Union. This 2007
agreement provides airlines from the
United States and EU member states
open access to each other’s markets, with
freedom of pricing and unlimited rights
to fly. It also enables every US and EU
domiciled airline to operate between
airports in the United States and
London’s Heathrow Airport. Previously,
only three US airlines were permitted to
provide services to Heathrow airport
from the country.
Industry trade associations
The International Airlines industry also
receives substantial assistance from
industry trade associations and other
private organizations. For example,
Airlines for America (A4A), formerly the
Air Transport Association of America,
has played a major role in several major
government decisions regarding aviation,
including the creation of the Civil
Aeronautics Board, the creation of the air
traffic control system and airline
deregulation. Founded in 1936, the
purpose of A4A is to support its members
by promoting the air transport industry
and the safety, cost-effectiveness and
technological advancement of its
operations; advocating common industry
positions before state and local
governments; conducting designated
industry-wide programs; and assuring
Regulation and Policy
continued
The operating authority of airlines in
international markets is also subject to
aviation agreements between the
United States and the respective
countries or governmental authorities
(such as the European Union). In some
cases, fares and schedules require the
approval of both the Department of
Transportation and the relevant foreign
governments. The industry is also
dependent on opens sky agreements
between the United States and other
nations. These agreements enable
carriers to fly to any destination within
a signatory’s territory (but not between
domestic points).
Level & Trend
The level of
Industry Assistance
is High and the
trend is Steady
WWW.IBISWORLD.COM International Airlines in the US September 2019 32
Operating Conditions
Industry Assistance
continued
governmental and public understanding
of all aspects of air transport.
Similarly, the International Air
Transport Association (IATA) is an
organization of international airlines that
involves itself in all aspects of airline
operations. In fact, most nongovernment
discussions within the industry take place
under IATA auspices. In the past, airfare
negotiations were an integral function of
IATA, but with the emergence of more
non-IATA members and increased
market size, the association’s role is now
limited to clearing inter-airline debts and
providing general guidelines for fare
setting in the industry.
WWW.IBISWORLD.COM International Airlines in the US September 2019 33
Key Statistics
Revenue
($m)
Industry
Value Added
($m)
Establish-
ments Enterprises Employment Exports Imports
Wages
($m)
Domestic
Demand
International trips
by US residents
(Mil)
2010 53,176.2 11,944.3 1,506 265 87,840 — — 5,633.6 N/A 159.7
2011 58,071.9 10,744.5 1,519 261 91,616 — — 6,129.1 N/A 166.1
2012 57,968.2 10,332.1 1,465 253 89,913 — — 5,852.0 N/A 173.4
2013 57,816.2 12,820.4 1,393 255 90,842 — — 6,369.9 N/A 182.1
2014 57,540.5 12,560.7 1,405 258 85,930 — — 6,157.4 N/A 191.2
2015 54,614.2 17,664.2 1,404 256 99,254 — — 7,566.1 N/A 203.2
2016 49,410.3 16,259.8 1,244 229 99,247 — — 7,915.5 N/A 214.1
2017 48,991.0 15,427.8 1,232 231 110,691 — — 8,937.3 N/A 224.6
2018 53,531.5 16,042.7 1,219 231 108,599 — — 8,709.5 N/A 236.3
2019 52,855.9 16,013.1 1,191 226 107,862 — — 8,640.2 N/A 243.9
2020 53,564.5 16,083.6 1,177 223 109,098 — — 8,742.5 N/A 251.7
2021 54,473.9 16,458.2 1,169 221 110,686 — — 8,874.1 N/A 259.8
2022 55,410.4 16,854.9 1,160 219 112,502 — — 9,021.0 N/A 268.1
2023 56,632.0 17,284.2 1,152 217 114,259 — — 9,173.5 N/A 276.7
2024 58,080.7 17,724.4 1,156 218 116,578 — — 9,369.4 N/A 285.9
Sector Rank 8/37 13/37 27/37 32/37 15/37 N/A N/A 13/37 N/A N/A
Economy Rank 186/694 179/694 527/694 631/694 286/694 N/A N/A 183/694 N/A N/A
IVA/
Revenue
(%)
Imports/
Demand
(%)
Exports/
Revenue
(%)
Revenue per
Employee
($’000)
Wages/Revenue
(%)
Employees
per Est.
Average Wage
($)
Share of the
Economy
(%)
2010 22.46 N/A N/A 605.38 10.59 58.33 64,134.79 0.08
2011 18.50 N/A N/A 633.86 10.55 60.31 66,899.89 0.07
2012 17.82 N/A N/A 644.71 10.10 61.37 65,085.14 0.06
2013 22.17 N/A N/A 636.45 11.02 65.21 70,120.65 0.08
2014 21.83 N/A N/A 669.62 10.70 61.16 71,656.00 0.07
2015 32.34 N/A N/A 550.25 13.85 70.69 76,229.67 0.10
2016 32.91 N/A N/A 497.85 16.02 79.78 79,755.56 0.09
2017 31.49 N/A N/A 442.59 18.24 89.85 80,740.98 0.09
2018 29.97 N/A N/A 492.93 16.27 89.09 80,198.71 0.09
2019 30.30 N/A N/A 490.03 16.35 90.56 80,104.21 0.08
2020 30.03 N/A N/A 490.98 16.32 92.69 80,134.37 0.08
2021 30.21 N/A N/A 492.15 16.29 94.68 80,173.64 0.08
2022 30.42 N/A N/A 492.53 16.28 96.98 80,185.24 0.08
2023 30.52 N/A N/A 495.65 16.20 99.18 80,286.89 0.08
2024 30.52 N/A N/A 498.21 16.13 100.85 80,370.22 0.09
Sector Rank 35/37 N/A N/A 6/37 30/37 4/37 9/37 13/37
Economy Rank 340/694 N/A N/A 208/694 375/694 62/694 125/694 179/694
Figures are in inflation-adjusted 2019 dollars. Rank refers to 2019 data.
Revenue
(%)
Industry
Value Added
(%)
Establish-
ments
(%)
Enterprises
(%)
Employment
(%)
Exports
(%)
Imports
(%)
Wages
(%)
Domestic
Demand
(%)
International trips
by US residents
(%)
2011 9.2 -10.0 0.9 -1.5 4.3 N/A N/A 8.8 N/A 4.1
2012 -0.2 -3.8 -3.6 -3.1 -1.9 N/A N/A -4.5 N/A 4.4
2013 -0.3 24.1 -4.9 0.8 1.0 N/A N/A 8.9 N/A 5.0
2014 -0.5 -2.0 0.9 1.2 -5.4 N/A N/A -3.3 N/A 5.0
2015 -5.1 40.6 -0.1 -0.8 15.5 N/A N/A 22.9 N/A 6.3
2016 -9.5 -8.0 -11.4 -10.5 0.0 N/A N/A 4.6 N/A 5.4
2017 -0.8 -5.1 -1.0 0.9 11.5 N/A N/A 12.9 N/A 4.9
2018 9.3 4.0 -1.1 0.0 -1.9 N/A N/A -2.5 N/A 5.2
2019 -1.3 -0.2 -2.3 -2.2 -0.7 N/A N/A -0.8 N/A 3.2
2020 1.3 0.4 -1.2 -1.3 1.1 N/A N/A 1.2 N/A 3.2
2021 1.7 2.3 -0.7 -0.9 1.5 N/A N/A 1.5 N/A 3.2
2022 1.7 2.4 -0.8 -0.9 1.6 N/A N/A 1.7 N/A 3.2
2023 2.2 2.5 -0.7 -0.9 1.6 N/A N/A 1.7 N/A 3.2
2024 2.6 2.5 0.3 0.5 2.0 N/A N/A 2.1 N/A 3.3
Sector Rank 36/37 34/37 36/37 37/37 35/37 N/A N/A 35/37 N/A N/A
Economy Rank 618/694 561/694 648/694 643/694 594/694 N/A N/A 602/694 N/A N/A
Annual Change
Key Ratios
Industry Data
SOURCE: WWW.IBISWORLD.COM
WWW.IBISWORLD.COM International Airlines in the US September 2019 34
Apr 2017 – Mar 2018 by company revenue
Apr 2014 – Apr 2015 – Apr 2016 – Apr 2017 – Small Medium Large
Mar 2015 Mar 2016 Mar 2017 Mar 2018 (<$10m) ($10-50m) (>$50m)
Liquidity Ratios
Current Ratio 1.4 1.0 1.6 1.9 2.4 n/a 1.2
Quick Ratio 1.0 0.8 1.0 1.4 1.9 n/a 0.9
Sales / Receivables (Trade Receivables
Turnover) 12.9 11.1 12.9 9.8 11.1 n/a 9.6
Days’ Receivables 28.3 32.9 28.3 37.2 32.9 n/a 38.0
Cost of Sales / Inventory (Inventory Turnover) 167.7 71.8 37.5 60.8 n/c n/a 60.8
Days’ Inventory 2.2 5.1 9.7 6.0 0.4 n/a 6.0
Cost of Sales / Payables (Payables Turnover) 14.5 11.9 14.3 12.5 13.2 n/a 12.7
Days’ Payables 25.2 30.7 25.5 29.2 27.7 n/a 28.7
Sales / Working Capital 21.7 -303.2 16.5 11.7 7.3 n/a 20.7
Coverage Ratios
Earnings Before Interest & Taxes (EBIT) /
Interest 4.8 3.2 6.5 4.6 n/a n/a 2.5
Net Profit + Dep., Depletion, Amort. / Current
Maturities LT Debt n/a 3.5 n/a n/a n/a n/a n/a
Leverage Ratios
Fixed Assets / Net Worth 1.5 1.6 1.0 1.3 1.4 n/a 1.8
Debt / Net Worth 2.1 3.8 2.2 2.4 2.6 n/a 2.9
Tangible Net Worth 24.9 11.7 32.9 31.4 28.7 n/a 23.5
Operating Ratios
Profit before Taxes / Net Worth, % 28.6 20.6 28.1 24.5 38.4 n/a 21.4
Profit before Taxes / Total Assets, % 5.7 4.5 8.9 7.9 6.3 n/a 5.5
Sales / Net Fixed Assets 2.8 3.9 3.0 5.5 5.3 n/a 20.9
Sales / Total Assets (Asset Turnover) 1.8 1.7 1.8 2.0 1.9 n/a 2.0
Cash Flow & Debt Service Ratios (% of sales)
Cash from Trading 47.5 36.1 35.4 34.4 29.4 n/a 27.3
Cash after Operations 9.3 2.4 6.7 11.8 12.0 n/a 8.5
Net Cash after Operations 10.0 3.0 8.0 11.1 11.4 n/a 6.0
Cash after Debt Amortization 3.7 1.2 3.2 3.5 5.4 n/a 1.5
Debt Service P&I Coverage 3.9 1.7 3.6 1.3 n/a n/a n/a
Interest Coverage (Operating Cash) 10.5 2.7 9.3 5.8 4.6 n/a n/a
Assets, %
Cash & Equivalents 13.4 14.6 11.3 16.0 15.5 n/a 18.4
Trade Receivables (net) 20.6 19.6 17.9 18.1 19.4 n/a 16.8
Inventory 6.5 6.6 7.4 6.0 7.8 n/a 5.3
All Other Current Assets 4.8 3.6 2.5 4.4 5.1 n/a 5.5
Total Current Assets 45.3 44.4 39.1 44.5 47.6 n/a 46.0
Fixed Assets (net) 44.5 38.1 41.8 37.0 36.9 n/a 31.3
Intangibles (net) 3.7 7.1 5.9 9.2 5.4 n/a 15.8
All Other Non-Current Assets 6.5 10.4 13.2 9.2 10.1 n/a 6.9
Total Assets 100.0 100.0 100.0 100.0 100.0 n/a 100.0
Total Assets ($m) 781.2 1,527.2 1,244.5 1,638.1 43.7 226.4 1,368.1
Liabilities, %
Notes Payable-Short Term 5.2 8.9 4.4 1.8 3.4 n/a 0.9
Current Maturities L/T/D 2.9 5.1 3.0 3.7 4.7 n/a 3.0
Trade Payables 20.6 18.3 9.9 12.4 14.0 n/a 11.8
Income Taxes Payable n/a 0.1 0.3 0.5 0.3 n/a 0.8
All Other Current Liabilities 12.2 13.2 9.0 9.8 5.3 n/a 13.1
Total Current Liabilities 40.8 45.6 26.7 28.1 27.8 n/a 29.7
Long Term Debt 23.5 25.3 30.3 28.0 33.5 n/a 27.8
Deferred Taxes 2.2 1.6 0.2 0.3 n/a n/a 0.8
All Other Non-Current Liabilities 4.9 8.7 4.1 3.0 4.8 n/a 2.5
Net Worth 28.6 18.8 38.8 40.6 34.1 n/a 39.3
Total Liabilities & Net Worth ($m) 781.2 1,527.2 1,244.5 1,638.1 43.7 226.4 1,368.1
Maximum Number of Statements Used 38 43 34 35 14 6 15
Industry Financial Ratios
Source: RMA Annual Statement Studies, rmahq.org. RMA data for all industries is derived directly from more
than 260,000 statements of member financial institutions’ borrowers and prospects.
Note: For a full description of the ratios refer to the Key Statistics chapter online.
WWW.IBISWORLD.COM International Airlines in the US September 2019 35
Jargon & Glossary
BARRIERS TO ENTRY High barriers to entry mean that
new companies struggle to enter an industry, while low
barriers mean it is easy for new companies to enter an
industry.
CAPITAL INTENSITY Compares the amount of money
spent on capital (plant, machinery and equipment) with
that spent on labor. IBISWorld uses the ratio of
depreciation to wages as a proxy for capital intensity.
High capital intensity is more than $0.333 of capital to
$1 of labor; medium is $0.125 to $0.333 of capital to $1
of labor; low is less than $0.125 of capital for every $1 of
labor.
CONSTANT PRICES The dollar figures in the Key
Statistics table, including forecasts, are adjusted for
inflation using the current year (i.e. year published) as
the base year. This removes the impact of changes in
the purchasing power of the dollar, leaving only the
“real” growth or decline in industry metrics. The inflation
adjustments in IBISWorld’s reports are made using the
US Bureau of Economic Analysis’ implicit GDP price
deflator.
DOMESTIC DEMAND Spending on industry goods and
services within the United States, regardless of their
country of origin. It is derived by adding imports to
industry revenue, and then subtracting exports.
EMPLOYMENT The number of permanent, part-time,
temporary and seasonal employees, working proprietors,
partners, managers and executives within the industry.
ENTERPRISE A division that is separately managed and
keeps management accounts. Each enterprise consists
of one or more establishments that are under common
ownership or control.
ESTABLISHMENT The smallest type of accounting unit
within an enterprise, an establishment is a single
physical location where business is conducted or where
services or industrial operations are performed. Multiple
establishments under common control make up an
enterprise.
EXPORTS Total value of industry goods and services sold
by US companies to customers abroad.
IMPORTS Total value of industry goods and services
brought in from foreign countries to be sold in the
United States.
INDUSTRY CONCENTRATION An indicator of the
dominance of the top four players in an industry.
Concentration is considered high if the top players
account for more than 70% of industry revenue.
Medium is 40% to 70% of industry revenue. Low is less
than 40%.
INDUSTRY REVENUE The total sales of industry goods
and services (exclusive of excise and sales tax); subsidies
on production; all other operating income from outside
the firm (such as commission income, repair and service
income, and rent, leasing and hiring income); and
capital work done by rental or lease. Receipts from
interest royalties, dividends and the sale of fixed
tangible assets are excluded.
INDUSTRY VALUE ADDED (IVA) The market value of
goods and services produced by the industry minus the
cost of goods and services used in production. IVA is
also described as the industry’s contribution to GDP, or
profit plus wages and depreciation.
INTERNATIONAL TRADE The level of international
trade is determined by ratios of exports to revenue and
imports to domestic demand. For exports/revenue: low is
less than 5%, medium is 5% to 20%, and high is more
than 20%. Imports/domestic demand: low is less than
5%, medium is 5% to 35%, and high is more than
35%.
LIFE CYCLE All industries go through periods of growth,
maturity and decline. IBISWorld determines an
industry’s life cycle by considering its growth rate
(measured by IVA) compared with GDP; the growth rate
of the number of establishments; the amount of change
the industry’s products are undergoing; the rate of
technological change; and the level of customer
acceptance of industry products and services.
NONEMPLOYING ESTABLISHMENT Businesses with
no paid employment or payroll, also known as
nonemployers. These are mostly set up by self-employed
individuals.
PROFIT IBISWorld uses earnings before interest and tax
(EBIT) as an indicator of a company’s profitability. It is
calculated as revenue minus expenses, excluding
interest and tax.
Industry Jargon
IBISWorld Glossary
CARGO Goods or produce transported, generally for
commercial gain.
CODE-SHARING AGREEMENT An agreement between
two airlines to share the same flight; a seat can be
purchased on one airline but is actually operated by a
cooperating airline under a different flight number or
code.
LOAD FACTOR The ratio of the lift on an aircraft to the
weight of the aircraft.
OPEN SKIES AGREEMENT An international agreement
under which two or more countries permit unrestricted
overflight and landing rights to one another.
WWW.IBISWORLD.COM International Airlines in the US September 2019 36
Jargon & Glossary
VOLATILITY The level of volatility is determined by
averaging the absolute change in revenue in each of the
past five years. Volatility levels: very high is more than
±20%; high volatility is ±10% to ±20%; moderate
volatility is ±3% to ±10%; and low volatility is less than
±3%.
WAGES The gross total wages and salaries of all
employees in the industry. The cost of benefits is also
included in this figure.
IBISWorld Glossary
continued
Disclaimer
This product has been supplied by IBISWorld Inc. (‘IBISWorld’) solely for use
by its authorized licenses strictly in accordance with their license agreements
with IBISWorld. IBISWorld makes no representation to any other person
with regard to the completeness or accuracy of the data or information
contained herein, and it accepts no responsibility and disclaims all liability
(save for liability which cannot be lawfully disclaimed) for loss or damage
whatsoever suffered or incurred by any other person resulting from the use
of, or reliance upon, the data or information contained herein. Copyright in
this publication is owned by IBISWorld Inc. The publication is sold on the
basis that the purchaser agrees not to copy the material contained within it
for other than the purchasers own purposes. In the event that the purchaser
uses or quotes from the material in this publication – in papers, reports, or
opinions prepared for any other person – it is agreed that it will be sourced
to: IBISWorld Inc.
At IBISWorld we know that industry intelligence
is more than assembling facts
It is combining data with analysis to answer the
questions that successful businesses ask
Identify high growth, emerging & shrinking markets
Arm yourself with the latest industry intelligence
Assess competitive threats from existing & new entrants
Benchmark your performance against the competition
Make speedy market-ready, profit-maximizing decisions
Who is IBISWorld?
We are strategists, analysts, researchers, and marketers. We provide
answers to information-hungry, time-poor businesses. Our goal is to
provide real world answers that matter to your business in our 700 US
industry reports. When tough strategic, budget, sales and marketing
decisions need to be made, our suite of Industry and Risk intelligence
products give you deeply-researched answers quickly.
IBISWorld Membership
IBISWorld offers tailored membership packages to meet your needs.
Copyright 2019 IBISWorld Inc
www.ibisworld.com | 1-800-330-3772 | info@ibisworld.com
Industry
Data
Year | Industry Turnover ($ million) | Industry Gross Product ($ million) | Number of | Establishments | Number of Enterprises (Units) | Employment (People) | Exports ($ million) | Imports ($ million) | Total | Wages | Domestic Demand ($ million) | International trips by US residents | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 | 4211 | 3.0 | 934 | 4.3 | 1793.0 | 30 | 9.0 | 8992 | 7.0 | 582 | 0.3 | 14 | 8.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2006 | 461 | 4 | 0.1 | 970 | 7.6 | 171 | 4.0 | 30 | 1.0 | 78 | 23 | 0.0 | 509 | 2.1 | 15 | 3.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2007 | 5010 | 6.2 | 11 | 558.4 | 17 | 21.0 | 32 | 2.0 | 811 | 37.0 | 531 | 1.3 | 15 | 9.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2008 | 5538 | 9.5 | 624 | 8.9 | 1694.0 | 300.0 | 88352.0 | 5342.1 | 16 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | 4444 | 3.8 | 836 | 4.7 | 16 | 1 | 6.0 | 276.0 | 91483.0 | 568 | 2.5 | 15 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2010 | 5392 | 5.4 | 1211 | 2.7 | 1506.0 | 26 | 5.0 | 87840.0 | 57 | 1 | 2.9 | 15 | 9.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 58890.1 | 1089 | 5.9 | 1519.0 | 261.0 | 916 | 16.0 | 6215.4 | 16 | 6.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 58785.0 | 1047 | 7.7 | 1465.0 | 2 | 53.0 | 899 | 13.0 | 593 | 4.5 | 17 | 3.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 5863 | 0.8 | 1300 | 1.1 | 1393.0 | 255.0 | 90842.0 | 6459.7 | 1 | 82.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 5837 | 4.9 | 127 | 42.9 | 1405.0 | 25 | 8.0 | 85930.0 | 624 | 6.7 | 1 | 91.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 5542 | 1.8 | 179 | 25.4 | 1404.0 | 256.0 | 99254.0 | 7678.0 | 20 | 3.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 50170.0 | 16509.8 | 1244.0 | 229.0 | 99247.0 | 80 | 3 | 7.2 | 21 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 497 | 5 | 2.2 | 1566 | 7.5 | 12 | 32.0 | 2 | 26.0 | 110691.0 | 9076.1 | 22 | 4.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 54291.0 | 17157.5 | 1256.0 | 108599.0 | 9720.3 | 23 | 6.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 41169.8 | 15 | 50 | 5.5 | 1116.0 | 206.0 | 91265.0 | 800 | 9.2 | 24 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 38577.5 | 12443.8 | 1063.0 | 197.0 | 87301.0 | 76 | 30.1 | 252.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 3939 | 0.4 | 12783.8 | 10 | 49.0 | 194.0 | 88367.0 | 773 | 6.8 | 2 | 60.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 4037 | 6.4 | 1316 | 0.6 | 10 | 34.0 | 190.0 | 89818.0 | 7877.2 | 268.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 4145 | 8.7 | 13534.6 | 1019.0 | 187.0 | 91026.0 | 8004.1 | 277.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 42623.2 | 13897.6 | 10 | 14.0 | 186.0 | 92520.0 | 8154.2 | 2 | 8 | 6.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 43856.7 | 142 | 30.4 | 10 | 10.0 | 185.0 | 938 | 38.0 | 8294.3 | 296.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2026 | 458 | 27.5 | 1467 | 6.6 | 184.0 | 960 | 17.0 | 8523.0 | 30 | 5.8 |
Annual Change
Industry Turnover (%) | Industry Gross Product (%) | Number of Establishments (%) | Number of Enterprises (%) | Employment (%) | Exports (%) | Imports (%) | Total Wages (%) | Domestic Demand (%) | International trips by US residents (%) | ||||||||||||||||
9.6 | 3.9 | -4.4 | – | 2.6 | -13.0 | – | 12.5 | ||||||||||||||||||
1 | 9.1 | 3.7 | |||||||||||||||||||||||
10.5 | -45.9 | – | 1.6 | -6.8 | |||||||||||||||||||||
– | 19.8 | 33.9 | -4.6 | -8.0 | 3.5 | -5.8 | |||||||||||||||||||
21.3 | 4 | 4.8 | -4.0 | 5.6 | |||||||||||||||||||||
– | 10.1 | 0.9 | – | 1.5 | 8.8 | ||||||||||||||||||||
– | 0.2 | -3.8 | -3.6 | – | 3.1 | – | 1.9 | -4.5 | |||||||||||||||||
-0.3 | 24.1 | -4.9 | |||||||||||||||||||||||
-0.4 | -2.0 | -5.4 | – | 3.3 | |||||||||||||||||||||
– | 5.1 | 4 | 0.7 | -0.1 | -0.8 | 15.5 | 22.9 | ||||||||||||||||||
-9.5 | – | 7.9 | -1 | 1.4 | – | 10.6 | -0.0 | ||||||||||||||||||
-1.0 | -1.3 | 11.5 | 12.9 | ||||||||||||||||||||||
-1.9 | 7.1 | 5.2 | |||||||||||||||||||||||
– | 24.2 | -9.6 | – | 11.2 | – | 10.4 | -16.0 | -17.6 | |||||||||||||||||
-6.3 | -4.8 | -4.7 | |||||||||||||||||||||||
-1.4 | -2.1 | ||||||||||||||||||||||||
2.8 | -1.6 | ||||||||||||||||||||||||
-0.5 | |||||||||||||||||||||||||
2.4 | 1.7 | ||||||||||||||||||||||||
-0.6 | 2.3 |
Key
Ratio
s
IVA/Revenue (%) | Imports/Demand (%) | Exports/Revenue (%) |
Inbound trips by non-US residents | World price of crude oil | Corporate profit | Per capita disposable income | |||||||
8.3 | ||||||||||
-0.9 | -1.1 | |||||||||
-7.5 | ||||||||||
– | 47.2 | |||||||||
-1.8 | -1 | 5.7 | -3.4 | |||||||
23.3 | ||||||||||
29.4 | ||||||||||
– | 10.2 | -2.6 | ||||||||
– | 22.1 | -20.7 | -32.7 | |||||||
27.6 | 22.7 | 2 | 6.9 | |||||||
-0.2 | ||||||||||
Industry Financial Ratios
Apr 09-Mar 10 | Apr 10-Mar 11 | Apr 11-Mar 12 | Apr 12-Mar 13 | Apr 13-Mar 14 | Apr 14-Mar 15 | Apr 15-Mar 16 | Apr 16-Mar 17 | Apr 17-Mar 18 | Apr 18-Mar 19 | Small (<$10m) | Medium | Large (>$50m) | |||||||||||||||
Current Ratio | |||||||||||||||||||||||||||
Quick Ratio | |||||||||||||||||||||||||||
Sales / Receivables (Trade Receivables Turnover) | 12.1 | 11.3 | 16.1 | 14.6 | 12.0 | 11.1 | 1 | 8.2 | 17.2 | 21.1 | |||||||||||||||||
Days’ Receivables | 30.2 | 32.3 | 25.0 | 28.3 | 32.9 | 37.2 | |||||||||||||||||||||
Cost of Sales / | Inventory | 41.3 | 150.8 | 40.9 | 40.4 | 167.7 | 71.8 | 37.5 | 60.8 | 43.1 | 99 | 9.9 | 14.7 | ||||||||||||||
Days’ Inventory | 12.4 | ||||||||||||||||||||||||||
Cost of Sales / Payables (Payables Turnover) | 13.6 | 12.8 | 16.4 | 18.2 | 16.7 | 14.5 | 11.9 | 14.3 | 1 | 7.8 | 21.7 | ||||||||||||||||
Days’ Payables | 26.8 | 2 | 8.5 | 22.3 | 20.1 | 21.9 | 25.2 | 30.7 | 25.5 | 29.2 | |||||||||||||||||
Sales / Working Capital | 21.5 | 27.3 | -303.2 | 16.5 | 11.7 | -62.9 | |||||||||||||||||||||
Earnings Before Interest & Taxes (EBIT) / Interest | |||||||||||||||||||||||||||
Net | Profit | ||||||||||||||||||||||||||
Fixed Assets / | Net Worth | ||||||||||||||||||||||||||
Debt / Net Worth | |||||||||||||||||||||||||||
Tangible Net Worth | 26.3 | 22.5 | 28.4 | 24.9 | 31.4 | 27.9 | 35.6 | 15.1 | |||||||||||||||||||
Profit before Taxes / Net Worth, % | 18.8 | 23.5 | 23.4 | 32.8 | 28.6 | 20.6 | 2 | 8.1 | 24.5 | 26.9 | |||||||||||||||||
Profit before Taxes / | Total Assets | 10.3 | 10.8 | ||||||||||||||||||||||||
Sales / Net Fixed Assets | |||||||||||||||||||||||||||
Sales / Total Assets (Asset Turnover) | |||||||||||||||||||||||||||
Cash from Trading | 34.4 | 28.7 | 34.9 | 47.5 | 36.1 | 35.4 | 46.3 | ||||||||||||||||||||
Cash after Operations | 5.3 | 9.3 | 11.8 | 11.4 | |||||||||||||||||||||||
Net Cash after Operations | |||||||||||||||||||||||||||
Cash after Debt Amortization | |||||||||||||||||||||||||||
Debt Service P&I Coverage | |||||||||||||||||||||||||||
Interest Coverage (Operating Cash) | |||||||||||||||||||||||||||
Cash & Equivalents | 11.6 | 15.6 | 13.5 | 13.4 | 29.6 | ||||||||||||||||||||||
Trade Receivables (net) | 22.8 | 25.7 | 19.6 | 17.9 | 18.1 | 13.8 | |||||||||||||||||||||
7.4 | |||||||||||||||||||||||||||
All | Other | ||||||||||||||||||||||||||
Total Current Assets | 44.7 | 45.2 | 44.4 | 49.2 | 54.3 | 45.3 | 39.1 | 44.5 | 39.6 | 48.8 | |||||||||||||||||
Fixed Assets (net) | 37.4 | 40.8 | 42.7 | 36.4 | 38.1 | 41.8 | 42.6 | 35.7 | |||||||||||||||||||
Intangibles (net) | |||||||||||||||||||||||||||
All Other Non-Current Assets | 12.2 | 13.2 | |||||||||||||||||||||||||
100.0 | |||||||||||||||||||||||||||
Total Assets ($m) | 1325.5 | 1148.8 | 1365.6 | 603.8 | 596.0 | 781.2 | 1527.2 | 1244.5 | 1638.1 | 1421.5 | 43.5 | 164.3 | 12 | 13.7 | |||||||||||||
Notes Payable-Short Term | |||||||||||||||||||||||||||
Current Maturities L/T/D | |||||||||||||||||||||||||||
Trade Payables | 15.3 | 16.6 | 13.9 | 18.3 | |||||||||||||||||||||||
Income Taxes Payable | |||||||||||||||||||||||||||
All Other Current Liabilities | 15.2 | 15.0 | |||||||||||||||||||||||||
Total Current Liabilities | 42.4 | 43.2 | 40.3 | 45.6 | 26.7 | 28.1 | 29.1 | 37.8 | |||||||||||||||||||
Long Term Debt | 19.9 | 24.8 | 22.2 | 20.5 | 25.3 | 30.3 | 28.0 | 26.1 | 31.2 | ||||||||||||||||||
Deferred Taxes | |||||||||||||||||||||||||||
All Other Non-Current Liabilities | |||||||||||||||||||||||||||
31.3 | 26.5 | 25.9 | 33.2 | 38.8 | 40.6 | ||||||||||||||||||||||
Total Liabilities & Net Worth ($m) | 1213.7 | ||||||||||||||||||||||||||
Maximum No. of | State | 46.0 | 33.0 | 43.0 | 35.0 |
Industry Structure
Revenue Volatility
Capital Intensity
High
High
Steady
High
Barriers to Entry
High Steady
Industry Globalization
High
High Increasing
Major Players
Name | Market Share | ||||
American Airlines Group Inc. | 3 | 6.90 | |||
Delta Air | 3 | 3.30 | |||
UAH | 3 | 2.10 |
Products & Services
Revenue% | Revenue $m | |||
Passenger transportation | 72.0 | 27,77 | 5.80 | |
Cargo transportation | 5,246.54 | |||
Fees | 2,12 | 1.76 | ||
3,43 | 3.40 |
Major Markets
Atlantic | 39.7 | 15315.27 | |
Latin America | 1207 | 4.76 | |
Pacific | 852 | 5.63 | |
266 | 1.85 |
Industry Life Cycle
Change in Share of | Economy | ||||||||||||||||||||||||||
DVD, Game & Video | Rent | – | 14.9 | -1 | 3.50 | ||||||||||||||||||||||
Solar Panel Manufacturing in US | -1 | 2.70 | -1 | 3.29 | |||||||||||||||||||||||
Tobacco Growing in US | -9.83 | -1 | 2.19 | ||||||||||||||||||||||||
Record Stores in US | -8.02 | -9.82 | |||||||||||||||||||||||||
Computer Stores in US | -7.47 | – | 6.75 | ||||||||||||||||||||||||
Database & Directory Publishing in US | – | 7.39 | -7.70 | ||||||||||||||||||||||||
Book, Magazine & Newspaper Wholesaling in US | -5.72 | -7.97 | |||||||||||||||||||||||||
Office Supply Stores in US | – | 5.51 | – | 9.20 | |||||||||||||||||||||||
Movie & Video Distribution in US | – | 5.32 | – | 4.92 | |||||||||||||||||||||||
Coal Mining in US | – | 5.12 | |||||||||||||||||||||||||
Camera Stores in US | – | 5.13 | – | 6.02 | |||||||||||||||||||||||
Apparel Knitting Mills in US | – | 4.95 | – | 5.09 | |||||||||||||||||||||||
For-Profit Universities in US | – | 4.71 | -2.46 | ||||||||||||||||||||||||
Postal Service in US | – | 4.65 | -6.19 | ||||||||||||||||||||||||
Chicken Egg Production in US | – | 4.25 | -8.27 | ||||||||||||||||||||||||
Vending Machine Operators in US | – | 4.05 | – | 2.62 | |||||||||||||||||||||||
Magazine & Periodical Publishing in US | -3.82 | -6.96 | |||||||||||||||||||||||||
Wood Pulp Mills in US | – | 3.78 | – | 1.29 | |||||||||||||||||||||||
Paper Wholesaling in US | – | 3.77 | -7.09 | ||||||||||||||||||||||||
Wired Telecommunications Carriers in US | – | 3.75 | – | 4.81 | |||||||||||||||||||||||
Industrial Banks in US | -3.71 | – | 2.04 | ||||||||||||||||||||||||
Ink Manufacturing in US | -3.50 | -6.85 | |||||||||||||||||||||||||
International Airlines in US | – | 3.24 | -3.98 | ||||||||||||||||||||||||
Department Stores in US | – | 3.21 | -8.56 | ||||||||||||||||||||||||
Art & Office Supply Manufacturing in US | – | 3.18 | – | 5.04 | |||||||||||||||||||||||
Office Stationery Manufacturing in US | – | 3.16 | -4.39 | ||||||||||||||||||||||||
Printing Services in US | – | 3.09 | -6.60 | ||||||||||||||||||||||||
Quick | Printing in US | – | 3.03 | – | 4.69 | ||||||||||||||||||||||
Commodity Dealing and Brokerage in US | – | 3.02 | – | 4.36 | |||||||||||||||||||||||
Shoe Stores in US | – | 1.89 | |||||||||||||||||||||||||
News Syndicates in US | – | 2.99 | – | 2.65 | |||||||||||||||||||||||
Nonferrous Metal Refining in US | – | 2.82 | – | 2.49 | |||||||||||||||||||||||
Recordable Media Manufacturing in US | – | 2.80 | -6.72 | ||||||||||||||||||||||||
Savings Banks & Thrifts in US | – | 2.76 | – | 2.52 | |||||||||||||||||||||||
Office Stationery Wholesaling in US | – | 2.72 | – | 3.41 | |||||||||||||||||||||||
Paper Product Manufacturing in US | – | 2.57 | -2.65 | ||||||||||||||||||||||||
Cattle & Hog Wholesaling in US | – | 2.47 | – | 3.72 | |||||||||||||||||||||||
Jewelry Stores in US | – | 2.44 | -5.06 | ||||||||||||||||||||||||
Formal Wear & Costume Rental in US | – | 2.40 | – | 2.56 | |||||||||||||||||||||||
Wind Turbine Manufacturing in US | -2.40 | -9.00 | |||||||||||||||||||||||||
Florists in US | – | 2.37 | -4.22 | ||||||||||||||||||||||||
Consumer Electronics Stores in US | – | 2.35 | – | 3.35 | |||||||||||||||||||||||
Book Stores in US | -2.35 | ||||||||||||||||||||||||||
Greeting Cards & Other Publishing in US | – | 2.33 | – | 7.17 | |||||||||||||||||||||||
Computer Peripheral Manufacturing in US | -2.33 | – | 3.14 | ||||||||||||||||||||||||
Wholesale Trade Agents and Brokers in US | – | 2.29 | – | 1.92 | |||||||||||||||||||||||
Direct Mail Advertising in US | – | 2.25 | – | 2.71 | |||||||||||||||||||||||
Camera & Film Wholesaling in US | -2.24 | – | 2.90 | ||||||||||||||||||||||||
Women’s, Girls’ and Infants’ Apparel Manufacturing in US | – | 2.12 | |||||||||||||||||||||||||
Concrete Pipe & Block Manufacturing in US | – | 2.08 | – | 1.54 | |||||||||||||||||||||||
Gift Shops & Card Stores in US | -2.19 | ||||||||||||||||||||||||||
Dry Cleaners in US | – | 1.86 | – | 3.12 | |||||||||||||||||||||||
Shoe Repair in US | – | 1.83 | |||||||||||||||||||||||||
Toy, Doll & Game Manufacturing in US | – | 1.75 | – | 1.73 | |||||||||||||||||||||||
Leather Tanning & Finishing in US | – | 1.70 | – | 0.86 | |||||||||||||||||||||||
Debt Collection Agencies in US | – | 1.65 | – | 0.55 | |||||||||||||||||||||||
Newspaper Publishing in US | – | 1.64 | -6.37 | ||||||||||||||||||||||||
Electronic & Computer Repair Services in US | – | 1.56 | – | 2.20 | |||||||||||||||||||||||
Fuel Dealers in US | – | 1.50 | – | 3.20 | |||||||||||||||||||||||
Plant & Flower Growing in US | – | 1.46 | – | 0.58 | |||||||||||||||||||||||
Radio Broadcasting in US | – | 1.41 | – | 0.64 | |||||||||||||||||||||||
Piece Goods, Notions & Other Apparel Wholesaling in US | -1.41 | – | 3.81 | ||||||||||||||||||||||||
Automobile Electronics Manufacturing in US | – | 1.38 | – | 3.27 | |||||||||||||||||||||||
Automobile Brakes Manufacturing in US | – | 1.36 | – | 2.18 | |||||||||||||||||||||||
Car & Automobile Manufacturing in US | -1.36 | – | 4.77 | ||||||||||||||||||||||||
Coated & Laminated Paper Manufacturing in US | – | 1.35 | – | 3.37 | |||||||||||||||||||||||
Business Certification & IT Schools in US | – | 1.34 | – | 1.71 | |||||||||||||||||||||||
Mail Order in US | – | 1.32 | – | 2.28 | |||||||||||||||||||||||
Computer & Printer Leasing in US | -6.34 | ||||||||||||||||||||||||||
Farm Product Storage & Warehousing in US | – | 1.30 | – | 3.05 | |||||||||||||||||||||||
Blind & Shade Manufacturing in US | -1.29 | – | 1.48 | ||||||||||||||||||||||||
Jewelry Manufacturing in US | – | 1.23 | |||||||||||||||||||||||||
Communication Equipment Manufacturing in US | – | 1.19 | – | 2.84 | |||||||||||||||||||||||
– | 1.16 | – | 3.52 | ||||||||||||||||||||||||
Cement Manufacturing in US | – | 1.15 | – | 0.79 | |||||||||||||||||||||||
Loan Administration, Check Cashing & Other Services in US | – | 1.12 | – | 1.33 | |||||||||||||||||||||||
Frozen Food Wholesaling in US | – | 1.11 | – | 0.89 | |||||||||||||||||||||||
Dye & Pigment Manufacturing in US | -1.11 | – | 1.84 | ||||||||||||||||||||||||
Paper Bag & Disposable Plastic Product Wholesaling in US | – | 0.52 | |||||||||||||||||||||||||
Ferrous Metal Foundry Products in US | – | 1.08 | |||||||||||||||||||||||||
Men’s Clothing Stores in US | – | 1.05 | – | 4.27 | |||||||||||||||||||||||
Hog & Pig Farming in US | – | 1.04 | – | 2.48 | |||||||||||||||||||||||
Electrical Equipment Manufacturing in US | – | 1.03 | – | 1.37 | |||||||||||||||||||||||
Metal Can & Container Manufacturing in US | – | 2.32 | |||||||||||||||||||||||||
Domestic Airlines in US | -1.50 | ||||||||||||||||||||||||||
Bowling Centers in US | – | 1.00 | |||||||||||||||||||||||||
VoIP in US | – | 0.97 | – | 2.78 | |||||||||||||||||||||||
Day Care in US | |||||||||||||||||||||||||||
Telecommunication Networking Equipment Manufacturing in US | – | 0.94 | |||||||||||||||||||||||||
Egg & Poultry Wholesaling in US | |||||||||||||||||||||||||||
Orange & Citrus Groves in US | – | 0.91 | – | 0.66 | |||||||||||||||||||||||
Hand Tool & Cutlery Manufacturing in US | -0.89 | -2.47 | |||||||||||||||||||||||||
Meat Markets in US | – | 0.84 | |||||||||||||||||||||||||
Beef Cattle Production in US | – | 0.83 | -5.04 | ||||||||||||||||||||||||
Bottled Water Production in US | – | 0.82 | – | 1.53 | |||||||||||||||||||||||
Cable Providers in US | – | 0.80 | – | 3.43 | |||||||||||||||||||||||
Millwork in US | – | 0.78 | -0.84 | ||||||||||||||||||||||||
Satellite TV Providers in US | – | 0.75 | -4.13 | ||||||||||||||||||||||||
Plastic Products Miscellaneous Manufacturing in US | – | 0.74 | – | 1.44 | |||||||||||||||||||||||
Circuit Board & Electronic Component Manufacturing in US | -0.74 | ||||||||||||||||||||||||||
Automobile Engine & Parts Manufacturing in US | – | 0.73 | – | 3.10 | |||||||||||||||||||||||
Small Specialty Retail Stores in US | – | 0.71 | – | 2.58 | |||||||||||||||||||||||
TV & Appliance Wholesaling in US | – | 0.70 | -1.85 | ||||||||||||||||||||||||
Inland Water Transportation in US | – | 0.69 | – | 1.72 | |||||||||||||||||||||||
Flower & Nursery Stock Wholesaling in US | -1.70 | ||||||||||||||||||||||||||
Jewelry & Watch Wholesaling in US | – | 0.68 | – | 0.47 | |||||||||||||||||||||||
Hay & Crop Farming in US | – | 0.67 | – | 2.16 | |||||||||||||||||||||||
Gold & Silver Ore Mining in US | -0.67 | – | 0.61 | ||||||||||||||||||||||||
Paper Mills in US | – | 0.65 | -5.23 | ||||||||||||||||||||||||
Lumber & Building Material Stores in US | -0.65 | ||||||||||||||||||||||||||
Carpet Mills in US | – | 0.53 | |||||||||||||||||||||||||
Metalworking Machinery Manufacturing in US | – | 0.62 | |||||||||||||||||||||||||
Metal Stamping & Forging in US | |||||||||||||||||||||||||||
Toy & Craft Supplies Wholesaling in US | – | 0.60 | – | 2.03 | |||||||||||||||||||||||
Woodworking Machinery Manufacturing in US | -0.60 | – | 1.02 | ||||||||||||||||||||||||
Beef & Pork Wholesaling in US | -3.45 | ||||||||||||||||||||||||||
Sugarcane Harvesting in US | – | 0.59 | – | 3.74 | |||||||||||||||||||||||
Oilseed Farming in US | – | 0.37 | |||||||||||||||||||||||||
Home Furnishings Stores in US | – | 0.95 | |||||||||||||||||||||||||
Musical Instrument & Supplies Stores in US | – | 0.57 | – | 2.50 | |||||||||||||||||||||||
SUV & Light Truck Manufacturing in US | -0.57 | ||||||||||||||||||||||||||
Textile Mills in US | – | 2.73 | |||||||||||||||||||||||||
Janitorial Equipment Supply Wholesaling in US | -0.53 | ||||||||||||||||||||||||||
Marinas in US | – | 0.51 | |||||||||||||||||||||||||
Metal Plating & Treating in US | – | 0.50 | -0.50 | ||||||||||||||||||||||||
Auto Parts Manufacturing in US | – | 0.49 | – | 1.63 | |||||||||||||||||||||||
Community Colleges in US | -0.49 | – | 1.82 | ||||||||||||||||||||||||
Cut and Sew Manufacturers in US | -0.47 | – | 3.90 | ||||||||||||||||||||||||
Children’s & Infants’ Clothing Stores in US | – | 4.26 | |||||||||||||||||||||||||
Horse & Other Equine Production in US | – | 0.46 | – | 1.69 | |||||||||||||||||||||||
Engine & Turbine Manufacturing in US | -0.46 | ||||||||||||||||||||||||||
Business Service Centers in US | – | 0.44 | – | 1.01 | |||||||||||||||||||||||
Tire Manufacturing in US | |||||||||||||||||||||||||||
Geophysical Services in US | -3.20 | ||||||||||||||||||||||||||
Wire & Spring Manufacturing in US | – | 0.43 | -0.64 | ||||||||||||||||||||||||
Hardware Manufacturing in US | |||||||||||||||||||||||||||
Weight Loss Services in US | – | 0.42 | – | 3.38 | |||||||||||||||||||||||
Motorcycle, Bike & Parts Manufacturing in US | – | 0.41 | |||||||||||||||||||||||||
Wheat, Barley & Sorghum Farming in US | – | 0.40 | -2.44 | ||||||||||||||||||||||||
Motorcycle Dealership and Repair in US | – | 0.39 | |||||||||||||||||||||||||
Document Preparation Services in US | – | 0.36 | |||||||||||||||||||||||||
Fabric, Craft & Sewing Supplies Stores in US | |||||||||||||||||||||||||||
Book Publishing in US | – | 0.35 | – | 2.38 | |||||||||||||||||||||||
Photofinishing in US | – | 0.34 | – | 4.19 | |||||||||||||||||||||||
Sporting Goods Stores in US | – | 0.32 | – | 1.52 | |||||||||||||||||||||||
Copper, Nickel, Lead & Zinc Mining in US | – | 0.31 | |||||||||||||||||||||||||
Lighting Fixtures Manufacturing in US | – | 0.27 | |||||||||||||||||||||||||
Job Training & Career Counseling in US | – | 0.25 | |||||||||||||||||||||||||
Golf Courses & Country Clubs in US | -0.25 | – | 1.06 | ||||||||||||||||||||||||
Logging in US | – | 1.45 | |||||||||||||||||||||||||
Specialty Food Stores in US | – | 0.24 | -0.95 | ||||||||||||||||||||||||
Dairy Wholesaling in US | – | 0.23 | |||||||||||||||||||||||||
Ocean & Coastal Transportation in US | -0.23 | -0.52 | |||||||||||||||||||||||||
Nonferrous Metal Foundry Products Manufacturing in US | – | 2.02 | |||||||||||||||||||||||||
Industrial Laundry & Linen Supply in US | – | 0.22 | |||||||||||||||||||||||||
Nuclear Power in US | – | 0.20 | |||||||||||||||||||||||||
Homeowners’ Associations in US | – | 0.19 | |||||||||||||||||||||||||
Medical Instrument & Supply Manufacturing in US | – | 0.18 | – | 1.28 | |||||||||||||||||||||||
Ceramics Manufacturing in US | – | 0.15 | – | 2.63 | |||||||||||||||||||||||
Lighting & Bulb Manufacturing in US | – | 0.13 | – | 3.67 | |||||||||||||||||||||||
Civic, Social & Youth Organizations in US | – | 0.12 | – | 1.20 | |||||||||||||||||||||||
Canned Fruit & Vegetable Processing in US | -0.12 | – | 2.61 | ||||||||||||||||||||||||
Bars & Nightclubs in US | – | 0.10 | |||||||||||||||||||||||||
Electric Power Transmission in US | |||||||||||||||||||||||||||
Appliance Repair in US | – | 0.09 | – | 1.43 | |||||||||||||||||||||||
Machinery Maintenance & Heavy Equipment Repair Services in US | – | 0.08 | -1.33 | ||||||||||||||||||||||||
Employment & Recruiting Agencies in US | -0.08 | -0.61 | |||||||||||||||||||||||||
Agribusiness in US | – | 0.05 | – | 1.40 | |||||||||||||||||||||||
Rubber Product Manufacturing in US | -0.05 | – | 1.55 | ||||||||||||||||||||||||
Heating & Air Conditioning Equipment Manufacturing in US | – | 1.24 | |||||||||||||||||||||||||
Chemical Product Manufacturing in US | – | 0.04 | – | 2.14 | |||||||||||||||||||||||
Navigational Instrument Manufacturing in US | -0.04 | -1.04 | |||||||||||||||||||||||||
Machine Shop Services in US | – | 0.03 | – | 0.72 | |||||||||||||||||||||||
New Car Dealers in US | -0.02 | – | 2.17 | ||||||||||||||||||||||||
Juice Production in US | 0.07 | ||||||||||||||||||||||||||
Auto Parts Wholesaling in US | -1.06 | ||||||||||||||||||||||||||
Soybean Farming in US | – | 4.33 | |||||||||||||||||||||||||
Gasoline & Petroleum Bulk Stations in US | 0.11 | – | 1.80 | ||||||||||||||||||||||||
Furniture Repair & Reupholstery in US | – | 1.77 | |||||||||||||||||||||||||
Automobile Metal Stamping in US | -2.25 | ||||||||||||||||||||||||||
Pump & Compressor Manufacturing in US | -2.38 | ||||||||||||||||||||||||||
Laundromats in US | – | 1.09 | |||||||||||||||||||||||||
Fish & Seafood Wholesaling in US | – | 0.56 | |||||||||||||||||||||||||
Glasses & Contact Lens Manufacturing in US | 0.16 | ||||||||||||||||||||||||||
Hobby & Toy Stores in US | 0.17 | ||||||||||||||||||||||||||
Chemical Wholesaling in US | |||||||||||||||||||||||||||
Refrigeration Equipment Wholesaling in US | |||||||||||||||||||||||||||
Mineral & Phosphate Mining in US | 0.21 | – | 2.97 | ||||||||||||||||||||||||
Media Buying Agencies in US | |||||||||||||||||||||||||||
Computer Manufacturing in US | – | 1.07 | |||||||||||||||||||||||||
Inorganic Chemical Manufacturing in US | – | 3.93 | |||||||||||||||||||||||||
Paint Wholesaling in US | |||||||||||||||||||||||||||
Dairy Product Production in US | – | 1.95 | |||||||||||||||||||||||||
Community Housing & Homeless Shelters in US | 0.28 | – | 1.74 | ||||||||||||||||||||||||
Furniture Stores in US | – | 0.77 | |||||||||||||||||||||||||
Public Schools in US | -0.68 | ||||||||||||||||||||||||||
Bridge & Elevated Highway Construction in US | 0.29 | ||||||||||||||||||||||||||
Fruit & Vegetable Markets in US | 0.30 | – | 0.76 | ||||||||||||||||||||||||
Commercial Leasing in US | -0.79 | ||||||||||||||||||||||||||
HR Consulting in US | |||||||||||||||||||||||||||
Cabinet & Vanity Manufacturing in US | |||||||||||||||||||||||||||
Chicken & Turkey Meat Production in US | |||||||||||||||||||||||||||
Glass Product Manufacturing in US | 0.38 | ||||||||||||||||||||||||||
Fruit & Vegetable Wholesaling in US | |||||||||||||||||||||||||||
Confectionery Wholesaling in US | |||||||||||||||||||||||||||
Plastic Film, Sheet & Bag Manufacturing in US | -0.70 | ||||||||||||||||||||||||||
Women’s Clothing Stores in US | – | 6.16 | |||||||||||||||||||||||||
Cookie, Cracker & Pasta Production in US | – | 2.94 | |||||||||||||||||||||||||
Orphanages & Group Homes in US | – | 2.00 | |||||||||||||||||||||||||
Mining, Oil & Gas Machinery Manufacturing in US | – | 2.26 | |||||||||||||||||||||||||
Corn, Wheat & Soybean Wholesaling in US | |||||||||||||||||||||||||||
Public Transportation in US | 0.45 | ||||||||||||||||||||||||||
Supermarkets & Grocery Stores in US | -0.38 | ||||||||||||||||||||||||||
Beer Wholesaling in US | |||||||||||||||||||||||||||
Auto Parts Stores in US | 0.48 | -1.38 | |||||||||||||||||||||||||
Footwear Wholesaling in US | – | 5.11 | |||||||||||||||||||||||||
Law Firms in US | |||||||||||||||||||||||||||
Dry Docks & Cargo Inspection Services in US | -2.34 | ||||||||||||||||||||||||||
Vegetable Farming in US | – | 1.47 | |||||||||||||||||||||||||
Steel Rolling & Drawing in US | – | 0.88 | |||||||||||||||||||||||||
Religious Organizations in US | – | 0.92 | |||||||||||||||||||||||||
Automobile Wholesaling in US | |||||||||||||||||||||||||||
National & State Parks in US | |||||||||||||||||||||||||||
Gym & Exercise Equipment Manufacturing in US | -0.41 | ||||||||||||||||||||||||||
Automobile Interior Manufacturing in US | |||||||||||||||||||||||||||
Home Builders in US | |||||||||||||||||||||||||||
Chiropractors in US | |||||||||||||||||||||||||||
Automobile Transmission Manufacturing in US | |||||||||||||||||||||||||||
Forest Support Services in US | |||||||||||||||||||||||||||
ATV, Golf Cart & Snowmobile Manufacturing in US | – | 2.07 | |||||||||||||||||||||||||
Sanitary Paper Product Manufacturing in US | -1.92 | ||||||||||||||||||||||||||
Computer & Packaged Software Wholesaling in US | 0.63 | ||||||||||||||||||||||||||
Frozen Food Production in US | |||||||||||||||||||||||||||
Hosiery Mills in US | – | 3.01 | |||||||||||||||||||||||||
Media Representative Firms in US | -0.86 | ||||||||||||||||||||||||||
Aluminum Manufacturing in US | – | 1.21 | |||||||||||||||||||||||||
Valve Manufacturing in US | |||||||||||||||||||||||||||
Paperboard Mills in US | -1.52 | ||||||||||||||||||||||||||
Truck Rental in US | -0.48 | ||||||||||||||||||||||||||
Billboard & Sign Manufacturing in US | |||||||||||||||||||||||||||
Electronic Part & Equipment Wholesaling in US | -1.47 | ||||||||||||||||||||||||||
Shoe & Footwear Manufacturing in US | 0.81 | – | 1.13 | ||||||||||||||||||||||||
Celebrity & Sports Agents in US | |||||||||||||||||||||||||||
Tractors & Agricultural Machinery Manufacturing in US | |||||||||||||||||||||||||||
Soft Drink, Baked Goods & Other | Grocery Wholesaling in US | – | 1.51 | ||||||||||||||||||||||||
Leather Good & Luggage Manufacturing in US | |||||||||||||||||||||||||||
Athletic & Sporting Goods Manufacturing in US | 0.87 | -0.80 | |||||||||||||||||||||||||
Pesticide Manufacturing in US | – | 2.79 | |||||||||||||||||||||||||
Women’s & Children’s Apparel Wholesaling in US | |||||||||||||||||||||||||||
Ice Cream Production in US | -0.56 | ||||||||||||||||||||||||||
Household Furniture Manufacturing in US | – | 1.31 | |||||||||||||||||||||||||
Rail Transportation in US | |||||||||||||||||||||||||||
Construction Machinery Manufacturing in US | 0.98 | – | 1.42 | ||||||||||||||||||||||||
Plastic Bottle Manufacturing in US | 0.99 | – | 1.94 | ||||||||||||||||||||||||
Automobile Steering & Suspension Manufacturing in US | – | 1.18 | |||||||||||||||||||||||||
Sugar Processing in US | |||||||||||||||||||||||||||
Chocolate Production in US | – | 0.90 | |||||||||||||||||||||||||
Crop Services in US | – | 1.62 | |||||||||||||||||||||||||
Apartment Rental in US | 1.17 | – | 1.78 | ||||||||||||||||||||||||
Paint Manufacturing in US | |||||||||||||||||||||||||||
Lotteries & Native American Casinos in US | -1.05 | ||||||||||||||||||||||||||
Scientific & Economic Consulting in US | 1.22 | ||||||||||||||||||||||||||
Environmental Consulting in US | -0.76 | ||||||||||||||||||||||||||
Community Food Services in US | 1.27 | ||||||||||||||||||||||||||
Blood & Organ Banks in US | |||||||||||||||||||||||||||
Single Location Full-Service Restaurants in US | |||||||||||||||||||||||||||
Hunting & Trapping in US | |||||||||||||||||||||||||||
Soap & Cleaning Compound Manufacturing in US | |||||||||||||||||||||||||||
Drug, Cosmetic & Toiletry Wholesaling in US | -0.63 | ||||||||||||||||||||||||||
Maids, Nannies & Gardeners in US | -0.42 | ||||||||||||||||||||||||||
Asphalt Manufacturing in US | – | 0.85 | |||||||||||||||||||||||||
Abrasive & Sandpaper Manufacturing in US | -0.83 | ||||||||||||||||||||||||||
Farm, Lawn & Garden Equipment Wholesaling in US | |||||||||||||||||||||||||||
Office Furniture Manufacturing in US | -0.73 | ||||||||||||||||||||||||||
Coal & Natural Gas Power in US | |||||||||||||||||||||||||||
Soda Production in US | – | 2.85 | |||||||||||||||||||||||||
Securities Brokering in US | |||||||||||||||||||||||||||
Medical Device Manufacturing in US | |||||||||||||||||||||||||||
Boiler & Heat Exchanger Manufacturing in US | -1.48 | ||||||||||||||||||||||||||
Oil & Gas Field Services in US | |||||||||||||||||||||||||||
Promotional Products in US | -0.98 | ||||||||||||||||||||||||||
Direct Selling Companies in US | |||||||||||||||||||||||||||
Fertilizer Manufacturing in US | – | 1.91 | |||||||||||||||||||||||||
Copper Rolling, Drawing & Extruding in US | 1.58 | – | 2.59 | ||||||||||||||||||||||||
Primary Care Doctors in US | |||||||||||||||||||||||||||
Petroleum Refining in US | 1.60 | ||||||||||||||||||||||||||
Gypsum Product Manufacturing in US | 1.61 | -1.28 | |||||||||||||||||||||||||
Men’s & Boys’ Apparel Manufacturing in US | 1.67 | -0.75 | |||||||||||||||||||||||||
Train, Subway & Transit Car Manufacturing in US | |||||||||||||||||||||||||||
Storage & Warehouse Leasing in US | |||||||||||||||||||||||||||
Photography in US | -0.82 | ||||||||||||||||||||||||||
Wireless Telecommunications Carriers in US | – | 1.49 | |||||||||||||||||||||||||
Animal Food Production in US | |||||||||||||||||||||||||||
Cigarette & Tobacco Products Wholesaling in US | 1.87 | ||||||||||||||||||||||||||
Syrup & Flavoring Production in US | 1.88 | – | 5.34 | ||||||||||||||||||||||||
Water Supply & Irrigation Systems in US | -1.40 | ||||||||||||||||||||||||||
Psychiatric | Hospitals in US | – | 0.93 | ||||||||||||||||||||||||
Furniture Wholesaling in US | 1.93 | ||||||||||||||||||||||||||
Moving Services in US | -0.92 | ||||||||||||||||||||||||||
Tank & Refrigeration Trucking in US | 1.98 | ||||||||||||||||||||||||||
Casino Hotels in US | 2.01 | ||||||||||||||||||||||||||
Copier & Office Equipment Wholesaling in US | – | 2.68 | |||||||||||||||||||||||||
Bread Production in US | 2.05 | -0.87 | |||||||||||||||||||||||||
Open-End Investment Funds in US | 2.09 | ||||||||||||||||||||||||||
Metal Tank Manufacturing in US | |||||||||||||||||||||||||||
Specialized Storage & Warehousing in US | 2.11 | ||||||||||||||||||||||||||
Swimming Pool Construction in US | |||||||||||||||||||||||||||
Family Clothing Stores in US | |||||||||||||||||||||||||||
Audio Production Studios in US | 2.15 | -0.81 | |||||||||||||||||||||||||
Tourism in US | |||||||||||||||||||||||||||
Screw, Nut & Bolt Manufacturing in US | |||||||||||||||||||||||||||
Timber Services in US | – | 1.14 | |||||||||||||||||||||||||
Hotels & Motels in US | 2.21 | ||||||||||||||||||||||||||
Seafood Preparation in US | 2.27 | ||||||||||||||||||||||||||
Health Stores in US | |||||||||||||||||||||||||||
Synthetic Fiber Manufacturing in US | |||||||||||||||||||||||||||
Racing & Individual Sports in US | |||||||||||||||||||||||||||
Industrial Equipment Rental & Leasing in US | |||||||||||||||||||||||||||
Vitamin & Supplement Manufacturing in US | |||||||||||||||||||||||||||
Pharmacies & Drug Stores in US | |||||||||||||||||||||||||||
Language Instruction in US | – | 2.39 | |||||||||||||||||||||||||
Wedding Services in US | 2.64 | -1.94 | |||||||||||||||||||||||||
Petrochemical Manufacturing in US | |||||||||||||||||||||||||||
Intellectual Property Licensing in US | |||||||||||||||||||||||||||
Human Resources & Benefits Administration in US | |||||||||||||||||||||||||||
Snack Food Production in US | – | 2.96 | |||||||||||||||||||||||||
Advertising Agencies in US | 3.23 | ||||||||||||||||||||||||||
Flour Milling in US | |||||||||||||||||||||||||||
Cosmetic & Beauty Products Manufacturing in US | 3.36 | ||||||||||||||||||||||||||
Steam & Air-Conditioning Supply in US | 3.61 | ||||||||||||||||||||||||||
Rail Maintenance Services in US | 3.73 | ||||||||||||||||||||||||||
Tugboat & Shipping Navigational Services in US | 3.80 | ||||||||||||||||||||||||||
Cereal Production in US | 3.95 | -1.83 | |||||||||||||||||||||||||
Reinsurance Carriers in US | 4.11 | -6.23 | |||||||||||||||||||||||||
Sheep Farming in US | 4.30 | ||||||||||||||||||||||||||
Coffee Production in US | -2.58 | ||||||||||||||||||||||||||
Dairy Farms in US | – | 4.48 | |||||||||||||||||||||||||
Coal & Ore Wholesaling in US | – | 3.69 | |||||||||||||||||||||||||
Corn Farming in US | – | 2.13 | -0.30 | ||||||||||||||||||||||||
Land Development in US | -0.00 | ||||||||||||||||||||||||||
Satellite Telecommunications Providers in US | -1.58 | 3.57 | |||||||||||||||||||||||||
Credit Card Issuing in US | -1.42 | ||||||||||||||||||||||||||
Gas Stations in US | |||||||||||||||||||||||||||
Fish & Seafood Aquaculture in US | -1.31 | ||||||||||||||||||||||||||
Life Insurance & Annuities in US | -1.23 | ||||||||||||||||||||||||||
Commercial Banking in US | 1.57 | ||||||||||||||||||||||||||
Carpet Cleaning in US | |||||||||||||||||||||||||||
Tool & Hardware Wholesaling in US | |||||||||||||||||||||||||||
Heavy Engineering Construction in US | – | 0.14 | |||||||||||||||||||||||||
Recyclable Material Wholesaling in US | 4.56 | ||||||||||||||||||||||||||
Alarm, Horn & Traffic Control Equipment Manufacturing in US | |||||||||||||||||||||||||||
Telecommunications Resellers in US | |||||||||||||||||||||||||||
Clay Brick & Product Manufacturing in US | – | 0.54 | |||||||||||||||||||||||||
Iron Ore Mining in US | |||||||||||||||||||||||||||
Art Dealers in US | -0.37 | ||||||||||||||||||||||||||
Plastics & Rubber Machinery Manufacturing in US | -0.35 | ||||||||||||||||||||||||||
Plastic Pipe & Parts Manufacturing in US | -0.31 | ||||||||||||||||||||||||||
Gasoline & Petroleum Wholesaling in US | 1.79 | ||||||||||||||||||||||||||
Movie Theaters in US | |||||||||||||||||||||||||||
Historic Sites in US | |||||||||||||||||||||||||||
Plastics Wholesaling in US | -0.22 | ||||||||||||||||||||||||||
Stone Mining in US | -0.20 | ||||||||||||||||||||||||||
Cable Networks in US | 4.40 | ||||||||||||||||||||||||||
Mattress Manufacturing in US | – | 0.33 | |||||||||||||||||||||||||
Wiring Device Manufacturing in US | 0.01 | ||||||||||||||||||||||||||
Packaging & Labeling Services in US | -0.01 | ||||||||||||||||||||||||||
Wire & Cable Manufacturing in US | -0.15 | ||||||||||||||||||||||||||
Oil Change Services in US | |||||||||||||||||||||||||||
Nursery & Garden Stores in US | 0.06 | ||||||||||||||||||||||||||
Gas Stations with | Convenience Stores in US | ||||||||||||||||||||||||||
Stone, Concrete & Clay Wholesaling in US | |||||||||||||||||||||||||||
Used Car Parts Wholesaling in US | 3.44 | ||||||||||||||||||||||||||
Meat, Beef & Poultry Processing in US | |||||||||||||||||||||||||||
Recreational Vehicle Dealers in US | 1.25 | ||||||||||||||||||||||||||
Metal Wholesaling in US | |||||||||||||||||||||||||||
Sawmills & Wood Production in US | |||||||||||||||||||||||||||
Tire Dealers in US | -0.13 | ||||||||||||||||||||||||||
Printing, Paper, Food, Textile & Other Machinery Manufacturing in US | -0.16 | ||||||||||||||||||||||||||
Real Estate Appraisal in US | |||||||||||||||||||||||||||
Wood Paneling Manufacturing in US | |||||||||||||||||||||||||||
Fish & Seafood Markets in US | |||||||||||||||||||||||||||
Precast Concrete Manufacturing in US | |||||||||||||||||||||||||||
Costume & Team Uniform Manufacturing in US | |||||||||||||||||||||||||||
Restaurant & Hotel Equipment Wholesaling in US | 0.26 | ||||||||||||||||||||||||||
Eye Glasses & Contact Lens Stores in US | |||||||||||||||||||||||||||
Conveyancing Services in US | |||||||||||||||||||||||||||
Semiconductor & Circuit Manufacturing in US | |||||||||||||||||||||||||||
Copier & Optical Machinery Manufacturing in US | |||||||||||||||||||||||||||
Stock & Commodity Exchanges in US | 3.28 | ||||||||||||||||||||||||||
Laminated Plastics Manufacturing in US | |||||||||||||||||||||||||||
Water & Sewer Line Construction in US | |||||||||||||||||||||||||||
Boat Building in US | -0.14 | ||||||||||||||||||||||||||
Wood Pallets & Skids Production in US | |||||||||||||||||||||||||||
Podiatrists in US | |||||||||||||||||||||||||||
Accounting Services in US | |||||||||||||||||||||||||||
Semiconductor Machinery Manufacturing in US | |||||||||||||||||||||||||||
Urethane Foam Manufacturing in US | |||||||||||||||||||||||||||
Margarine & Cooking Oil Processing in US | |||||||||||||||||||||||||||
Loan Brokers in US | |||||||||||||||||||||||||||
Hardware Stores in US | |||||||||||||||||||||||||||
Excavation Contractors in US | |||||||||||||||||||||||||||
Cemetery Services in US | |||||||||||||||||||||||||||
Cardboard Box & Container Manufacturing in US | |||||||||||||||||||||||||||
Fishing in US | |||||||||||||||||||||||||||
Lumber Wholesaling in US | |||||||||||||||||||||||||||
Public School Bus Services in US | |||||||||||||||||||||||||||
Funeral Homes in US | |||||||||||||||||||||||||||
Commercial Building Construction in US | |||||||||||||||||||||||||||
Parking Lots & Garages in US | |||||||||||||||||||||||||||
Forklift & Conveyor Manufacturing in US | |||||||||||||||||||||||||||
Trade & Technical Schools in US | |||||||||||||||||||||||||||
Audio & Video Equipment Manufacturing in US | 0.96 | ||||||||||||||||||||||||||
Ski & Snowboard Resorts in US | |||||||||||||||||||||||||||
Surveying & Mapping Services in US | |||||||||||||||||||||||||||
Nonferrous Metal Rolling & Alloying in US | |||||||||||||||||||||||||||
Laboratory Supply Wholesaling in US | |||||||||||||||||||||||||||
Campgrounds & RV Parks in US | |||||||||||||||||||||||||||
Heating & Air Conditioning Wholesaling in US | |||||||||||||||||||||||||||
Adhesive Manufacturing in US | -0.19 | ||||||||||||||||||||||||||
Major Household Appliance Manufacturing in US | |||||||||||||||||||||||||||
Billboard & Outdoor Advertising in US | -0.29 | ||||||||||||||||||||||||||
Insurance Brokers & Agencies in US | |||||||||||||||||||||||||||
Prefabricated Home Manufacturing in US | |||||||||||||||||||||||||||
Warehouse Clubs & Supercenters in US | -0.09 | ||||||||||||||||||||||||||
Market Research in US | |||||||||||||||||||||||||||
Road & Highway Construction in US | -0.26 | ||||||||||||||||||||||||||
Aircraft Maintenance, Repair & Overhaul in US | |||||||||||||||||||||||||||
Home Improvement Stores in US | |||||||||||||||||||||||||||
Auto Leasing, Loans & Sales Financing in US | |||||||||||||||||||||||||||
Masonry in US | |||||||||||||||||||||||||||
Security Services in US | |||||||||||||||||||||||||||
Retirement & Pension Plans in US | 37.20 | ||||||||||||||||||||||||||
Electrical Equipment Wholesaling in US | |||||||||||||||||||||||||||
Print Advertising Distribution in US | |||||||||||||||||||||||||||
Floor Covering Stores in US | |||||||||||||||||||||||||||
Architects in US | |||||||||||||||||||||||||||
Lubricant Oil Manufacturing in US | |||||||||||||||||||||||||||
Recycling Facilities in US | |||||||||||||||||||||||||||
Paint Stores in US | |||||||||||||||||||||||||||
Waste Treatment & Disposal Services in US | |||||||||||||||||||||||||||
Transmission Line Construction in US | |||||||||||||||||||||||||||
Natural Disaster & Emergency Relief Services in US | |||||||||||||||||||||||||||
Landscape Design in US | |||||||||||||||||||||||||||
Car Body Shops in US | |||||||||||||||||||||||||||
Professional Employer Organizations in US | |||||||||||||||||||||||||||
Industrial Building Construction in US | |||||||||||||||||||||||||||
Industrial Machinery & Equipment Wholesaling in US | |||||||||||||||||||||||||||
Manufactured Home Dealers in US | |||||||||||||||||||||||||||
Sewage Treatment Facilities in US | -0.33 | ||||||||||||||||||||||||||
Workers’ Compensation & Other Insurance Funds in US | |||||||||||||||||||||||||||
Demolition & Wrecking in US | |||||||||||||||||||||||||||
Livestock Production Support Services in US | |||||||||||||||||||||||||||
Lawn & Outdoor Equipment Stores in US | |||||||||||||||||||||||||||
Truck & Bus Manufacturing in US | |||||||||||||||||||||||||||
Laboratory Testing Services in US | 1.10 | ||||||||||||||||||||||||||
Dentists in US | |||||||||||||||||||||||||||
Colleges & Universities in US | |||||||||||||||||||||||||||
Steel Framing in US | |||||||||||||||||||||||||||
Power Tools & Other General Purpose Machinery Manufacturing in US | -0.17 | ||||||||||||||||||||||||||
Glasses & Contacts Wholesaling in US | |||||||||||||||||||||||||||
Custody, Asset & Securities Services in US | |||||||||||||||||||||||||||
Private Schools in US | |||||||||||||||||||||||||||
Beauty, Cosmetics & Fragrance Stores in US | |||||||||||||||||||||||||||
Electricians in US | |||||||||||||||||||||||||||
Credit Card Processing & Money Transferring in US | |||||||||||||||||||||||||||
Farm Supplies Wholesaling in US | |||||||||||||||||||||||||||
Hose & Belt Manufacturing in US | |||||||||||||||||||||||||||
Adoption & Child Welfare Services in US | |||||||||||||||||||||||||||
Optometrists in US | |||||||||||||||||||||||||||
Power Conversion Equipment Manufacturing in US | |||||||||||||||||||||||||||
Plastic & Resin Manufacturing in US | |||||||||||||||||||||||||||
Used Car Dealers in US | |||||||||||||||||||||||||||
Refined Petroleum Pipeline Transportation in US | 1.39 | ||||||||||||||||||||||||||
Television Broadcasting in US | |||||||||||||||||||||||||||
Concrete Contractors in US | 1.26 | ||||||||||||||||||||||||||
Auto Mechanics in US | |||||||||||||||||||||||||||
Lime Manufacturing in US | |||||||||||||||||||||||||||
Truck, Trailer & Motor Home Manufacturing in US | |||||||||||||||||||||||||||
Industrial Designers in US | |||||||||||||||||||||||||||
Building Finishing Contractors in US | |||||||||||||||||||||||||||
Carpenters in US | |||||||||||||||||||||||||||
Sheet Metal, Window & Door Manufacturing in US | |||||||||||||||||||||||||||
Landscaping Services in US | |||||||||||||||||||||||||||
Drywall & Insulation Installers in US | |||||||||||||||||||||||||||
Graphic Designers in US | |||||||||||||||||||||||||||
Credit Unions in US | |||||||||||||||||||||||||||
Family Planning & Abortion Clinics in US | |||||||||||||||||||||||||||
Trusts & Estates in US | 4.63 | ||||||||||||||||||||||||||
Plumbers in US | |||||||||||||||||||||||||||
Roofing Contractors in US | |||||||||||||||||||||||||||
Explosives Manufacturing in US | |||||||||||||||||||||||||||
Beer, Wine & Liquor Stores in US | |||||||||||||||||||||||||||
Third-Party Administrators & Insurance Claims Adjusters in US | 3.08 | ||||||||||||||||||||||||||
Wood Framing in US | |||||||||||||||||||||||||||
Apartment & Condominium Construction in US | |||||||||||||||||||||||||||
Fence Construction in US | |||||||||||||||||||||||||||
Oil & Gas Pipeline Construction in US | |||||||||||||||||||||||||||
Heating & Air-Conditioning Contractors in US | |||||||||||||||||||||||||||
Land Leasing in US | |||||||||||||||||||||||||||
Flooring Installers in US | |||||||||||||||||||||||||||
Heavy Equipment Rental in US | |||||||||||||||||||||||||||
Airport Operations in US | |||||||||||||||||||||||||||
Cigarette & Tobacco Manufacturing in US | |||||||||||||||||||||||||||
Manufactured Home Wholesaling in US | 4.38 | ||||||||||||||||||||||||||
Portable Toilet Rental & Septic Tank Cleaning in US | |||||||||||||||||||||||||||
IT Consulting in US | |||||||||||||||||||||||||||
Hair & Nail Salons in US | |||||||||||||||||||||||||||
Seasoning, Sauce and Condiment Production in US | |||||||||||||||||||||||||||
Roofing, Siding & Insulation Wholesaling in US | |||||||||||||||||||||||||||
Housing Developers in US | 1.81 | ||||||||||||||||||||||||||
Tire Wholesaling in US | |||||||||||||||||||||||||||
Used Goods Stores in US | |||||||||||||||||||||||||||
Natural Gas Distribution in US | |||||||||||||||||||||||||||
Payroll & Bookkeeping Services in US | |||||||||||||||||||||||||||
Private Equity, Hedge Funds & Investment Vehicles in US | |||||||||||||||||||||||||||
Museums in US | 1.96 | ||||||||||||||||||||||||||
Credit Bureaus & Rating Agencies in US | 2.42 | ||||||||||||||||||||||||||
Health & Medical Insurance in US | |||||||||||||||||||||||||||
Fast Food Restaurants in US | |||||||||||||||||||||||||||
Iron & Steel Manufacturing in US | 4.35 | ||||||||||||||||||||||||||
Major Label Music Production in US | |||||||||||||||||||||||||||
Plumbing & Heating Supplies Wholesaling in US | |||||||||||||||||||||||||||
Candy Production in US | |||||||||||||||||||||||||||
Mineral Product Manufacturing in US | |||||||||||||||||||||||||||
Car Wash & Auto Detailing in US | |||||||||||||||||||||||||||
Nursing Care Facilities in US | 1.99 | ||||||||||||||||||||||||||
Municipal Building Construction in US | |||||||||||||||||||||||||||
Mental Health & Substance Abuse Centers in US | |||||||||||||||||||||||||||
Organic Chemical Manufacturing in US | |||||||||||||||||||||||||||
Health & Welfare Funds in US | 1.68 | ||||||||||||||||||||||||||
Car Rental in US | |||||||||||||||||||||||||||
Ambulance Services in US | |||||||||||||||||||||||||||
2.06 | |||||||||||||||||||||||||||
Medical Supplies Wholesaling in US | |||||||||||||||||||||||||||
Conservation & Human Rights Organizations in US | |||||||||||||||||||||||||||
Space Vehicle & Missile Manufacturing in US | |||||||||||||||||||||||||||
Port & Harbor Operations in US | 2.23 | ||||||||||||||||||||||||||
Caterers in US | |||||||||||||||||||||||||||
Guns & Ammunition Manufacturing in US | |||||||||||||||||||||||||||
Movie & Video Production in US | |||||||||||||||||||||||||||
Pet Stores in US | 2.36 | ||||||||||||||||||||||||||
Tile Installers in US | |||||||||||||||||||||||||||
Portfolio Management in US | |||||||||||||||||||||||||||
Refrigerated Storage in US | |||||||||||||||||||||||||||
Business Coaching in US | |||||||||||||||||||||||||||
Tortilla Production in US | |||||||||||||||||||||||||||
Glass & Glazing Contractors in US | 2.60 | ||||||||||||||||||||||||||
Golf Driving Ranges & Family Fun Centers in US | 2.31 | ||||||||||||||||||||||||||
Television Production in US | |||||||||||||||||||||||||||
Performers & Creative Artists in US | 2.67 | ||||||||||||||||||||||||||
Sand & Gravel Mining in US | 3.06 | ||||||||||||||||||||||||||
Dating Services in US | 7.42 | ||||||||||||||||||||||||||
Sports Franchises in US | 2.93 | ||||||||||||||||||||||||||
Bed & Breakfast & Hostel Accommodations in US | 2.98 | ||||||||||||||||||||||||||
Donations, Grants & Endowment in US | 2.91 | ||||||||||||||||||||||||||
Translation Services in US | 3.15 | ||||||||||||||||||||||||||
Public Storage & Warehousing in US | 2.89 | ||||||||||||||||||||||||||
Tank & Armored Vehicle Manufacturing in US | |||||||||||||||||||||||||||
Home Care Providers in US | 3.63 | ||||||||||||||||||||||||||
Aircraft, Marine & Railroad Transportation Equipment Wholesaling in US | 2.87 | ||||||||||||||||||||||||||
Tanning Salons in US | 4.24 | 4.03 | |||||||||||||||||||||||||
Cotton Farming in US | 5.28 | 9.10 | |||||||||||||||||||||||||
Oil Drilling & Gas Extraction in US | 5.76 | 7.72 | |||||||||||||||||||||||||
Radar & Satellite Operations in US | 6.03 | ||||||||||||||||||||||||||
Internet Publishing and Broadcasting in US | 9.11 | 12.28 | |||||||||||||||||||||||||
Solar Power in US | 20.84 | 2 | 8.44 | ||||||||||||||||||||||||
Non-Hotel Casinos in US | -0.32 | ||||||||||||||||||||||||||
Polystyrene Foam Manufacturing in US | |||||||||||||||||||||||||||
Men’s & Boys’ Apparel Wholesaling in US | |||||||||||||||||||||||||||
Boat Dealership and Repair in US | |||||||||||||||||||||||||||
Fruit & Nut Farming in US | |||||||||||||||||||||||||||
Engineering Services in US | |||||||||||||||||||||||||||
Ready-Mix Concrete Manufacturing in US | |||||||||||||||||||||||||||
Chain Restaurants in US | |||||||||||||||||||||||||||
Biotechnology in US | |||||||||||||||||||||||||||
Real Estate Loans & Collateralized Debt in US | |||||||||||||||||||||||||||
Ball Bearing Manufacturing in US | |||||||||||||||||||||||||||
Home Furnishing Wholesaling in US | |||||||||||||||||||||||||||
Interior Designers in US | |||||||||||||||||||||||||||
Sporting Goods Wholesaling in US | |||||||||||||||||||||||||||
Bicycle Dealership and Repair in US | |||||||||||||||||||||||||||
Tax Preparation Services in US | |||||||||||||||||||||||||||
Real Estate Asset Management & Consulting in US | |||||||||||||||||||||||||||
Data Processing & Hosting Services in US | |||||||||||||||||||||||||||
Sightseeing Transportation in US | |||||||||||||||||||||||||||
Lingerie, Swimwear & Bridal Stores in US | |||||||||||||||||||||||||||
Venture Capital & Principal Trading in US | |||||||||||||||||||||||||||
Stevedoring & Marine Cargo Handling in US | |||||||||||||||||||||||||||
Diagnostic & Medical Laboratories in US | |||||||||||||||||||||||||||
Financial Planning & Advice in US | |||||||||||||||||||||||||||
Janitorial Services in US | |||||||||||||||||||||||||||
Consumer Electronics & Appliances Rental in US | -0.21 | ||||||||||||||||||||||||||
Aircraft, Engine & Parts Manufacturing in US | |||||||||||||||||||||||||||
Handbag, Luggage & Accessory Stores in US | |||||||||||||||||||||||||||
Painters in US | |||||||||||||||||||||||||||
Commercial Real Estate in US | |||||||||||||||||||||||||||
Public Relations Firms in US | |||||||||||||||||||||||||||
Vacuum, Fan & Small Household Appliance Manufacturing in US | |||||||||||||||||||||||||||
Hydroelectric Power in US | -0.28 | ||||||||||||||||||||||||||
Elevator Installation & Service in US | |||||||||||||||||||||||||||
Waste Collection Services in US | |||||||||||||||||||||||||||
Music Publishing in US | |||||||||||||||||||||||||||
Specialist Doctors in US | |||||||||||||||||||||||||||
Baking Mix & Prepared Food Production in US | |||||||||||||||||||||||||||
Family Counseling & Crisis Intervention Services in US | |||||||||||||||||||||||||||
Tool & Equipment Rental in US | |||||||||||||||||||||||||||
Independent Label Music Production in US | |||||||||||||||||||||||||||
Alternative Healthcare Providers in US | |||||||||||||||||||||||||||
Gas Pipeline Transportation in US | |||||||||||||||||||||||||||
Structural Metal Product Manufacturing in US | |||||||||||||||||||||||||||
Veterinary Services in US | 2.22 | ||||||||||||||||||||||||||
Metal Pipe & Tube Manufacturing in US | |||||||||||||||||||||||||||
Pest Control in US | |||||||||||||||||||||||||||
Construction & Mining Equipment Wholesaling in US | |||||||||||||||||||||||||||
Local Freight Trucking in US | |||||||||||||||||||||||||||
Generic Pharmaceutical Manufacturing in US | |||||||||||||||||||||||||||
Local Specialized Freight Trucking in US | -0.03 | ||||||||||||||||||||||||||
Travel Agencies in US | |||||||||||||||||||||||||||
Security Alarm Services in US | 2.41 | ||||||||||||||||||||||||||
Food Service Contractors in US | |||||||||||||||||||||||||||
Building Inspectors in US | |||||||||||||||||||||||||||
Property, Casualty and Direct Insurance in US | |||||||||||||||||||||||||||
Retirement Communities in US | 2.53 | ||||||||||||||||||||||||||
Coffee & Snack Shops in US | 2.55 | ||||||||||||||||||||||||||
Correctional Facilities in US | |||||||||||||||||||||||||||
Residential Intellectual Disability Facilities in US | |||||||||||||||||||||||||||
Scheduled and Charter Bus Services in US | 2.74 | ||||||||||||||||||||||||||
Property Management in US | |||||||||||||||||||||||||||
Dollar & Variety Stores in US | |||||||||||||||||||||||||||
Specialty Hospitals in US | 2.81 | ||||||||||||||||||||||||||
Wine & Spirits Wholesaling in US | |||||||||||||||||||||||||||
Oil Pipeline Transportation in US | |||||||||||||||||||||||||||
Brand Name Pharmaceutical Manufacturing in US | |||||||||||||||||||||||||||
Physical Therapists in US | |||||||||||||||||||||||||||
Office Staffing & Temp Agencies in US | |||||||||||||||||||||||||||
Investment Banking & Securities Dealing in US | |||||||||||||||||||||||||||
Management Consulting in US | |||||||||||||||||||||||||||
Real Estate Sales & Brokerage in US | |||||||||||||||||||||||||||
Remediation & Environmental Cleanup Services in US | 3.13 | ||||||||||||||||||||||||||
Paving Contractors in US | |||||||||||||||||||||||||||
Amusement Parks in US | -0.18 | ||||||||||||||||||||||||||
Gym, Health & Fitness Clubs in US | |||||||||||||||||||||||||||
Internet Service Providers in US | |||||||||||||||||||||||||||
Credit Counselors, Surveyors & Appraisers in US | 3.25 | ||||||||||||||||||||||||||
Toll Roads & Weigh Stations in US | |||||||||||||||||||||||||||
Real Estate Investment Trusts in US | |||||||||||||||||||||||||||
Concert & Event Promotion in US | 3.51 | ||||||||||||||||||||||||||
Sports Coaching in US | |||||||||||||||||||||||||||
Ship Building in US | 3.58 | ||||||||||||||||||||||||||
Musical Groups & Artists in US | 3.65 | ||||||||||||||||||||||||||
Psychologists, Social Workers & Marriage Counselors in US | |||||||||||||||||||||||||||
Fine Arts Schools in US | |||||||||||||||||||||||||||
Charter Flights in US | |||||||||||||||||||||||||||
Street Vendors in US | 3.99 | ||||||||||||||||||||||||||
Mental Health & Substance Abuse Clinics in US | 4.00 | ||||||||||||||||||||||||||
Telemarketing & Call Centers in US | 4.06 | ||||||||||||||||||||||||||
Wineries in US | 4.10 | ||||||||||||||||||||||||||
Tutoring & Driving Schools in US | 4.21 | ||||||||||||||||||||||||||
Convention & Visitor Bureaus in US | |||||||||||||||||||||||||||
Testing & Educational Support in US | 4.23 | ||||||||||||||||||||||||||
Hair Loss Treatment & Removal in US | |||||||||||||||||||||||||||
Pet Grooming & Boarding in US | |||||||||||||||||||||||||||
Arcade, Food & Entertainment Complexes in US | 4.42 | ||||||||||||||||||||||||||
Emergency & Other Outpatient Care Centers in US | 4.43 | ||||||||||||||||||||||||||
Beekeeping in US | 4.47 | ||||||||||||||||||||||||||
Molybdenum & Metal Ore Mining in US | 4.52 | ||||||||||||||||||||||||||
Video Postproduction Services in US | 4.54 | ||||||||||||||||||||||||||
Scientific Research & Development in US | 4.62 | ||||||||||||||||||||||||||
Tour Operators in US | |||||||||||||||||||||||||||
Wood Product Manufacturing in US | 4.72 | ||||||||||||||||||||||||||
Trade Show and Conference Planning in US | |||||||||||||||||||||||||||
Oxygen & Hydrogen Gas Manufacturing in US | 4.83 | ||||||||||||||||||||||||||
Couriers & Local Delivery Services in US | 4.88 | ||||||||||||||||||||||||||
Long-Distance Freight Trucking in US | 4.98 | ||||||||||||||||||||||||||
Elderly & Disabled Services in US | |||||||||||||||||||||||||||
Remodeling in US | 5.08 | ||||||||||||||||||||||||||
Industrial Supplies Wholesaling in US | 5.19 | ||||||||||||||||||||||||||
Automobile Towing in US | 5.25 | ||||||||||||||||||||||||||
Tea Production in US | |||||||||||||||||||||||||||
Freight Forwarding Brokerages & Agencies in US | 5.62 | ||||||||||||||||||||||||||
Battery Manufacturing in US | 5.87 | 3.54 | |||||||||||||||||||||||||
Design, Editing & Rendering | Software Publishing in US | 6.20 | |||||||||||||||||||||||||
Fashion Designers in US | 6.33 | ||||||||||||||||||||||||||
Freight Packing & Logistics Services in US | 6.76 | ||||||||||||||||||||||||||
Database, Storage & Backup Software Publishing in US | 6.95 | ||||||||||||||||||||||||||
Business Analytics & Enterprise Software Publishing in US | 8.75 | ||||||||||||||||||||||||||
E-Commerce & Online Auctions in US | 8.90 | 6.17 | |||||||||||||||||||||||||
9.06 | |||||||||||||||||||||||||||
Sustainable Building Material Manufacturing in US | 9.98 | 3.64 | |||||||||||||||||||||||||
Search Engines in US | 10.14 | 8.87 | |||||||||||||||||||||||||
Wind Power in US | 10.25 | 8.92 | |||||||||||||||||||||||||
Security Software Publishing in US | 10.51 | 4.09 | |||||||||||||||||||||||||
Video Games in US | 10.64 | 9.07 | |||||||||||||||||||||||||
Operating Systems & Productivity Software Publishing in US | 10.90 | 5.21 | |||||||||||||||||||||||||
Distilleries in US | 12.27 | ||||||||||||||||||||||||||
Video Game Software Publishing in US | 1 | 4.01 | 8.65 | ||||||||||||||||||||||||
Breweries in US | 14.8 | ||||||||||||||||||||||||||
Taxi & Limousine Services in US | 23.93 | 8.97 |
Supply Chain
Supply Industries | Risk | Demand Industries | ||
Aircraft Maintenance, Repair & Overhaul in the US | Tourism in the US | Medium – High | ||
Soft Drink, Baked Goods & Other Grocery Wholesaling in the US | Couriers & Local Delivery Services in the US | |||
Aircraft, Marine & Railroad Transportation Equipment Wholesaling in the US | Consumers in the US | Very High | ||
Aircraft, Engine & Parts Manufacturing in the US | Medium – Low | Freight Forwarding Brokerages & Agencies in the US | ||
Gasoline & Petroleum Wholesaling in the US | Postal Service in the US | |||
Airport Operations in the US |
Industry Globalization
Imports / Domestic Demand | Exports / Revenue | ||||
50.08 | |||||
4.44 | 44.56 | ||||
5 | 3.17 | 40.41 | |||
73.78 | 78.76 | ||||
72.73 | 64.16 | ||||
98.04 | 58.61 | ||||
88.68 | 93.10 | ||||
191.42 | 242.27 | ||||
56.89 | 38.02 | ||||
3 | 3.84 | 52.04 | |||
94.49 | 59.22 | ||||
90.14 | 7 | 4.87 | |||
89.64 | 54.40 | ||||
102.87 | 1 | 14.77 | |||
96.92 | 65.35 | ||||
31.5 | 27.20 | ||||
26.61 | 7.26 | ||||
22.0 | 7.57 | ||||
95.42 | 33.25 | ||||
30.6 | 33.51 | ||||
44.05 | 2 | 3.83 | |||
32.5 | 12.73 | ||||
38.08 | 20.98 | ||||
38.97 | 32.6 | ||||
26.21 | |||||
5 | 7.49 | 12.53 | |||
47.1 | 30.89 | ||||
46.34 | 14.51 | ||||
5.65 | |||||
1 | 5.59 | 8.69 | |||
2.86 | |||||
1 | 3.86 | 5.93 | |||
17.18 | 19.84 | ||||
8.14 | |||||
7.83 | 3.48 | ||||
5.96 | 5.94 | ||||
9.67 | 4.90 | ||||
10.43 |
Industry vs
Sector
Costs
Cost % | |||
25.6 | |||
Purchases | |||
Depreciation | |||
Marketing | |||
Utilities | |||
46.6 |
Cost Structure – Industry
29.5 | 45.7 | |||||
11.0 | 28.2 | 43.3 | ||||
10.7 | 44.6 | |||||
16.8 | ||||||
46.2 | ||||||
19.5 | 42.8 | |||||
Cost Structure – Sector
Repair and Maintenance | ||
19.4 | 31.1 | |
18.9 | 12.3 | |
19.1 | ||
15.7 | 31.9 | |
28.5 | 31.7 | |
17.4 | ||
17.7 | ||
Barriers to Entry
Life Cycle Stage |
Capital Intensity
Revenue Volatility
Revenue Volatility (%) | Annualized Revenue Growth (%) | ||||
8.91 | |||||
8.82 | |||||
9.55 | |||||
-11.30 | 11.35 | ||||
Gas Stations with Convenience Stores in US | 9.56 | ||||
9.37 | |||||
11.87 | |||||
– | 6.99 | 1 | 4.84 | ||
Organic Chemical Pipeline Transportation in US | -1.26 | 7.93 | |||
-2.07 | 9.76 | ||||
– | 4.32 | 25.58 | |||
10.34 | |||||
9.47 | |||||
8.13 | |||||
8.01 | |||||
-2.67 | 8.99 | ||||
18.71 | |||||
-2.43 | 22.65 | ||||
-1.27 | 12.00 | ||||
-9.66 | 20.40 | ||||
-4.50 | 11.02 | ||||
16.14 | |||||
– | 2.92 | 10.24 | |||
-14.09 | 5 | 6.97 | |||
– | 6.11 | 13.09 | |||
1 | 3.70 | ||||
15.34 | |||||
-1.19 | 11.55 | ||||
– | 3.04 | 20.00 | |||
8.53 | |||||
-2.08 | 16.63 | ||||
-1.93 | 11.23 | ||||
9.31 | |||||
8.94 | |||||
-2.68 | |||||
10.27 | |||||
11.16 | |||||
7.32 | |||||
8.66 | |||||
12.60 | |||||
7.35 | |||||
– | 1.66 | 11.34 | |||
15.35 | |||||
-10.76 | 43.51 | ||||
-22.01 | 47.61 | ||||
11.62 | |||||
9.43 | |||||
1 | 3.49 | ||||
5.66 | 7.34 | ||||
11.00 | 20.94 | ||||
4.46 | 10.15 | ||||
8.49 | |||||
15.02 | |||||
16.20 | |||||
5.07 | |||||
6.05 | 21.27 | ||||
5.00 | 10.04 | ||||
9.36 | |||||
14.50 | 7.85 | ||||
32.4 | |||||
11.57 | |||||
15.16 | |||||
7.30 | 17.03 | ||||
27.03 | |||||
7.58 | |||||
7.88 | |||||
13.90 | 20.64 | ||||
8.43 | 24.83 | ||||
11.98 | |||||
3.97 | 14.4 | ||||
3.31 | 9.68 | ||||
18.13 | |||||
12.16 | |||||
8.19 | 12.21 | ||||
18.81 | |||||
5.97 | |||||
9.25 | |||||
3.07 | |||||
3.68 | |||||
3.47 | |||||
3.56 | |||||
3.00 | |||||
2.77 | |||||
6.32 | |||||
3.39 | |||||
6.09 | |||||
4.58 | |||||
4.78 | |||||
4.18 | |||||
2.45 | |||||
5.17 | |||||
2.95 | 3.89 | ||||
6.24 | |||||
6.18 | 5.82 | ||||
3.60 | |||||
3.26 | |||||
9.33 | 5.43 | ||||
3.11 | 6.84 | ||||
5.68 | |||||
6.53 | |||||
3.34 | |||||
9.02 | 6.79 | ||||
1.59 | |||||
5.48 | |||||
3.46 | |||||
5.67 | |||||
6.27 | |||||
2.51 | |||||
5.15 | |||||
3.91 | |||||
2.66 | |||||
4.85 | 2.30 | ||||
4.04 | |||||
6.31 | |||||
3.22 | |||||
5.03 | 2.83 | ||||
4.79 | |||||
4.91 | |||||
3.88 | |||||
2.69 | |||||
5.71 | |||||
3.42 | |||||
4.07 | |||||
Psychiatric Hospitals in US | |||||
4.74 | |||||
3.76 | |||||
4.99 | |||||
11.13 | |||||
4.68 | |||||
6.07 | |||||
9.86 | |||||
4.66 | |||||
13.15 | |||||
13.04 | |||||
6.46 | |||||
Design, Editing & Rendering Software Publishing in US | |||||
6.65 | 5.30 | ||||
7.48 | |||||
5.45 | |||||
5.95 | |||||
5.64 | |||||
6.50 | |||||
4.61 | |||||
4.15 | |||||
-3.17 | |||||
5.22 | |||||
-1.96 | |||||
– | 5.98 | ||||
– | 1.97 | ||||
-5.54 | |||||
5.47 | |||||
-3.35 | |||||
4.82 | |||||
Soft Drink, Baked Goods & Other Grocery Wholesaling in US | |||||
-2.66 | 3.66 | ||||
-1.13 | |||||
6.30 | |||||
6.25 | |||||
5.55 | |||||
6.40 | |||||
-0.11 | |||||
-3.90 | |||||
-5.39 | |||||
-3.88 | |||||
-2.95 | |||||
-3.31 | |||||
-2.82 | |||||
-10.92 | |||||
-6.05 | |||||
-7.53 | |||||
6.82 | |||||
3.96 | |||||
6.70 | |||||
4.12 | |||||
-3.63 | |||||
-4.04 | |||||
-3.67 | |||||
-2.59 | |||||
-2.55 | |||||
3.62 | |||||
4.45 | |||||
-3.83 | 6.13 | ||||
5.49 | |||||
-2.48 | |||||
-2.29 | |||||
6.66 | |||||
DVD, Game & Video Rental in US | -13.95 | ||||
-1.78 | |||||
5.20 | |||||
-1.67 | |||||
4.37 | |||||
-1.34 | |||||
-0.27 | |||||
3.55 | |||||
1.90 | |||||
-1.81 | |||||
-0.72 | |||||
-2.15 | |||||
4.75 | |||||
-1.88 | |||||
6.59 | |||||
-0.88 | |||||
6.38 | |||||
4.34 | |||||
7.10 | |||||
5.38 | |||||
-0.24 | |||||
5.77 | |||||
-2.83 | |||||
-4.49 | |||||
-3.85 | |||||
6.26 | |||||
-1.14 | |||||
-3.66 | |||||
-1.39 | |||||
Quick Printing in US | -3.10 | ||||
-4.65 | |||||
5.50 | |||||
5.78 | |||||
6.22 | |||||
5.31 | |||||
-4.51 | |||||
5.18 | |||||
6.71 | |||||
-1.25 | |||||
5.88 | |||||
-2.31 | |||||
-1.87 | |||||
4.55 | |||||
5.37 | |||||
6.44 | |||||
-1.15 | |||||
6.36 | |||||
-0.45 | |||||
4.31 | |||||
-2.27 | |||||
-6.39 | |||||
-4.96 | |||||
-5.81 | |||||
-1.22 | |||||
2.54 | |||||
-3.60 | 5.85 | ||||
3.53 | |||||
Costs of Growth
Share of Economy | Capital Labor Ratio |
-12.25 | |
-5.19 | |
-1.76 | |
-2.09 | |
-2.90 | |
-3.23 | |
-1.79 | |
-1.56 | |
-0.54 | |
Technology & Systems
Category | ||
Market Concentration | 0.4989 | 0.4385 |
Innovation Concentration | 0.4917 | 0.3926 |
Rate of Innovation | 0.4936 | 0.1347 |
Rate of Entry | 0.4993 | 0.0223 |
Ease of Entry | 0.5060 | 0.2000 |
Major Players History
Delta Air Lines Inc. | United Airlines Holdings Inc. | |
25.8 | ||
25.1 | 31.0 | |
24.7 | ||
33.3 | 32.1 | 36.9 |
Business Concentration
Percentage | ||
Alabama | ||
Alaska | 4.70 | |
Arizona | ||
Arkansas | ||
California | 12.80 | |
Colorado | ||
Connecticut | ||
Delaware | ||
District of Columbia | ||
Florida | ||
Georgia | ||
Hawaii | ||
Idaho | ||
Illinois | ||
Indiana | ||
Iowa | ||
Kansas | ||
Kentucky | ||
Louisiana | ||
Maine | ||
Maryland | ||
Massachusetts | ||
Michigan | ||
Minnesota | ||
Mississippi | ||
Missouri | ||
Montana | ||
Nebraska | ||
Nevada | ||
New Hampshire | ||
New Jersey | ||
New Mexico | ||
New York | 8.20 | |
North Carolina | ||
North Dakota | ||
Ohio | ||
Oklahoma | ||
Oregon | ||
Pennsylvania | ||
Rhode Island | ||
South Carolina | ||
South Dakota | ||
Tennessee | ||
Texas | 7.60 | |
Utah | ||
Vermont | ||
Virginia | ||
Washington | ||
West | ||
Wisconsin | ||
Wyoming |
Location Distribution
Population | |||
Southeast | Great Lakes | ||
Mid-Atlantic | |||
New England | |||
Southwest | Plains | ||
Rocky Mountains | |||
000)
13.8
11.0 45.6
10.6 47.1
9.6 52.2
12.8
10.6
10.6 60.3
10.1
11.0
10.7
18.2 89.8
17.9 86.5
19.5 81.8
19.8 82.1
19.6
19.1 91.2
18.9
Key External Drivers
Year Inbound trips by non-US residents International trips by US residents World price of crude oil Corporate profit Per capita disposable income
2012 5.5 4.4 0.9 8.3 2.6
2013 7.0 5.0 -0.9 -1.1 -2.0
2014 5.2 5.0 -7.5 3.5 3.3
2015 3.2 6.3 -47.2 -3.8 3.4
2016 -1.8 5.4 -15.7 -3.4 1.1
2017 1.0 4.9 23.3 -2.1 2.3
2018 3.3 5.4 29.4 1.0 3.4
2019 -0.6 1.6 -10.2 -2.6 2.4
2020 -22.1 -20.7 -32.7 0.2 1.9
2021 27.6 22.7 26.9 -0.3 1.7
2022 2.3 2.4 1.9 -0.2 1.7
2023 2.3 2.3 2.0 0.2 1.7
2024 2.2 2.3 1.8 0.6 1.8
2025 2.2 2.3 1.9 0.7 1.9
Industry Financial Ratios
Ratio Apr 09-Mar 10 Apr 10-Mar 11 Apr 11-Mar 12 Apr 12-Mar 13 Apr 13-Mar 14 Apr 14-Mar 15 Apr 15-Mar 16 Apr 16-Mar 17 Apr 17-Mar 18 Apr 18-Mar 19 Small (<$10m) Medium ($10-$50m) Large (>$50m)
Current Ratio 1.3 1.2 1.3 1.4 1.5 1.4 1.0 1.6 1.9 1.5 2.1 0.9
Quick Ratio 0.9 0.8 0.9 1.1 1.1 1.0 0.8 1.0 1.4 0.8 2.0 0.6
Sales / Receivables (Trade Receivables Turnover) 12.1 11.3 16.1 14.6 12.0 12.9 11.1 12.9 9.8 18.2 17.2 21.1
Days’ Receivables 30.2 32.3 22.7 25.0 30.4 28.3 32.9 28.3 37.2
Cost of Sales / Inventory (Inventory Turnover) 41.3 150.8 40.9 40.4 29.4 167.7 71.8 37.5 60.8 43.1 999.9 14.7
Days’ Inventory 8.8 2.4 8.9 9.0 12.4 2.2 5.1 9.7 6.0
Cost of Sales / Payables (Payables Turnover) 13.6 12.8 16.4 18.2 16.7 14.5 11.9 14.3 12.5 17.8 21.7 11.5
Days’ Payables 26.8 28.5 22.3 20.1 21.9 25.2 30.7 25.5 29.2
Sales / Working Capital 21.5 40.9 27.6 27.3 15.5 21.7 -303.2 16.5 11.7 22.1 6.5 -62.9
Earnings Before Interest & Taxes (EBIT) / Interest 3.4 3.3 5.2 6.1 6.4 4.8 3.2 6.5 4.6 3.4 2.9
Net Profit + Dep., Depletion, Amort. / Current Maturities LT Debt 2.6 2.9 4.0 3.5
Fixed Assets / Net Worth 1.3 1.5 1.4 1.3 1.2 1.5 1.6 1.0 1.3 1.6 1.2 5.0
Debt / Net Worth 2.3 2.5 1.7 2.1 1.3 2.1 3.8 2.2 2.4 1.8 1.5 5.2
Tangible Net Worth 26.3 29.4 22.5 22.1 28.4 24.9 11.7 32.9 31.4 27.9 35.6 15.1
Profit before Taxes / Net Worth, % 18.8 23.5 23.4 32.8 24.2 28.6 20.6 28.1 24.5 27.5 26.9 25.2
Profit before Taxes / Total Assets, % 4.7 4.8 6.0 9.0 10.3 5.7 4.5 8.9 7.9 7.9 10.8 7.1
Sales / Net Fixed Assets 7.0 4.8 6.0 7.1 6.1 2.8 3.9 3.0 5.5 4.4 6.4 3.7
Sales / Total Assets (Asset Turnover) 2.0 2.1 2.7 2.6 1.9 1.8 1.7 1.8 2.0 2.0 2.0 2.0
Cash from Trading 34.4 30.7 28.7 34.9 40.1 47.5 36.1 35.4 34.4 46.3
Cash after Operations 7.7 5.2 5.8 5.3 9.0 9.3 2.4 6.7 11.8 11.4 12.9
Net Cash after Operations 7.2 4.9 5.7 6.3 11.2 10.0 3.0 8.0 11.1 7.5 13.0
Cash after Debt Amortization 1.9 2.1 1.7 2.7 2.7 3.7 1.2 3.2 3.5 0.7 3.6
Debt Service P&I Coverage 2.4 2.3 2.7 1.9 2.1 3.9 1.7 3.6 1.3 1.7
Interest Coverage (Operating Cash) 6.5 6.5 5.7 9.0 6.7 10.5 2.7 9.3 5.8 4.6
Cash & Equivalents 11.6 9.7 9.7 15.6 13.5 13.4 14.6 11.3 16.0 17.0 29.6 7.8
Trade Receivables (net) 22.7 26.0 22.8 22.9 25.7 20.6 19.6 17.9 18.1 13.8 12.8 14.3
Inventory 6.8 6.9 8.1 6.9 11.7 6.5 6.6 7.4 6.0 5.6 3.8 8.1
All Other Current Assets 3.6 2.5 3.8 3.9 3.4 4.8 3.6 2.5 4.4 3.1 2.7 3.8
Total Current Assets 44.7 45.2 44.4 49.2 54.3 45.3 44.4 39.1 44.5 39.6 48.8 34.0
Fixed Assets (net) 37.4 40.8 42.7 38.0 36.4 44.5 38.1 41.8 37.0 42.6 35.7 47.2
Intangibles (net) 4.9 1.9 4.0 3.8 4.8 3.7 7.1 5.9 9.2 9.6 7.0 13.6
All Other Non-Current Assets 12.9 12.2 8.9 8.9 4.5 6.5 10.4 13.2 9.2 8.3 8.5 5.3
Total Assets 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Total Assets ($m) 1325.5 1148.8 1365.6 603.8 596.0 781.2 1527.2 1244.5 1638.1 1421.5 43.5 164.3 1213.7
Notes Payable-Short Term 6.0 6.2 8.2 5.1 6.8 5.2 8.9 4.4 1.8 3.1 3.2 3.6
Current Maturities L/T/D 4.0 3.8 4.1 2.6 2.7 2.9 5.1 3.0 3.7 4.1 2.9 5.6
Trade Payables 15.3 16.6 13.9 18.3 13.7 20.6 18.3 9.9 12.4 9.3 6.6 12.9
Income Taxes Payable 0.1 0.1 0.2 2.0 0.1 0.0 0.1 0.3 0.5 1.0 0.3 0.6
All Other Current Liabilities 11.8 16.1 16.1 15.2 17.0 12.2 13.2 9.0 9.8 11.7 9.8 15.0
Total Current Liabilities 37.2 42.9 42.4 43.2 40.3 40.8 45.6 26.7 28.1 29.1 22.8 37.8
Long Term Debt 22.5 19.9 24.8 22.2 20.5 23.5 25.3 30.3 28.0 26.1 22.2 31.2
Deferred Taxes 1.0 1.3 1.7 2.6 1.3 2.2 1.6 0.2 0.3 0.4 0.3 0.4
All Other Non-Current Liabilities 8.1 4.6 4.6 6.1 4.6 4.9 8.7 4.1 3.0 6.8 12.1 2.0
Net Worth 31.2 31.3 26.5 25.9 33.2 28.6 18.8 38.8 40.6 37.5 42.6 28.7
Total Liabilities & Net Worth ($m) 1325.5 1148.8 1365.6 603.8 596.0 781.2 1527.2 1244.5 1638.1 1421.5 43.5 164.3 1213.7
Maximum No. of Statements Used 53.0 49.0 46.0 34.0 33.0 38.0 43.0 34.0 35.0 35.0 14.0 7.0 14.0
Industry Structure
Level Trend
Life Cycle Mature
Revenue Volatility
High
Capital Intensity
Industry Assistance High Steady
Concentration Level High
Regulation Level Heavy Steady
Technology Change High
Barriers to Entry
High Steady
Industry Globalization
High Increasing
Competition Level High Increasing
Major Players
Name Market Share
American Airlines Group Inc. 36.90
Delta Air 33.30
UAH 32.10
Products & Services
Name Revenue% Revenue $m
Passenger transportation 72.0 27,775.80
Cargo transportation 13.6 5,246.54
Fees 5.5 2,121.76
Other 8.9 3,433.40
Major Markets
Name Revenue% Revenue $m
Atlantic 39.7 15315.27
Latin America 31.3 12074.76
Pacific 22.1 8525.63
Other 6.9 2661.85
Industry Life Cycle
Industry Change in Share of Economy (%)
DVD, Game & Video Rental in US -14.91 -13.50
Solar Panel Manufacturing in US -12.70 -13.29
Tobacco Growing in US -9.83 -12.19
Record Stores in US -8.02 -9.82
Computer Stores in US -7.47 -6.75
Database & Directory Publishing in US -7.39 -7.70
Book, Magazine & Newspaper Wholesaling in US -5.72 -7.97
Office Supply Stores in US -5.51 -9.20
Movie & Video Distribution in US -5.32 -4.92
Coal Mining in US -5.32 -5.12
Camera Stores in US -5.13 -6.02
Apparel Knitting Mills in US -4.95 -5.09
For-Profit Universities in US -4.71 -2.46
Postal Service in US -4.65 -6.19
Chicken Egg Production in US -4.25 -8.27
Vending Machine Operators in US -4.05 -2.62
Magazine & Periodical Publishing in US -3.82 -6.96
Wood Pulp Mills in US -3.78 -1.29
Paper Wholesaling in US -3.77 -7.09
Wired Telecommunications Carriers in US -3.75 -4.81
Industrial Banks in US -3.71 -2.04
Ink Manufacturing in US -3.50 -6.85
International Airlines in US -3.24 -3.98
Department Stores in US -3.21 -8.56
Art & Office Supply Manufacturing in US -3.18 -5.04
Office Stationery Manufacturing in US -3.16 -4.39
Printing Services in US -3.09 -6.60
Quick Printing in US -3.03 -4.69
Commodity Dealing and Brokerage in US -3.02 -4.36
Shoe Stores in US -3.02 -1.89
News Syndicates in US -2.99 -2.65
Nonferrous Metal Refining in US -2.82 -2.49
Recordable Media Manufacturing in US -2.80 -6.72
Savings Banks & Thrifts in US -2.76 -2.52
Office Stationery Wholesaling in US -2.72 -3.41
Paper Product Manufacturing in US -2.57 -2.65
Cattle & Hog Wholesaling in US -2.47 -3.72
Jewelry Stores in US -2.44 -5.06
Formal Wear & Costume Rental in US -2.40 -2.56
Wind Turbine Manufacturing in US -2.40 -9.00
Florists in US -2.37 -4.22
Consumer Electronics Stores in US -2.35 -3.35
Book Stores in US -2.35 -3.78
Greeting Cards & Other Publishing in US -2.33 -7.17
Computer Peripheral Manufacturing in US -2.33 -3.14
Wholesale Trade Agents and Brokers in US -2.29 -1.92
Direct Mail Advertising in US -2.25 -2.71
Camera & Film Wholesaling in US -2.24 -2.90
Women’s, Girls’ and Infants’ Apparel Manufacturing in US -2.12 -4.95
Concrete Pipe & Block Manufacturing in US -2.08 -1.54
Gift Shops & Card Stores in US -2.04 -2.19
Dry Cleaners in US -1.86 -3.12
Shoe Repair in US -1.83 -2.65
Toy, Doll & Game Manufacturing in US -1.75 -1.73
Leather Tanning & Finishing in US -1.70 -0.86
Debt Collection Agencies in US -1.65 -0.55
Newspaper Publishing in US -1.64 -6.37
Electronic & Computer Repair Services in US -1.56 -2.20
Fuel Dealers in US -1.50 -3.20
Plant & Flower Growing in US -1.46 -0.58
Radio Broadcasting in US -1.41 -0.64
Piece Goods, Notions & Other Apparel Wholesaling in US -1.41 -3.81
Automobile Electronics Manufacturing in US -1.38 -3.27
Automobile Brakes Manufacturing in US -1.36 -2.18
Car & Automobile Manufacturing in US -1.36 -4.77
Coated & Laminated Paper Manufacturing in US -1.35 -3.37
Business Certification & IT Schools in US -1.34 -1.71
Mail Order in US -1.32 -2.28
Computer & Printer Leasing in US -1.32 -6.34
Farm Product Storage & Warehousing in US -1.30 -3.05
Blind & Shade Manufacturing in US -1.29 -1.48
Jewelry Manufacturing in US -1.23 -3.16
Communication Equipment Manufacturing in US -1.19 -2.84
Printing in US -1.16 -3.52
Cement Manufacturing in US -1.15 -0.79
Loan Administration, Check Cashing & Other Services in US -1.12 -1.33
Frozen Food Wholesaling in US -1.11 -0.89
Dye & Pigment Manufacturing in US -1.11 -1.84
Paper Bag & Disposable Plastic Product Wholesaling in US -1.11 -0.52
Ferrous Metal Foundry Products in US -1.08 -1.46
Men’s Clothing Stores in US -1.05 -4.27
Hog & Pig Farming in US -1.04 -2.48
Electrical Equipment Manufacturing in US -1.03 -1.37
Metal Can & Container Manufacturing in US -1.03 -2.32
Domestic Airlines in US -1.03 -1.50
Bowling Centers in US -1.00 -1.30
VoIP in US -0.97 -2.78
Day Care in US -0.97 -0.55
Telecommunication Networking Equipment Manufacturing in US -0.94 -1.89
Egg & Poultry Wholesaling in US -0.94 -4.92
Orange & Citrus Groves in US -0.91 -0.66
Hand Tool & Cutlery Manufacturing in US -0.89 -2.47
Meat Markets in US -0.84 -2.20
Beef Cattle Production in US -0.83 -5.04
Bottled Water Production in US -0.82 -1.53
Cable Providers in US -0.80 -3.43
Millwork in US -0.78 -0.84
Satellite TV Providers in US -0.75 -4.13
Plastic Products Miscellaneous Manufacturing in US -0.74 -1.44
Circuit Board & Electronic Component Manufacturing in US -0.74 -0.94
Automobile Engine & Parts Manufacturing in US -0.73 -3.10
Small Specialty Retail Stores in US -0.71 -2.58
TV & Appliance Wholesaling in US -0.70 -1.85
Inland Water Transportation in US -0.69 -1.72
Flower & Nursery Stock Wholesaling in US -0.69 -1.70
Jewelry & Watch Wholesaling in US -0.68 -0.47
Hay & Crop Farming in US -0.67 -2.16
Gold & Silver Ore Mining in US -0.67 -0.61
Paper Mills in US -0.65 -5.23
Lumber & Building Material Stores in US -0.65 -0.67
Carpet Mills in US -0.65 -0.53
Metalworking Machinery Manufacturing in US -0.62 -0.91
Metal Stamping & Forging in US -0.62 -1.08
Toy & Craft Supplies Wholesaling in US -0.60 -2.03
Woodworking Machinery Manufacturing in US -0.60 -1.02
Beef & Pork Wholesaling in US -0.60 -3.45
Sugarcane Harvesting in US -0.59 -3.74
Oilseed Farming in US -0.59 -0.37
Home Furnishings Stores in US -0.58 -0.95
Musical Instrument & Supplies Stores in US -0.57 -2.50
SUV & Light Truck Manufacturing in US -0.57 -0.69
Textile Mills in US -0.55 -2.73
Janitorial Equipment Supply Wholesaling in US -0.53 -1.85
Marinas in US -0.51 -0.69
Metal Plating & Treating in US -0.50 -0.50
Auto Parts Manufacturing in US -0.49 -1.63
Community Colleges in US -0.49 -1.82
Cut and Sew Manufacturers in US -0.47 -3.90
Children’s & Infants’ Clothing Stores in US -0.47 -4.26
Horse & Other Equine Production in US -0.46 -1.69
Engine & Turbine Manufacturing in US -0.46 -1.64
Business Service Centers in US -0.44 -1.01
Tire Manufacturing in US -0.44 -1.70
Geophysical Services in US -0.44 -3.20
Wire & Spring Manufacturing in US -0.43 -0.64
Hardware Manufacturing in US -0.43 -2.35
Weight Loss Services in US -0.42 -3.38
Motorcycle, Bike & Parts Manufacturing in US -0.41 -3.03
Wheat, Barley & Sorghum Farming in US -0.40 -2.44
Motorcycle Dealership and Repair in US -0.39 -1.08
Document Preparation Services in US -0.36 -2.78
Fabric, Craft & Sewing Supplies Stores in US -0.36 -6.72
Book Publishing in US -0.35 -2.38
Photofinishing in US -0.34 -4.19
Sporting Goods Stores in US -0.32 -1.52
Copper, Nickel, Lead & Zinc Mining in US -0.31 -0.69
Lighting Fixtures Manufacturing in US -0.27 -0.74
Job Training & Career Counseling in US -0.25 -2.24
Golf Courses & Country Clubs in US -0.25 -1.06
Logging in US -0.25 -1.45
Specialty Food Stores in US -0.24 -0.95
Dairy Wholesaling in US -0.23 -1.65
Ocean & Coastal Transportation in US -0.23 -0.52
Nonferrous Metal Foundry Products Manufacturing in US -0.23 -2.02
Industrial Laundry & Linen Supply in US -0.22 -1.00
Nuclear Power in US -0.20 -1.54
Homeowners’ Associations in US -0.19 -1.84
Medical Instrument & Supply Manufacturing in US -0.18 -1.28
Ceramics Manufacturing in US -0.15 -2.63
Lighting & Bulb Manufacturing in US -0.13 -3.67
Civic, Social & Youth Organizations in US -0.12 -1.20
Canned Fruit & Vegetable Processing in US -0.12 -2.61
Bars & Nightclubs in US -0.10 -0.59
Electric Power Transmission in US -0.10 -0.47
Appliance Repair in US -0.09 -1.43
Machinery Maintenance & Heavy Equipment Repair Services in US -0.08 -1.33
Employment & Recruiting Agencies in US -0.08 -0.61
Agribusiness in US -0.05 -1.40
Rubber Product Manufacturing in US -0.05 -1.55
Heating & Air Conditioning Equipment Manufacturing in US -0.05 -1.24
Chemical Product Manufacturing in US -0.04 -2.14
Navigational Instrument Manufacturing in US -0.04 -1.04
Machine Shop Services in US -0.03 -0.72
New Car Dealers in US -0.02 -2.17
Juice Production in US 0.07 -2.50
Auto Parts Wholesaling in US 0.08 -1.06
Soybean Farming in US 0.09 -4.33
Gasoline & Petroleum Bulk Stations in US 0.11 -1.80
Furniture Repair & Reupholstery in US 0.11 -1.77
Automobile Metal Stamping in US 0.12 -2.25
Pump & Compressor Manufacturing in US 0.12 -2.38
Laundromats in US 0.13 -1.09
Fish & Seafood Wholesaling in US 0.13 -0.56
Glasses & Contact Lens Manufacturing in US 0.16 -1.33
Hobby & Toy Stores in US 0.17 -1.00
Chemical Wholesaling in US 0.17 -0.64
Refrigeration Equipment Wholesaling in US 0.18 -0.65
Mineral & Phosphate Mining in US 0.21 -2.97
Media Buying Agencies in US 0.22 -1.29
Computer Manufacturing in US 0.23 -1.07
Inorganic Chemical Manufacturing in US 0.23 -3.93
Paint Wholesaling in US 0.24 -1.77
Dairy Product Production in US 0.27 -1.95
Community Housing & Homeless Shelters in US 0.28 -1.74
Furniture Stores in US 0.28 -0.77
Public Schools in US 0.28 -0.68
Bridge & Elevated Highway Construction in US 0.29 -0.65
Fruit & Vegetable Markets in US 0.30 -0.76
Commercial Leasing in US 0.32 -0.79
HR Consulting in US 0.32 -1.41
Cabinet & Vanity Manufacturing in US 0.34 -0.53
Chicken & Turkey Meat Production in US 0.35 -2.24
Glass Product Manufacturing in US 0.38 -0.57
Fruit & Vegetable Wholesaling in US 0.38 -1.08
Confectionery Wholesaling in US 0.38 -1.89
Plastic Film, Sheet & Bag Manufacturing in US 0.39 -0.70
Women’s Clothing Stores in US 0.39 -6.16
Cookie, Cracker & Pasta Production in US 0.41 -2.94
Orphanages & Group Homes in US 0.41 -2.00
Mining, Oil & Gas Machinery Manufacturing in US 0.42 -2.26
Corn, Wheat & Soybean Wholesaling in US 0.42 -2.80
Public Transportation in US 0.45 -0.52
Supermarkets & Grocery Stores in US 0.46 -0.38
Beer Wholesaling in US 0.47 -0.40
Auto Parts Stores in US 0.48 -1.38
Footwear Wholesaling in US 0.48 -5.11
Law Firms in US 0.48 -0.95
Dry Docks & Cargo Inspection Services in US 0.49 -2.34
Vegetable Farming in US 0.50 -1.47
Steel Rolling & Drawing in US 0.51 -0.88
Religious Organizations in US 0.51 -0.92
Automobile Wholesaling in US 0.53 -1.69
National & State Parks in US 0.53 -1.07
Gym & Exercise Equipment Manufacturing in US 0.56 -0.41
Automobile Interior Manufacturing in US 0.57 -1.16
Home Builders in US 0.59 -1.09
Chiropractors in US 0.60 -0.36
Automobile Transmission Manufacturing in US 0.60 -1.44
Forest Support Services in US 0.61 -0.78
ATV, Golf Cart & Snowmobile Manufacturing in US 0.62 -2.07
Sanitary Paper Product Manufacturing in US 0.62 -1.92
Computer & Packaged Software Wholesaling in US 0.63 -3.03
Frozen Food Production in US 0.63 -0.79
Hosiery Mills in US 0.68 -3.01
Media Representative Firms in US 0.71 -0.86
Aluminum Manufacturing in US 0.71 -1.21
Valve Manufacturing in US 0.72 -0.65
Paperboard Mills in US 0.72 -1.52
Truck Rental in US 0.73 -0.48
Billboard & Sign Manufacturing in US 0.73 -1.02
Electronic Part & Equipment Wholesaling in US 0.74 -1.47
Shoe & Footwear Manufacturing in US 0.81 -1.13
Celebrity & Sports Agents in US 0.82 -0.79
Tractors & Agricultural Machinery Manufacturing in US 0.82 -2.02
Soft Drink, Baked Goods & Other Grocery Wholesaling in US 0.83 -1.51
Leather Good & Luggage Manufacturing in US 0.84 -0.61
Athletic & Sporting Goods Manufacturing in US 0.87 -0.80
Pesticide Manufacturing in US 0.89 -2.79
Women’s & Children’s Apparel Wholesaling in US 0.89 -1.50
Ice Cream Production in US 0.92 -0.56
Household Furniture Manufacturing in US 0.94 -1.31
Rail Transportation in US 0.95 -0.46
Construction Machinery Manufacturing in US 0.98 -1.42
Plastic Bottle Manufacturing in US 0.99 -1.94
Automobile Steering & Suspension Manufacturing in US 1.04 -1.18
Sugar Processing in US 1.11 -0.64
Chocolate Production in US 1.13 -0.90
Crop Services in US 1.15 -1.62
Apartment Rental in US 1.17 -1.78
Paint Manufacturing in US 1.19 -2.18
Lotteries & Native American Casinos in US 1.19 -1.05
Scientific & Economic Consulting in US 1.22 -0.50
Environmental Consulting in US 1.23 -0.76
Community Food Services in US 1.27 -0.53
Blood & Organ Banks in US 1.27 -1.38
Single Location Full-Service Restaurants in US 1.28 -0.38
Hunting & Trapping in US 1.29 -0.76
Soap & Cleaning Compound Manufacturing in US 1.31 -1.20
Drug, Cosmetic & Toiletry Wholesaling in US 1.31 -0.63
Maids, Nannies & Gardeners in US 1.35 -0.42
Asphalt Manufacturing in US 1.35 -0.85
Abrasive & Sandpaper Manufacturing in US 1.40 -0.83
Farm, Lawn & Garden Equipment Wholesaling in US 1.44 -0.67
Office Furniture Manufacturing in US 1.46 -0.73
Coal & Natural Gas Power in US 1.47 -1.72
Soda Production in US 1.48 -2.85
Securities Brokering in US 1.48 -1.21
Medical Device Manufacturing in US 1.53 -1.64
Boiler & Heat Exchanger Manufacturing in US 1.53 -1.48
Oil & Gas Field Services in US 1.55 -1.70
Promotional Products in US 1.55 -0.98
Direct Selling Companies in US 1.56 -1.48
Fertilizer Manufacturing in US 1.56 -1.91
Copper Rolling, Drawing & Extruding in US 1.58 -2.59
Primary Care Doctors in US 1.58 -0.48
Petroleum Refining in US 1.60 -1.89
Gypsum Product Manufacturing in US 1.61 -1.28
Men’s & Boys’ Apparel Manufacturing in US 1.67 -0.75
Train, Subway & Transit Car Manufacturing in US 1.82 -0.89
Storage & Warehouse Leasing in US 1.82 -0.91
Photography in US 1.83 -0.82
Wireless Telecommunications Carriers in US 1.85 -1.49
Animal Food Production in US 1.86 -2.28
Cigarette & Tobacco Products Wholesaling in US 1.87 -4.39
Syrup & Flavoring Production in US 1.88 -5.34
Water Supply & Irrigation Systems in US 1.89 -1.40
Psychiatric Hospitals in US 1.92 -0.93
Furniture Wholesaling in US 1.93 -0.47
Moving Services in US 1.94 -0.92
Tank & Refrigeration Trucking in US 1.98 -0.44
Casino Hotels in US 2.01 -0.90
Copier & Office Equipment Wholesaling in US 2.03 -2.68
Bread Production in US 2.05 -0.87
Open-End Investment Funds in US 2.09 -0.57
Metal Tank Manufacturing in US 2.10 -0.95
Specialized Storage & Warehousing in US 2.11 -0.42
Swimming Pool Construction in US 2.11 -0.55
Family Clothing Stores in US 2.12 -1.49
Audio Production Studios in US 2.15 -0.81
Tourism in US 2.16 -0.65
Screw, Nut & Bolt Manufacturing in US 2.20 -0.49
Timber Services in US 2.20 -1.14
Hotels & Motels in US 2.21 -0.48
Seafood Preparation in US 2.27 -1.08
Health Stores in US 2.28 -1.47
Synthetic Fiber Manufacturing in US 2.29 -0.41
Racing & Individual Sports in US 2.32 -3.09
Industrial Equipment Rental & Leasing in US 2.40 -1.02
Vitamin & Supplement Manufacturing in US 2.56 -1.12
Pharmacies & Drug Stores in US 2.58 -0.40
Language Instruction in US 2.62 -2.39
Wedding Services in US 2.64 -1.94
Petrochemical Manufacturing in US 2.84 -2.04
Intellectual Property Licensing in US 2.84 -1.75
Human Resources & Benefits Administration in US 3.05 -0.57
Snack Food Production in US 3.14 -2.96
Advertising Agencies in US 3.23 -0.80
Flour Milling in US 3.27 -1.95
Cosmetic & Beauty Products Manufacturing in US 3.36 -2.38
Steam & Air-Conditioning Supply in US 3.61 -1.45
Rail Maintenance Services in US 3.73 -0.79
Tugboat & Shipping Navigational Services in US 3.80 -0.55
Cereal Production in US 3.95 -1.83
Reinsurance Carriers in US 4.11 -6.23
Sheep Farming in US 4.30 -0.91
Coffee Production in US 5.12 -2.58
Dairy Farms in US -4.48 1.36
Coal & Ore Wholesaling in US -3.69 2.96
Corn Farming in US -2.13 -0.30
Land Development in US -1.65 -0.00
Satellite Telecommunications Providers in US -1.58 3.57
Credit Card Issuing in US -1.42 1.30
Gas Stations in US -1.36 1.03
Fish & Seafood Aquaculture in US -1.31 0.58
Life Insurance & Annuities in US -1.23 0.31
Grocery Wholesaling in US -1.09 0.12
Commercial Banking in US -0.93 1.57
Carpet Cleaning in US -0.92 0.24
Tool & Hardware Wholesaling in US -0.90 0.74
Heavy Engineering Construction in US -0.83 -0.14
Recyclable Material Wholesaling in US -0.76 4.56
Alarm, Horn & Traffic Control Equipment Manufacturing in US -0.64 0.17
Telecommunications Resellers in US -0.57 1.32
Clay Brick & Product Manufacturing in US -0.54 0.91
Iron Ore Mining in US -0.41 3.02
Art Dealers in US -0.37 0.73
Plastics & Rubber Machinery Manufacturing in US -0.35 0.88
Plastic Pipe & Parts Manufacturing in US -0.31 0.57
Gasoline & Petroleum Wholesaling in US -0.23 1.79
Movie Theaters in US -0.23 1.06
Historic Sites in US -0.23 0.77
Plastics Wholesaling in US -0.22 0.16
Stone Mining in US -0.20 0.30
Cable Networks in US -0.04 4.40
Mattress Manufacturing in US -0.02 -0.33
Wiring Device Manufacturing in US -0.02 0.01
Packaging & Labeling Services in US -0.01 1.34
Wire & Cable Manufacturing in US 0.03 -0.15
Oil Change Services in US 0.04 -0.02
Nursery & Garden Stores in US 0.06 0.08
Gas Stations with Convenience Stores in US 0.06 0.24
Stone, Concrete & Clay Wholesaling in US 0.09 0.07
Used Car Parts Wholesaling in US 0.09 3.44
Meat, Beef & Poultry Processing in US 0.10 -0.35
Recreational Vehicle Dealers in US 0.16 1.25
Metal Wholesaling in US 0.16 2.79
Sawmills & Wood Production in US 0.18 0.60
Tire Dealers in US 0.20 -0.13
Printing, Paper, Food, Textile & Other Machinery Manufacturing in US 0.22 -0.16
Real Estate Appraisal in US 0.23 0.64
Wood Paneling Manufacturing in US 0.24 0.67
Fish & Seafood Markets in US 0.24 -0.16
Precast Concrete Manufacturing in US 0.24 -0.22
Costume & Team Uniform Manufacturing in US 0.25 -0.20
Restaurant & Hotel Equipment Wholesaling in US 0.27 0.26
Eye Glasses & Contact Lens Stores in US 0.32 0.30
Conveyancing Services in US 0.32 0.19
Semiconductor & Circuit Manufacturing in US 0.33 0.35
Copier & Optical Machinery Manufacturing in US 0.34 1.15
Stock & Commodity Exchanges in US 0.35 3.28
Laminated Plastics Manufacturing in US 0.37 0.57
Water & Sewer Line Construction in US 0.38 0.22
Boat Building in US 0.42 -0.14
Wood Pallets & Skids Production in US 0.42 -0.30
Podiatrists in US 0.43 0.39
Accounting Services in US 0.44 0.05
Semiconductor Machinery Manufacturing in US 0.44 0.73
Urethane Foam Manufacturing in US 0.46 0.26
Margarine & Cooking Oil Processing in US 0.47 -0.13
Loan Brokers in US 0.49 0.58
Hardware Stores in US 0.50 0.91
Excavation Contractors in US 0.51 0.63
Cemetery Services in US 0.51 -0.23
Cardboard Box & Container Manufacturing in US 0.52 2.65
Fishing in US 0.54 1.29
Lumber Wholesaling in US 0.55 0.38
Public School Bus Services in US 0.55 0.52
Funeral Homes in US 0.56 0.38
Commercial Building Construction in US 0.58 1.40
Parking Lots & Garages in US 0.59 0.63
Forklift & Conveyor Manufacturing in US 0.65 0.20
Trade & Technical Schools in US 0.65 -0.16
Audio & Video Equipment Manufacturing in US 0.66 0.96
Ski & Snowboard Resorts in US 0.68 0.75
Surveying & Mapping Services in US 0.68 0.59
Nonferrous Metal Rolling & Alloying in US 0.69 0.15
Laboratory Supply Wholesaling in US 0.69 0.14
Campgrounds & RV Parks in US 0.69 0.69
Heating & Air Conditioning Wholesaling in US 0.70 1.25
Adhesive Manufacturing in US 0.74 -0.19
Major Household Appliance Manufacturing in US 0.74 1.28
Billboard & Outdoor Advertising in US 0.74 -0.29
Insurance Brokers & Agencies in US 0.75 -0.29
Prefabricated Home Manufacturing in US 0.75 3.05
Warehouse Clubs & Supercenters in US 0.75 -0.09
Market Research in US 0.76 0.62
Road & Highway Construction in US 0.78 -0.26
Aircraft Maintenance, Repair & Overhaul in US 0.78 0.55
Home Improvement Stores in US 0.78 0.91
Auto Leasing, Loans & Sales Financing in US 0.79 0.29
Masonry in US 0.80 0.18
Security Services in US 0.84 1.02
Retirement & Pension Plans in US 0.84 37.20
Electrical Equipment Wholesaling in US 0.86 0.31
Print Advertising Distribution in US 0.86 1.92
Floor Covering Stores in US 0.86 0.60
Architects in US 0.86 -0.16
Lubricant Oil Manufacturing in US 0.87 0.10
Recycling Facilities in US 0.90 1.25
Paint Stores in US 0.90 0.46
Waste Treatment & Disposal Services in US 0.91 0.24
Transmission Line Construction in US 0.92 1.47
Natural Disaster & Emergency Relief Services in US 0.93 1.40
Landscape Design in US 0.93 0.28
Car Body Shops in US 0.95 0.84
Professional Employer Organizations in US 0.96 1.72
Industrial Building Construction in US 0.96 -0.35
Industrial Machinery & Equipment Wholesaling in US 0.97 0.09
Manufactured Home Dealers in US 0.98 2.26
Sewage Treatment Facilities in US 0.99 -0.33
Workers’ Compensation & Other Insurance Funds in US 1.00 1.72
Convenience Stores in US 1.01 0.23
Demolition & Wrecking in US 1.01 0.68
Livestock Production Support Services in US 1.04 -0.01
Lawn & Outdoor Equipment Stores in US 1.05 0.35
Truck & Bus Manufacturing in US 1.07 0.08
Laboratory Testing Services in US 1.10 0.17
Dentists in US 1.10 0.42
Colleges & Universities in US 1.11 0.94
Steel Framing in US 1.12 0.45
Power Tools & Other General Purpose Machinery Manufacturing in US 1.14 -0.17
Glasses & Contacts Wholesaling in US 1.14 2.68
Custody, Asset & Securities Services in US 1.18 1.72
Private Schools in US 1.18 0.16
Beauty, Cosmetics & Fragrance Stores in US 1.19 0.19
Electricians in US 1.19 1.01
Credit Card Processing & Money Transferring in US 1.20 0.90
Farm Supplies Wholesaling in US 1.20 0.67
Hose & Belt Manufacturing in US 1.20 0.97
Adoption & Child Welfare Services in US 1.21 0.55
Optometrists in US 1.21 0.65
Power Conversion Equipment Manufacturing in US 1.21 0.14
Plastic & Resin Manufacturing in US 1.23 -0.02
Used Car Dealers in US 1.23 0.24
Refined Petroleum Pipeline Transportation in US 1.23 1.39
Television Broadcasting in US 1.25 2.16
Concrete Contractors in US 1.26 1.26
Auto Mechanics in US 1.26 0.10
Lime Manufacturing in US 1.27 0.22
Truck, Trailer & Motor Home Manufacturing in US 1.30 0.76
Industrial Designers in US 1.30 0.58
Building Finishing Contractors in US 1.32 0.29
Carpenters in US 1.32 0.33
Sheet Metal, Window & Door Manufacturing in US 1.33 0.66
Landscaping Services in US 1.33 1.18
Drywall & Insulation Installers in US 1.37 1.56
Graphic Designers in US 1.37 0.93
Credit Unions in US 1.38 2.68
Family Planning & Abortion Clinics in US 1.38 1.09
Trusts & Estates in US 1.38 4.63
Plumbers in US 1.38 0.26
Roofing Contractors in US 1.40 0.82
Explosives Manufacturing in US 1.40 0.28
Beer, Wine & Liquor Stores in US 1.40 0.85
Third-Party Administrators & Insurance Claims Adjusters in US 1.40 3.08
Wood Framing in US 1.44 2.00
Apartment & Condominium Construction in US 1.44 1.60
Fence Construction in US 1.47 0.35
Oil & Gas Pipeline Construction in US 1.48 2.00
Heating & Air-Conditioning Contractors in US 1.50 0.92
Land Leasing in US 1.50 0.36
Flooring Installers in US 1.51 0.82
Heavy Equipment Rental in US 1.53 0.87
Airport Operations in US 1.54 1.17
Cigarette & Tobacco Manufacturing in US 1.54 0.60
Manufactured Home Wholesaling in US 1.55 4.38
Portable Toilet Rental & Septic Tank Cleaning in US 1.56 0.70
IT Consulting in US 1.57 0.60
Hair & Nail Salons in US 1.57 0.88
Seasoning, Sauce and Condiment Production in US 1.58 0.98
Roofing, Siding & Insulation Wholesaling in US 1.58 1.36
Housing Developers in US 1.61 1.81
Tire Wholesaling in US 1.63 0.40
Used Goods Stores in US 1.64 0.64
Natural Gas Distribution in US 1.69 1.77
Payroll & Bookkeeping Services in US 1.72 1.38
Private Equity, Hedge Funds & Investment Vehicles in US 1.72 0.59
Museums in US 1.72 1.96
Credit Bureaus & Rating Agencies in US 1.75 2.42
Health & Medical Insurance in US 1.81 3.21
Fast Food Restaurants in US 1.84 1.16
Iron & Steel Manufacturing in US 1.87 4.35
Major Label Music Production in US 1.92 3.52
Plumbing & Heating Supplies Wholesaling in US 1.93 2.25
Candy Production in US 1.93 0.84
Mineral Product Manufacturing in US 1.96 1.23
Car Wash & Auto Detailing in US 1.96 1.48
Nursing Care Facilities in US 1.99 0.87
Municipal Building Construction in US 1.99 1.02
Mental Health & Substance Abuse Centers in US 1.99 0.87
Organic Chemical Manufacturing in US 2.00 1.21
Health & Welfare Funds in US 2.01 1.68
Car Rental in US 2.04 1.54
Ambulance Services in US 2.05 1.00
Hospitals in US 2.06 0.93
Medical Supplies Wholesaling in US 2.08 0.97
Conservation & Human Rights Organizations in US 2.09 1.06
Space Vehicle & Missile Manufacturing in US 2.11 1.47
Port & Harbor Operations in US 2.23 1.69
Caterers in US 2.26 1.24
Guns & Ammunition Manufacturing in US 2.32 1.78
Movie & Video Production in US 2.33 2.72
Pet Stores in US 2.36 1.55
Tile Installers in US 2.38 1.42
Portfolio Management in US 2.39 1.58
Refrigerated Storage in US 2.42 1.18
Business Coaching in US 2.47 2.02
Tortilla Production in US 2.49 1.72
Glass & Glazing Contractors in US 2.60 1.72
Golf Driving Ranges & Family Fun Centers in US 2.62 2.31
Television Production in US 2.63 1.68
Performers & Creative Artists in US 2.67 2.56
Sand & Gravel Mining in US 2.71 3.06
Dating Services in US 2.79 7.42
Sports Franchises in US 2.93 2.65
Bed & Breakfast & Hostel Accommodations in US 2.98 1.80
Donations, Grants & Endowment in US 2.98 2.91
Translation Services in US 3.15 2.14
Public Storage & Warehousing in US 3.35 2.89
Tank & Armored Vehicle Manufacturing in US 3.52 5.13
Home Care Providers in US 3.63 3.06
Aircraft, Marine & Railroad Transportation Equipment Wholesaling in US 3.74 2.87
Tanning Salons in US 4.24 4.03
Cotton Farming in US 5.28 9.10
Oil Drilling & Gas Extraction in US 5.76 7.72
Radar & Satellite Operations in US 6.16 6.03
Internet Publishing and Broadcasting in US 9.11 12.28
Solar Power in US 20.84 28.44
Non-Hotel Casinos in US 1.07 -0.32
Polystyrene Foam Manufacturing in US 1.20 -0.22
Men’s & Boys’ Apparel Wholesaling in US 1.30 -0.20
Boat Dealership and Repair in US 1.30 -0.08
Fruit & Nut Farming in US 1.35 -0.08
Engineering Services in US 1.44 0.09
Ready-Mix Concrete Manufacturing in US 1.44 -0.05
Chain Restaurants in US 1.46 -0.17
Biotechnology in US 1.47 -0.20
Real Estate Loans & Collateralized Debt in US 1.47 -0.23
Ball Bearing Manufacturing in US 1.52 -0.15
Home Furnishing Wholesaling in US 1.55 0.19
Interior Designers in US 1.56 -0.14
Sporting Goods Wholesaling in US 1.62 0.24
Bicycle Dealership and Repair in US 1.64 0.04
Tax Preparation Services in US 1.69 0.38
Real Estate Asset Management & Consulting in US 1.71 -0.01
Data Processing & Hosting Services in US 1.73 -0.08
Sightseeing Transportation in US 1.78 0.41
Lingerie, Swimwear & Bridal Stores in US 1.79 0.07
Venture Capital & Principal Trading in US 1.79 0.01
Stevedoring & Marine Cargo Handling in US 1.82 0.21
Diagnostic & Medical Laboratories in US 1.83 -0.29
Financial Planning & Advice in US 1.84 -0.26
Janitorial Services in US 1.86 0.17
Consumer Electronics & Appliances Rental in US 1.87 -0.21
Aircraft, Engine & Parts Manufacturing in US 1.89 0.03
Handbag, Luggage & Accessory Stores in US 1.89 0.32
Painters in US 1.91 0.54
Commercial Real Estate in US 1.92 0.08
Public Relations Firms in US 1.92 0.46
Vacuum, Fan & Small Household Appliance Manufacturing in US 2.00 0.17
Hydroelectric Power in US 2.03 -0.28
Elevator Installation & Service in US 2.04 0.13
Waste Collection Services in US 2.04 0.52
Music Publishing in US 2.07 -0.04
Specialist Doctors in US 2.11 0.59
Baking Mix & Prepared Food Production in US 2.11 -0.20
Family Counseling & Crisis Intervention Services in US 2.15 0.39
Tool & Equipment Rental in US 2.15 0.13
Independent Label Music Production in US 2.15 0.38
Alternative Healthcare Providers in US 2.17 0.63
Gas Pipeline Transportation in US 2.19 0.80
Structural Metal Product Manufacturing in US 2.19 0.58
Veterinary Services in US 2.22 0.49
Metal Pipe & Tube Manufacturing in US 2.23 0.90
Pest Control in US 2.23 0.53
Construction & Mining Equipment Wholesaling in US 2.27 0.25
Local Freight Trucking in US 2.31 0.46
Generic Pharmaceutical Manufacturing in US 2.31 -0.35
Local Specialized Freight Trucking in US 2.37 -0.03
Travel Agencies in US 2.39 0.50
Security Alarm Services in US 2.41 0.96
Food Service Contractors in US 2.42 0.80
Building Inspectors in US 2.48 1.13
Property, Casualty and Direct Insurance in US 2.52 0.96
Retirement Communities in US 2.53 1.19
Coffee & Snack Shops in US 2.55 0.76
Correctional Facilities in US 2.59 -0.02
Residential Intellectual Disability Facilities in US 2.67 0.23
Scheduled and Charter Bus Services in US 2.74 0.16
Property Management in US 2.78 0.05
Dollar & Variety Stores in US 2.78 1.40
Specialty Hospitals in US 2.81 0.63
Wine & Spirits Wholesaling in US 2.89 0.08
Oil Pipeline Transportation in US 2.90 0.44
Brand Name Pharmaceutical Manufacturing in US 2.93 1.42
Physical Therapists in US 2.98 0.22
Office Staffing & Temp Agencies in US 2.98 0.87
Investment Banking & Securities Dealing in US 2.99 0.18
Management Consulting in US 3.01 0.27
Real Estate Sales & Brokerage in US 3.09 0.45
Remediation & Environmental Cleanup Services in US 3.13 1.09
Paving Contractors in US 3.15 1.17
Amusement Parks in US 3.18 -0.18
Gym, Health & Fitness Clubs in US 3.18 1.20
Internet Service Providers in US 3.24 -0.25
Credit Counselors, Surveyors & Appraisers in US 3.25 1.38
Toll Roads & Weigh Stations in US 3.27 1.91
Real Estate Investment Trusts in US 3.35 0.90
Concert & Event Promotion in US 3.51 0.59
Sports Coaching in US 3.51 0.45
Ship Building in US 3.58 2.14
Musical Groups & Artists in US 3.65 0.59
Psychologists, Social Workers & Marriage Counselors in US 3.65 0.41
Fine Arts Schools in US 3.67 1.51
Charter Flights in US 3.75 1.15
Street Vendors in US 3.99 0.46
Mental Health & Substance Abuse Clinics in US 4.00 1.84
Telemarketing & Call Centers in US 4.06 1.22
Wineries in US 4.10 2.52
Tutoring & Driving Schools in US 4.21 0.40
Convention & Visitor Bureaus in US 4.21 0.89
Testing & Educational Support in US 4.23 0.71
Hair Loss Treatment & Removal in US 4.35 1.36
Pet Grooming & Boarding in US 4.36 1.92
Arcade, Food & Entertainment Complexes in US 4.42 1.81
Emergency & Other Outpatient Care Centers in US 4.43 1.02
Beekeeping in US 4.47 0.10
Molybdenum & Metal Ore Mining in US 4.52 1.26
Video Postproduction Services in US 4.54 0.56
Scientific Research & Development in US 4.62 3.23
Tour Operators in US 4.69 1.84
Wood Product Manufacturing in US 4.72 0.70
Trade Show and Conference Planning in US 4.81 0.72
Oxygen & Hydrogen Gas Manufacturing in US 4.83 2.73
Couriers & Local Delivery Services in US 4.88 3.58
Long-Distance Freight Trucking in US 4.98 1.48
Elderly & Disabled Services in US 5.04 1.92
Remodeling in US 5.08 2.76
Industrial Supplies Wholesaling in US 5.19 0.80
Automobile Towing in US 5.25 1.20
Tea Production in US 5.51 0.35
Freight Forwarding Brokerages & Agencies in US 5.62 2.29
Battery Manufacturing in US 5.87 3.54
Design, Editing & Rendering Software Publishing in US 6.20 2.50
Fashion Designers in US 6.33 -0.08
Freight Packing & Logistics Services in US 6.76 1.52
Database, Storage & Backup Software Publishing in US 6.95 5.63
Business Analytics & Enterprise Software Publishing in US 8.75 4.35
E-Commerce & Online Auctions in US 8.90 6.17
Software Publishing in US 9.06 2.74
Sustainable Building Material Manufacturing in US 9.98 3.64
Search Engines in US 10.14 8.87
Wind Power in US 10.25 8.92
Security Software Publishing in US 10.51 4.09
Video Games in US 10.64 9.07
Operating Systems & Productivity Software Publishing in US 10.90 5.21
Distilleries in US 12.27 0.81
Video Game Software Publishing in US 14.01 8.65
Breweries in US 14.85 1.08
Taxi & Limousine Services in US 23.93 8.97
Supply Chain
Supply Industries Risk Demand Industries Risk
Aircraft Maintenance, Repair & Overhaul in the US Medium Tourism in the US Medium – High
Soft Drink, Baked Goods & Other Grocery Wholesaling in the US Medium Couriers & Local Delivery Services in the US Medium
Aircraft, Marine & Railroad Transportation Equipment Wholesaling in the US Medium – High Consumers in the US Very High
Aircraft, Engine & Parts Manufacturing in the US Medium – Low Freight Forwarding Brokerages & Agencies in the US Medium – Low
Gasoline & Petroleum Wholesaling in the US Medium – High Postal Service in the US High
Airport Operations in the US Medium
Industry Globalization
Industry Imports / Domestic Demand Exports / Revenue
Soybean Farming in US 1.10 50.08
Coal Mining in US 4.44 44.56
Fruit & Nut Farming in US 53.17 40.41
Tobacco Growing in US 73.78 78.76
Molybdenum & Metal Ore Mining in US 72.73 64.16
Men’s & Boys’ Apparel Manufacturing in US 98.04 58.61
Wood Pulp Mills in US 88.68 93.10
Nonferrous Metal Refining in US 191.42 242.27
Plastics & Rubber Machinery Manufacturing in US 56.89 38.02
Semiconductor Machinery Manufacturing in US 33.84 52.04
Computer Manufacturing in US 94.49 59.22
Computer Peripheral Manufacturing in US 90.14 74.87
Communication Equipment Manufacturing in US 89.64 54.40
Jewelry Manufacturing in US 102.87 114.77
Toy, Doll & Game Manufacturing in US 96.92 65.35
Oilseed Farming in US
27.20
Mineral & Phosphate Mining in US 26.61 7.26
Carpet Mills in US 22.05 7.57
Shoe & Footwear Manufacturing in US 95.42 33.25
Dye & Pigment Manufacturing in US 30.65 33.51
Brand Name Pharmaceutical Manufacturing in US 44.05 23.83
Clay Brick & Product Manufacturing in US
12.73
Metalworking Machinery Manufacturing in US 38.08 20.98
Pump & Compressor Manufacturing in US 38.97
Forklift & Conveyor Manufacturing in US 26.21 14.77
Lighting Fixtures Manufacturing in US 57.49 12.53
Battery Manufacturing in US
30.89
Athletic & Sporting Goods Manufacturing in US 46.34 14.51
Hog & Pig Farming in US 1.41 0.06
Animal Food Production in US 3.02 5.65
Canned Fruit & Vegetable Processing in US 15.59 8.69
Prefabricated Home Manufacturing in US 1.69 2.86
Paper Mills in US 13.86 5.93
Coated & Laminated Paper Manufacturing in US 17.18 19.84
Vitamin & Supplement Manufacturing in US 3.54 2.21
Plastic Bottle Manufacturing in US 8.14 5.25
Ferrous Metal Foundry Products in US 7.83 3.48
Metal Can & Container Manufacturing in US 5.96 5.94
SUV & Light Truck Manufacturing in US 9.67 4.90
Cabinet & Vanity Manufacturing in US 10.43 0.49
Industry vs Sector Costs
Industry Cost % Sector Cost %
Wages 19.8 Wages 25.6
Purchases 14.9 Purchases 12.0
Profit 7.9 Profit 8.0
Depreciation 4.6 Depreciation 9.6
Marketing 0.7 Marketing 0.5
Rent 5.4 Rent 3.9
Utilities 0.1 Utilities 0.1
Other 46.6 Other 40.3
Cost Structure – Industry
Year Wages Purchases Profit Depreciation Marketing Rent Utilities Other
2012 10.1 29.5 4.4 3.3 0.8 6.0 0.2 45.7
2013 11.0 28.2 7.8 3.4 0.6 5.6 0.1 43.3
2014 10.7 26.9 7.5 3.6 0.7 5.9 0.1 44.6
2015 13.9 16.8 14.6 3.9 0.7 5.5 0.1 44.5
2016 16.0 14.5 12.1 4.8 0.8 5.5 0.1 46.2
2017 18.2 14.8 8.0 5.3 0.7 5.4 0.1 47.5
2018 17.9 15.5 9.0 4.7 0.7 5.5 0.1 46.6
2019 19.5 13.7 11.9 6.3 0.7 5.0 0.1 42.8
2020 19.8 14.9 7.9 4.6 0.7 5.4 0.1 46.6
Cost Structure – Sector
Year Wages Purchases Profit Depreciation Marketing Rent Utilities Other Repair and Maintenance
2019 26.5 19.4 11.6 7.2 0.4 2.8 0.9 31.1 10.2
2013 26.9 18.9 12.3 7.4 0.4 2.7 0.8 30.7
2014 26.9 19.1 12.0 7.5 0.4 2.8 0.8 30.6
2015 27.6 16.4 12.5 7.6 0.4 2.8 0.7 32.0
2016 27.9 15.7 12.5 8.1 0.4 2.8 0.7 31.9
2017 28.5 15.6 12.2 8.0 0.4 2.9 0.7 31.7
2018 28.6 17.4 11.3 7.6 0.4 3.2 1.2 30.4
2019 28.2 17.7 11.0 7.4 0.4 3.8 1.1 30.2
2020 25.6 12.0 8.0 9.6 0.5 3.9 0.1 40.3
Barriers to Entry
Level
Competition Level High
Concentration Level High
Life Cycle Stage Mature
Technology Change High
Regulation Level Heavy
Industry Assistance
Capital Intensity
Name Economy Sector Industry
2005 0.20 0.38 0.29
2006 0.20 0.36 0.34
2007 0.20 0.33 0.31
2008 0.20 0.34 0.35
2009 0.21 0.36 0.33
2010 0.22 0.35 0.35
2011 0.22 0.35 0.32
2012 0.21 0.37 0.33
2013 0.21 0.38 0.31
2014 0.21 0.37 0.34
2015 0.21 0.36 0.28
2016 0.12 0.38 0.30
2017 0.21 0.36 0.29
2018 0.21 0.35 0.26
2019 0.21 0.33 0.32
2020 0.15 0.32 0.23
Revenue Volatility
Industry Revenue Volatility (%) Annualized Revenue Growth (%)
ATV, Golf Cart & Snowmobile Manufacturing in US -0.52 8.91
Athletic & Sporting Goods Manufacturing in US -0.73 7.49
Coal & Ore Wholesaling in US -0.64 8.82
Men’s & Boys’ Apparel Wholesaling in US 1.31 9.55
Book, Magazine & Newspaper Wholesaling in US -11.30 11.35
Gas Stations with Convenience Stores in US 1.94 9.56
Gas Stations in US 1.73 9.37
Fuel Dealers in US -2.25 11.87
International Airlines in US -6.99 14.84
Organic Chemical Pipeline Transportation in US -1.26 7.93
News Syndicates in US -2.07 9.76
Industrial Banks in US -4.32 25.58
Health & Welfare Funds in US 1.95 9.76
Open-End Investment Funds in US -0.33 8.44
Geophysical Services in US -0.33 10.34
Public Relations Firms in US 1.80 9.47
Print Advertising Distribution in US 0.15 8.13
Hydroelectric Power in US 1.96 8.01
Chicken & Turkey Meat Production in US -2.67 8.99
Wedding Services in US 0.03 7.72
Soybean Farming in US 1.78 18.71
Oilseed Farming in US -2.43 22.65
Vegetable Farming in US -1.27 12.00
Tobacco Growing in US -9.66 20.40
Beef Cattle Production in US -4.50 11.02
Dairy Farms in US 1.03 16.14
Hog & Pig Farming in US -2.92 10.24
Chicken Egg Production in US -14.09 56.97
Coal Mining in US -6.11 13.09
Iron Ore Mining in US 0.51 13.70
Gold & Silver Ore Mining in US 1.51 15.34
Copper, Nickel, Lead & Zinc Mining in US -1.19 11.55
Oil & Gas Field Services in US -3.04 20.00
Industrial Building Construction in US 0.61 8.53
Apparel Knitting Mills in US -2.08 16.63
Leather Tanning & Finishing in US -1.93 11.23
Wood Pulp Mills in US -1.28 9.31
Inorganic Chemical Manufacturing in US 0.16 8.94
Fertilizer Manufacturing in US -2.68 8.01
Iron & Steel Manufacturing in US -0.14 10.27
Steel Rolling & Drawing in US 1.81 10.43
Aluminum Manufacturing in US 0.65 11.16
Nonferrous Metal Refining in US -2.38 7.32
Copper Rolling, Drawing & Extruding in US 0.07 8.66
Metal Tank Manufacturing in US -0.20 12.60
Metal Plating & Treating in US 0.75 7.35
Tractors & Agricultural Machinery Manufacturing in US -1.66 11.34
Mining, Oil & Gas Machinery Manufacturing in US -1.92 15.35
Wind Turbine Manufacturing in US -10.76 43.51
Alarm, Horn & Traffic Control Equipment Manufacturing in US 1.47 7.93
Solar Panel Manufacturing in US -22.01 47.61
Lighting & Bulb Manufacturing in US -2.57 11.62
Battery Manufacturing in US 0.13 9.43
Truck & Bus Manufacturing in US 0.23 13.49
Ship Building in US 5.66 7.34
Tank & Armored Vehicle Manufacturing in US 11.00 20.94
Heating & Air Conditioning Wholesaling in US 4.46 10.15
Recyclable Material Wholesaling in US 3.43 8.49
Gasoline & Petroleum Bulk Stations in US 3.52 15.02
Gasoline & Petroleum Wholesaling in US 3.03 16.20
Television Broadcasting in US 5.07 7.39
Retirement & Pension Plans in US 6.05 21.27
Natural Disaster & Emergency Relief Services in US 5.00 10.04
Ski & Snowboard Resorts in US 3.21 9.36
Wind Power in US 14.50 7.85
Solar Power in US
10.90
Colleges & Universities in US 2.63 11.57
Video Games in US 15.16 9.67
Remodeling in US 7.30 17.03
Cotton Farming in US 9.98 27.03
Beekeeping in US 2.63 7.58
Fishing in US 3.16 7.88
Oil Drilling & Gas Extraction in US 13.90 20.64
Molybdenum & Metal Ore Mining in US 8.43 24.83
Sand & Gravel Mining in US 4.33 11.98
Natural Gas Distribution in US 3.97 14.48
Prefabricated Home Manufacturing in US 3.31 9.68
Petroleum Refining in US 2.35 18.13
Petrochemical Manufacturing in US 4.21 12.16
Oxygen & Hydrogen Gas Manufacturing in US 8.19 12.21
Organic Chemical Manufacturing in US 2.91 8.69
Metal Pipe & Tube Manufacturing in US 3.21 18.81
Guns & Ammunition Manufacturing in US 5.97 8.53
SUV & Light Truck Manufacturing in US 4.71 9.25
Tire Wholesaling in US 3.06 3.04
Home Furnishing Wholesaling in US 2.62 2.82
Roofing, Siding & Insulation Wholesaling in US 4.11 3.95
Manufactured Home Wholesaling in US 7.17 2.97
Medical Supplies Wholesaling in US 2.92 1.53
Glasses & Contacts Wholesaling in US 2.91 1.28
Tool & Hardware Wholesaling in US 3.07 0.27
Plumbing & Heating Supplies Wholesaling in US 5.80 2.00
Aircraft, Marine & Railroad Transportation Equipment Wholesaling in US 6.05 5.34
Drug, Cosmetic & Toiletry Wholesaling in US 2.29 2.29
Dairy Wholesaling in US 2.81 2.12
Wine & Spirits Wholesaling in US 3.23 1.25
Used Car Dealers in US 2.41 2.07
Recreational Vehicle Dealers in US 3.68 3.16
Motorcycle Dealership and Repair in US 2.44 0.82
Floor Covering Stores in US 3.47 0.90
Home Improvement Stores in US 2.82 1.40
Paint Stores in US 3.10 1.42
Lawn & Outdoor Equipment Stores in US 3.23 1.81
Nursery & Garden Stores in US 2.84 0.90
Convenience Stores in US 3.17 2.21
Fruit & Vegetable Markets in US 3.56 6.33
Beer, Wine & Liquor Stores in US 3.00 1.22
Pharmacies & Drug Stores in US 2.35 2.14
Dollar & Variety Stores in US 3.35 0.65
Used Goods Stores in US 2.77 1.74
Pet Stores in US 3.81 1.04
Direct Selling Companies in US 2.32 2.10
Charter Flights in US 3.84 6.32
Local Freight Trucking in US 3.00 3.39
Long-Distance Freight Trucking in US 3.67 4.35
Local Specialized Freight Trucking in US 2.70 6.09
Public School Bus Services in US 3.40 2.02
Oil Pipeline Transportation in US 3.74 4.58
Gas Pipeline Transportation in US 3.01 2.20
Refined Petroleum Pipeline Transportation in US 4.78 5.59
Rail Maintenance Services in US 4.18 3.84
Port & Harbor Operations in US 2.45 1.01
Automobile Towing in US 2.57 1.72
Toll Roads & Weigh Stations in US 3.70 4.42
Freight Forwarding Brokerages & Agencies in US 3.30 5.17
Freight Packing & Logistics Services in US 2.95 3.89
Public Storage & Warehousing in US 3.89 1.31
Refrigerated Storage in US 3.29 0.99
Specialized Storage & Warehousing in US 2.90 1.87
Software Publishing in US 5.07 6.24
Movie Theaters in US 2.44 1.35
Video Postproduction Services in US 2.89 3.02
Major Label Music Production in US 6.18 5.82
Music Publishing in US 2.53 3.60
Cable Networks in US 3.31 3.26
Satellite Telecommunications Providers in US 2.42 5.13
Radar & Satellite Operations in US 9.33 5.43
Data Processing & Hosting Services in US 3.11 6.84
Commercial Banking in US 5.68 4.69
Credit Unions in US 6.53 2.52
Credit Card Issuing in US 3.90 1.28
Auto Leasing, Loans & Sales Financing in US 3.34 1.51
Loan Brokers in US 9.02 6.79
Credit Card Processing & Money Transferring in US 2.92 1.59
Stock & Commodity Exchanges in US 6.03 4.48
Venture Capital & Principal Trading in US 5.48 3.68
Portfolio Management in US 3.46 3.86
Financial Planning & Advice in US 2.37 2.45
Custody, Asset & Securities Services in US 3.16 6.09
Health & Medical Insurance in US 2.92 5.67
Property, Casualty and Direct Insurance in US 2.78 3.24
Third-Party Administrators & Insurance Claims Adjusters in US 4.71 2.19
Workers’ Compensation & Other Insurance Funds in US 3.21 6.27
Trusts & Estates in US 4.30 3.60
Private Equity, Hedge Funds & Investment Vehicles in US 2.72 6.90
Land Leasing in US 2.39 1.66
Real Estate Sales & Brokerage in US 2.77 2.23
Property Management in US 2.51 2.50
Real Estate Asset Management & Consulting in US 2.50 3.00
Car Rental in US 2.70 2.67
Heavy Equipment Rental in US 2.59 5.15
Payroll & Bookkeeping Services in US 3.91 3.20
Accounting Services in US 2.40 1.46
Tax Preparation Services in US 2.66 4.81
Architects in US 2.94 1.31
Landscape Design in US 2.90 1.35
Surveying & Mapping Services in US 4.36 3.80
Graphic Designers in US 2.52 1.49
IT Consulting in US 4.85 2.30
Management Consulting in US 3.15 2.14
Scientific Research & Development in US 5.19 2.76
Advertising Agencies in US 3.48 0.88
Market Research in US 2.35 3.23
Translation Services in US 4.04 2.20
Veterinary Services in US 6.31 3.38
Credit Counselors, Surveyors & Appraisers in US 3.93 6.03
Employment & Recruiting Agencies in US 3.28 2.28
Office Staffing & Temp Agencies in US 2.63 3.22
Professional Employer Organizations in US 5.03 2.83
Credit Bureaus & Rating Agencies in US 4.79 2.86
Travel Agencies in US 3.51 2.86
Tour Operators in US 2.85 4.32
Convention & Visitor Bureaus in US 4.91 1.35
Security Services in US 2.81 3.61
Security Alarm Services in US 3.69 1.59
Pest Control in US 3.88 3.21
Landscaping Services in US 3.27 2.69
Carpet Cleaning in US 2.93 1.85
Packaging & Labeling Services in US 4.01 2.94
Trade Show and Conference Planning in US 3.10 2.93
Waste Collection Services in US 2.72 1.76
Remediation & Environmental Cleanup Services in US 2.39 5.71
Recycling Facilities in US 2.93 5.03
Portable Toilet Rental & Septic Tank Cleaning in US 2.99 2.32
Business Coaching in US 4.92 1.13
Business Certification & IT Schools in US 3.42 1.96
Fine Arts Schools in US 3.86 2.09
Sports Coaching in US 3.44 1.44
Testing & Educational Support in US 2.40 0.91
Specialist Doctors in US 4.07 2.35
Psychologists, Social Workers & Marriage Counselors in US 3.89 3.09
Alternative Healthcare Providers in US 2.74 1.29
Family Planning & Abortion Clinics in US 3.97 2.16
Mental Health & Substance Abuse Clinics in US 4.58 2.44
Emergency & Other Outpatient Care Centers in US 3.28 1.49
Home Care Providers in US 2.79 2.79
Hospitals in US 2.82 1.34
Psychiatric Hospitals in US 2.56 1.61
Specialty Hospitals in US 2.78 1.38
Nursing Care Facilities in US 2.55 2.19
Residential Intellectual Disability Facilities in US 2.77 2.27
Mental Health & Substance Abuse Centers in US 2.91 2.87
Retirement Communities in US 2.98 1.48
Adoption & Child Welfare Services in US 2.58 0.38
Elderly & Disabled Services in US 4.27 2.15
Family Counseling & Crisis Intervention Services in US 4.25 4.74
Day Care in US 3.24 2.07
Sports Franchises in US 4.27 1.27
Celebrity & Sports Agents in US 2.81 1.91
Performers & Creative Artists in US 2.66 3.04
Arcade, Food & Entertainment Complexes in US 5.17 2.95
Lotteries & Native American Casinos in US 2.55 3.65
Gym, Health & Fitness Clubs in US 3.27 1.55
Golf Driving Ranges & Family Fun Centers in US 3.50 2.03
Hotels & Motels in US 2.66 1.62
Bed & Breakfast & Hostel Accommodations in US 2.76 2.60
Single Location Full-Service Restaurants in US 2.67 1.75
Food Service Contractors in US 2.59 1.32
Caterers in US 3.76 1.98
Street Vendors in US 4.99 1.98
Car Body Shops in US 3.22 1.64
Car Wash & Auto Detailing in US 3.60 1.28
Oil Change Services in US 2.42 1.09
Hair & Nail Salons in US 2.53 0.50
Hair Loss Treatment & Removal in US 2.52 0.83
Tanning Salons in US 6.16 2.94
Dating Services in US 11.13 2.74
Pet Grooming & Boarding in US 4.47 2.63
Donations, Grants & Endowment in US 4.68 2.53
Conservation & Human Rights Organizations in US 2.78 2.19
Civic, Social & Youth Organizations in US 2.51 2.25
Maids, Nannies & Gardeners in US 2.32 1.12
Internet Service Providers in US 3.28 6.07
Commercial Building Construction in US 4.11 5.34
Municipal Building Construction in US 3.47 1.71
E-Commerce & Online Auctions in US 9.86 1.95
Private Schools in US 2.68 1.14
Couriers & Local Delivery Services in US 4.66 0.82
Taxi & Limousine Services in US 9.55 5.68
Concert & Event Promotion in US 3.49 2.26
Coffee & Snack Shops in US 3.09 2.22
Internet Publishing and Broadcasting in US 13.15 1.46
Sustainable Building Material Manufacturing in US 2.41 3.28
Fast Food Restaurants in US 2.87 1.32
Search Engines in US 13.04 1.52
Operating Systems & Productivity Software Publishing in US 6.46 3.97
Database, Storage & Backup Software Publishing in US 4.54 2.05
Business Analytics & Enterprise Software Publishing in US 8.43 3.75
Design, Editing & Rendering Software Publishing in US 4.10 4.98
Video Game Software Publishing in US 6.65 5.30
Security Software Publishing in US 7.48 2.73
Commercial Real Estate in US 2.67 1.51
Housing Developers in US 4.65 5.45
Paving Contractors in US 3.38 2.56
Fence Construction in US 4.27 2.02
Wood Framing in US 4.84 3.42
Building Finishing Contractors in US 3.41 1.58
Fish & Seafood Aquaculture in US 3.91 1.64
Land Development in US 3.38 0.84
Painters in US 2.28 1.42
Drywall & Insulation Installers in US 2.96 1.64
Tile Installers in US 5.95 2.92
Carpenters in US 2.61 1.15
Flooring Installers in US 3.34 1.96
Roofing Contractors in US 2.73 2.12
Concrete Contractors in US 4.76 2.20
Glass & Glazing Contractors in US 5.64 2.72
Excavation Contractors in US 2.73 3.49
Candy Production in US 2.55 2.45
Wineries in US 4.48 1.35
Distilleries in US 2.59 1.00
Wood Paneling Manufacturing in US 4.68 4.07
Cardboard Box & Container Manufacturing in US 3.52 2.29
Brand Name Pharmaceutical Manufacturing in US 3.25 3.47
Plastic Pipe & Parts Manufacturing in US 2.51 2.05
Ready-Mix Concrete Manufacturing in US 3.22 2.22
Concrete Pipe & Block Manufacturing in US 2.85 3.31
Gypsum Product Manufacturing in US 2.40 3.36
Mineral Product Manufacturing in US 2.69 2.78
Nonferrous Metal Rolling & Alloying in US 3.01 6.02
Sheet Metal, Window & Door Manufacturing in US 2.45 2.56
Plastics & Rubber Machinery Manufacturing in US 3.03 6.11
Semiconductor Machinery Manufacturing in US 3.08 2.14
Truck, Trailer & Motor Home Manufacturing in US 3.20 6.50
Space Vehicle & Missile Manufacturing in US 3.26 2.31
Boat Building in US 1.73 4.61
Motorcycle, Bike & Parts Manufacturing in US 0.34 4.90
Cabinet & Vanity Manufacturing in US 0.91 3.04
Household Furniture Manufacturing in US -0.21 2.96
Office Furniture Manufacturing in US 0.30 4.15
Mattress Manufacturing in US 1.01 3.89
Blind & Shade Manufacturing in US 0.30 5.97
Medical Instrument & Supply Manufacturing in US -0.08 3.74
Glasses & Contact Lens Manufacturing in US -0.12 2.36
Jewelry Manufacturing in US -3.17 1.22
Toy, Doll & Game Manufacturing in US 0.22 3.22
Gym & Exercise Equipment Manufacturing in US 0.92 1.44
Art & Office Supply Manufacturing in US -2.67 2.61
Billboard & Sign Manufacturing in US 1.95 1.56
Automobile Wholesaling in US -0.41 2.37
Auto Parts Wholesaling in US 0.79 1.82
Used Car Parts Wholesaling in US 2.19 1.30
Furniture Wholesaling in US 1.44 5.22
Lumber Wholesaling in US 1.81 2.60
Stone, Concrete & Clay Wholesaling in US 0.61 1.65
Camera & Film Wholesaling in US -1.50 1.84
Copier & Office Equipment Wholesaling in US -1.96 3.91
Computer & Packaged Software Wholesaling in US 1.10 2.84
Restaurant & Hotel Equipment Wholesaling in US 2.04 5.67
Laboratory Supply Wholesaling in US 1.72 0.76
Metal Wholesaling in US -0.95 6.79
Electrical Equipment Wholesaling in US 1.72 3.05
TV & Appliance Wholesaling in US 0.30 3.30
Electronic Part & Equipment Wholesaling in US 1.58 4.26
Refrigeration Equipment Wholesaling in US 1.23 2.40
Construction & Mining Equipment Wholesaling in US -0.23 5.59
Farm, Lawn & Garden Equipment Wholesaling in US -0.21 2.35
Industrial Machinery & Equipment Wholesaling in US 1.16 2.89
Industrial Supplies Wholesaling in US 1.20 3.86
Janitorial Equipment Supply Wholesaling in US 0.54 1.73
Sporting Goods Wholesaling in US 1.49 3.77
Toy & Craft Supplies Wholesaling in US -1.47 1.86
Jewelry & Watch Wholesaling in US -0.12 1.98
Paper Wholesaling in US -5.98 2.14
Office Stationery Wholesaling in US -1.97 1.05
Paper Bag & Disposable Plastic Product Wholesaling in US -0.16 0.74
Piece Goods, Notions & Other Apparel Wholesaling in US -5.54 3.35
Women’s & Children’s Apparel Wholesaling in US 0.01 2.41
Footwear Wholesaling in US 0.14 2.31
Grocery Wholesaling in US 1.83 0.77
Frozen Food Wholesaling in US -1.29 5.47
Egg & Poultry Wholesaling in US -3.35 6.99
Confectionery Wholesaling in US 0.84 1.75
Fish & Seafood Wholesaling in US 0.18 4.82
Beef & Pork Wholesaling in US -0.38 1.84
Fruit & Vegetable Wholesaling in US 1.87 2.98
Soft Drink, Baked Goods & Other Grocery Wholesaling in US 0.70 1.75
Corn, Wheat & Soybean Wholesaling in US -2.66 3.66
Cattle & Hog Wholesaling in US -1.13 4.52
Plastics Wholesaling in US 0.71 6.30
Chemical Wholesaling in US 2.20 6.25
Beer Wholesaling in US 0.52 1.94
Farm Supplies Wholesaling in US 0.11 5.55
Flower & Nursery Stock Wholesaling in US 1.99 3.46
Cigarette & Tobacco Products Wholesaling in US -0.50 2.61
Paint Wholesaling in US 0.88 2.80
New Car Dealers in US -0.14 1.86
Bicycle Dealership and Repair in US 2.02 6.40
Boat Dealership and Repair in US 2.16 1.46
Auto Parts Stores in US 0.15 1.83
Tire Dealers in US -0.11 1.92
Furniture Stores in US 1.17 1.77
Home Furnishings Stores in US 1.28 1.36
Consumer Electronics Stores in US -1.70 1.95
Computer Stores in US -3.90 3.11
Camera Stores in US -5.39 2.09
Hardware Stores in US 1.82 1.30
Lumber & Building Material Stores in US 0.67 2.31
Supermarkets & Grocery Stores in US 1.38 0.84
Meat Markets in US -0.81 1.23
Fish & Seafood Markets in US 2.12 1.06
Specialty Food Stores in US 2.08 2.73
Beauty, Cosmetics & Fragrance Stores in US 2.20 1.67
Eye Glasses & Contact Lens Stores in US 0.89 0.80
Health Stores in US 2.15 1.33
Men’s Clothing Stores in US -2.40 1.49
Women’s Clothing Stores in US -3.88 1.95
Children’s & Infants’ Clothing Stores in US -1.45 1.21
Family Clothing Stores in US 0.65 0.98
Lingerie, Swimwear & Bridal Stores in US 1.31 3.37
Shoe Stores in US -0.65 2.55
Jewelry Stores in US -2.95 2.06
Sporting Goods Stores in US 0.13 4.19
Hobby & Toy Stores in US 0.32 2.36
Fabric, Craft & Sewing Supplies Stores in US -3.31 2.63
Musical Instrument & Supplies Stores in US -1.33 0.64
Book Stores in US -2.82 1.21
Record Stores in US -10.92 3.84
Department Stores in US -6.05 2.72
Warehouse Clubs & Supercenters in US 0.95 0.33
Florists in US -2.44 1.74
Office Supply Stores in US -7.53 2.52
Gift Shops & Card Stores in US -1.50 0.92
Art Dealers in US 2.27 6.82
Manufactured Home Dealers in US 2.26 4.61
Small Specialty Retail Stores in US -0.13 2.31
Vending Machine Operators in US -1.42 1.83
Domestic Airlines in US 0.34 3.26
Rail Transportation in US 1.68 3.96
Ocean & Coastal Transportation in US 0.14 2.85
Inland Water Transportation in US -2.13 3.74
Moving Services in US 0.74 1.97
Tank & Refrigeration Trucking in US 1.26 3.97
Public Transportation in US 1.03 2.79
Scheduled and Charter Bus Services in US 1.97 1.14
Airport Operations in US 1.18 5.32
Aircraft Maintenance, Repair & Overhaul in US 1.75 1.68
Stevedoring & Marine Cargo Handling in US -0.08 6.70
Tugboat & Shipping Navigational Services in US 0.44 2.97
Dry Docks & Cargo Inspection Services in US 0.99 0.58
Postal Service in US -2.65 4.12
Farm Product Storage & Warehousing in US -0.08 2.10
Newspaper Publishing in US -3.63 1.53
Magazine & Periodical Publishing in US -4.04 2.30
Book Publishing in US -0.05 1.77
Database & Directory Publishing in US -3.67 1.08
Greeting Cards & Other Publishing in US -2.59 1.54
Movie & Video Distribution in US -2.55 3.11
Movie & Video Production in US 1.97 0.93
Television Production in US 2.15 0.79
Independent Label Music Production in US 0.18 4.35
Audio Production Studios in US -0.25 3.62
Radio Broadcasting in US 2.01 4.45
Wireless Telecommunications Carriers in US 1.37 2.27
Wired Telecommunications Carriers in US -3.83 6.13
VoIP in US -1.38 4.83
Telecommunications Resellers in US 1.69 1.47
Savings Banks & Thrifts in US 1.79 6.18
Real Estate Loans & Collateralized Debt in US 1.07 5.49
Loan Administration, Check Cashing & Other Services in US 0.21 4.65
Investment Banking & Securities Dealing in US 1.84 2.04
Securities Brokering in US 0.83 3.20
Commodity Dealing and Brokerage in US -2.48 2.36
Life Insurance & Annuities in US -2.29 5.68
Reinsurance Carriers in US 1.84 2.17
Insurance Brokers & Agencies in US 1.22 1.63
Real Estate Investment Trusts in US 0.96 3.04
Apartment Rental in US 1.88 2.56
Commercial Leasing in US 0.36 2.51
Storage & Warehouse Leasing in US 1.49 2.47
Real Estate Appraisal in US 0.76 4.68
Truck Rental in US 2.00 3.39
Consumer Electronics & Appliances Rental in US 0.17 2.07
Formal Wear & Costume Rental in US 1.53 6.66
DVD, Game & Video Rental in US -13.95 2.29
Tool & Equipment Rental in US 1.92 1.79
Computer & Printer Leasing in US -1.78 2.80
Industrial Equipment Rental & Leasing in US 1.04 3.18
Intellectual Property Licensing in US 1.12 3.83
Law Firms in US 1.87 2.42
Conveyancing Services in US 0.94 1.36
Engineering Services in US 1.68 1.97
Building Inspectors in US 1.89 2.18
Laboratory Testing Services in US 1.37 2.25
Interior Designers in US 0.38 1.83
Industrial Designers in US 0.28 4.84
Fashion Designers in US 0.10 5.04
HR Consulting in US 1.49 2.69
Environmental Consulting in US 0.48 2.57
Scientific & Economic Consulting in US 1.58 1.95
Media Buying Agencies in US 0.22 5.20
Media Representative Firms in US -0.56 3.41
Billboard & Outdoor Advertising in US -0.22 0.93
Direct Mail Advertising in US -1.67 3.40
Promotional Products in US 1.40 4.27
Photography in US 0.04 1.74
Human Resources & Benefits Administration in US 0.20 1.14
Correctional Facilities in US 1.31 3.42
Document Preparation Services in US 0.96 2.86
Telemarketing & Call Centers in US 2.08 3.42
Business Service Centers in US 0.87 4.37
Debt Collection Agencies in US 0.48 1.42
Janitorial Services in US 1.76 1.52
Waste Treatment & Disposal Services in US 1.82 2.98
Community Colleges in US 0.60 4.05
Trade & Technical Schools in US 0.95 1.39
Language Instruction in US 1.72 2.66
Tutoring & Driving Schools in US 1.98 0.70
Primary Care Doctors in US 1.39 1.05
Dentists in US 2.05 0.93
Chiropractors in US 1.50 0.30
Optometrists in US 2.00 1.11
Physical Therapists in US 2.06 1.77
Podiatrists in US 1.33 1.00
Diagnostic & Medical Laboratories in US 1.19 1.08
Ambulance Services in US 1.06 2.12
Blood & Organ Banks in US 1.67 1.78
Orphanages & Group Homes in US 1.18 2.62
Community Food Services in US 1.59 2.70
Community Housing & Homeless Shelters in US -1.34 3.20
Job Training & Career Counseling in US 0.71 2.36
Musical Groups & Artists in US 0.29 3.72
Racing & Individual Sports in US 1.28 1.70
Museums in US 2.08 2.31
Historic Sites in US 1.02 3.12
National & State Parks in US -0.27 2.35
Amusement Parks in US 1.71 3.55
Non-Hotel Casinos in US 1.89 2.48
Golf Courses & Country Clubs in US 1.06 1.12
Marinas in US 0.58 1.09
Bowling Centers in US 1.51 0.99
Casino Hotels in US 2.00 1.40
Campgrounds & RV Parks in US 2.11 2.58
Chain Restaurants in US 1.88 2.65
Bars & Nightclubs in US 1.90 1.63
Auto Mechanics in US 1.66 1.29
Electronic & Computer Repair Services in US -1.19 1.39
Machinery Maintenance & Heavy Equipment Repair Services in US 0.01 6.75
Appliance Repair in US 0.33 2.27
Furniture Repair & Reupholstery in US 0.03 5.19
Shoe Repair in US -1.81 5.59
Weight Loss Services in US 0.11 3.54
Funeral Homes in US 0.54 1.18
Cemetery Services in US 1.62 1.80
Laundromats in US -0.37 3.80
Dry Cleaners in US -0.72 2.17
Industrial Laundry & Linen Supply in US 0.70 1.27
Photofinishing in US -0.41 1.83
Parking Lots & Garages in US 1.79 3.51
Religious Organizations in US 0.54 3.54
Homeowners’ Associations in US 1.89 0.95
Coal & Natural Gas Power in US -2.15 3.96
Nuclear Power in US -0.75 1.87
Road & Highway Construction in US 0.12 4.27
Mail Order in US 0.05 2.22
Public Schools in US 1.37 0.90
Heating & Air-Conditioning Contractors in US 1.53 0.78
Plumbers in US 1.98 1.78
Sightseeing Transportation in US -0.98 6.16
Handbag, Luggage & Accessory Stores in US 1.91 3.14
For-Profit Universities in US 0.03 4.82
Water & Sewer Line Construction in US 1.68 3.17
Oil & Gas Pipeline Construction in US 1.23 5.08
Biotechnology in US 1.99 1.47
Tourism in US 1.83 1.56
Agribusiness in US -0.25 2.32
Cable Providers in US -0.48 1.97
Satellite TV Providers in US -1.38 4.75
Swimming Pool Construction in US 0.55 2.07
Wholesale Trade Agents and Brokers in US -1.88 3.12
Corn Farming in US 0.53 3.58
Wheat, Barley & Sorghum Farming in US -2.15 5.19
Orange & Citrus Groves in US 0.86 2.50
Fruit & Nut Farming in US 1.87 5.11
Plant & Flower Growing in US -0.76 6.59
Sugarcane Harvesting in US -0.83 3.62
Hay & Crop Farming in US 0.04 3.05
Sheep Farming in US 2.08 4.61
Horse & Other Equine Production in US 0.73 1.29
Timber Services in US 2.13 3.20
Logging in US -0.88 3.77
Hunting & Trapping in US 1.65 1.39
Crop Services in US 2.16 1.91
Livestock Production Support Services in US 0.52 0.94
Forest Support Services in US 1.52 2.89
Stone Mining in US 1.86 4.77
Mineral & Phosphate Mining in US -1.78 6.38
Electric Power Transmission in US -1.43 3.25
Water Supply & Irrigation Systems in US 1.25 1.81
Sewage Treatment Facilities in US 0.96 0.92
Steam & Air-Conditioning Supply in US 1.22 1.03
Home Builders in US 1.65 1.89
Apartment & Condominium Construction in US 2.00 4.87
Bridge & Elevated Highway Construction in US 0.83 2.32
Transmission Line Construction in US 1.45 2.27
Heavy Engineering Construction in US -0.60 5.87
Electricians in US 2.04 1.57
Masonry in US 1.55 1.08
Steel Framing in US 1.75 1.08
Demolition & Wrecking in US 1.34 4.34
Elevator Installation & Service in US 1.05 1.88
Animal Food Production in US -1.26 2.22
Flour Milling in US -2.47 7.10
Margarine & Cooking Oil Processing in US -0.19 2.18
Cereal Production in US -0.67 1.72
Sugar Processing in US 0.81 1.35
Chocolate Production in US 1.23 0.83
Frozen Food Production in US -0.84 2.52
Canned Fruit & Vegetable Processing in US -0.38 3.02
Dairy Product Production in US -0.73 5.38
Ice Cream Production in US 1.98 5.71
Meat, Beef & Poultry Processing in US -0.11 2.17
Seafood Preparation in US 0.23 2.69
Bread Production in US 1.08 1.46
Cookie, Cracker & Pasta Production in US -0.24 1.35
Tortilla Production in US 0.61 5.77
Snack Food Production in US 1.66 0.40
Coffee Production in US 0.20 2.38
Tea Production in US 0.90 3.30
Syrup & Flavoring Production in US 1.64 2.44
Seasoning, Sauce and Condiment Production in US 1.42 3.09
Baking Mix & Prepared Food Production in US 1.62 1.57
Soda Production in US -1.70 4.61
Bottled Water Production in US 0.94 2.85
Juice Production in US -0.57 1.17
Breweries in US 0.20 0.74
Cigarette & Tobacco Manufacturing in US 1.13 3.83
Textile Mills in US -1.05 1.89
Carpet Mills in US 0.56 2.67
Hosiery Mills in US -2.38 5.15
Cut and Sew Manufacturers in US -2.83 5.21
Men’s & Boys’ Apparel Manufacturing in US 0.69 2.50
Women’s, Girls’ and Infants’ Apparel Manufacturing in US -4.49 3.77
Costume & Team Uniform Manufacturing in US 0.35 2.38
Shoe & Footwear Manufacturing in US -0.75 3.88
Leather Good & Luggage Manufacturing in US 0.48 1.55
Sawmills & Wood Production in US 2.21 1.61
Millwork in US 0.43 2.66
Wood Product Manufacturing in US 1.02 2.15
Wood Pallets & Skids Production in US 1.20 3.38
Paper Mills in US -3.85 1.26
Paperboard Mills in US 0.81 6.26
Coated & Laminated Paper Manufacturing in US -1.14 3.38
Office Stationery Manufacturing in US -3.66 3.28
Sanitary Paper Product Manufacturing in US -0.12 1.52
Paper Product Manufacturing in US -2.07 2.40
Printing in US -1.39 2.15
Quick Printing in US -3.10 2.78
Printing Services in US -4.65 1.91
Asphalt Manufacturing in US 1.43 3.96
Lubricant Oil Manufacturing in US 1.72 5.50
Dye & Pigment Manufacturing in US -0.48 5.78
Plastic & Resin Manufacturing in US 0.92 5.34
Synthetic Fiber Manufacturing in US -0.68 6.17
Pesticide Manufacturing in US -0.74 6.22
Generic Pharmaceutical Manufacturing in US 0.74 3.22
Vitamin & Supplement Manufacturing in US 1.95 1.18
Paint Manufacturing in US 0.04 2.83
Adhesive Manufacturing in US 1.17 0.90
Soap & Cleaning Compound Manufacturing in US 0.96 1.63
Cosmetic & Beauty Products Manufacturing in US -0.73 5.31
Ink Manufacturing in US -4.51 4.00
Explosives Manufacturing in US 1.38 4.85
Chemical Product Manufacturing in US 0.36 5.18
Plastic Film, Sheet & Bag Manufacturing in US 0.64 1.47
Laminated Plastics Manufacturing in US 1.41 4.66
Polystyrene Foam Manufacturing in US 1.82 6.71
Urethane Foam Manufacturing in US 0.55 1.15
Plastic Bottle Manufacturing in US 0.81 6.25
Plastic Products Miscellaneous Manufacturing in US -0.64 1.28
Tire Manufacturing in US -1.25 4.24
Hose & Belt Manufacturing in US 1.08 2.96
Rubber Product Manufacturing in US -1.06 0.85
Ceramics Manufacturing in US 0.96 3.77
Clay Brick & Product Manufacturing in US 0.92 2.98
Glass Product Manufacturing in US 1.76 2.14
Cement Manufacturing in US 0.17 5.45
Precast Concrete Manufacturing in US 1.79 1.24
Lime Manufacturing in US -0.12 5.49
Abrasive & Sandpaper Manufacturing in US 1.74 5.88
Ferrous Metal Foundry Products in US -2.33 4.42
Nonferrous Metal Foundry Products Manufacturing in US -2.31 5.98
Metal Stamping & Forging in US -0.83 2.89
Hand Tool & Cutlery Manufacturing in US -1.87 3.36
Structural Metal Product Manufacturing in US 0.77 4.55
Boiler & Heat Exchanger Manufacturing in US -0.81 5.37
Metal Can & Container Manufacturing in US -0.21 6.44
Hardware Manufacturing in US -1.15 2.80
Wire & Spring Manufacturing in US 1.26 4.05
Machine Shop Services in US -0.74 5.09
Screw, Nut & Bolt Manufacturing in US 0.85 4.66
Valve Manufacturing in US 1.24 4.47
Ball Bearing Manufacturing in US 0.81 3.34
Construction Machinery Manufacturing in US 0.25 6.36
Woodworking Machinery Manufacturing in US 1.02 3.95
Printing, Paper, Food, Textile & Other Machinery Manufacturing in US 0.23 3.68
Copier & Optical Machinery Manufacturing in US -0.45 5.97
Heating & Air Conditioning Equipment Manufacturing in US -1.11 4.31
Metalworking Machinery Manufacturing in US 0.03 3.56
Engine & Turbine Manufacturing in US -2.27 6.05
Pump & Compressor Manufacturing in US -1.41 6.33
Forklift & Conveyor Manufacturing in US 2.19 2.96
Power Tools & Other General Purpose Machinery Manufacturing in US 1.50 3.43
Computer Manufacturing in US 0.86 2.42
Computer Peripheral Manufacturing in US -6.39 3.78
Telecommunication Networking Equipment Manufacturing in US -4.96 4.95
Communication Equipment Manufacturing in US -0.38 0.79
Audio & Video Equipment Manufacturing in US -1.04 1.95
Semiconductor & Circuit Manufacturing in US 1.41 1.13
Circuit Board & Electronic Component Manufacturing in US -0.61 4.18
Navigational Instrument Manufacturing in US 1.23 1.85
Medical Device Manufacturing in US 0.28 2.74
Recordable Media Manufacturing in US -5.81 3.29
Lighting Fixtures Manufacturing in US -1.22 6.97
Vacuum, Fan & Small Household Appliance Manufacturing in US -1.13 4.15
Major Household Appliance Manufacturing in US 1.53 2.54
Electrical Equipment Manufacturing in US -0.67 2.31
Wire & Cable Manufacturing in US 1.05 2.68
Wiring Device Manufacturing in US 1.24 2.05
Power Conversion Equipment Manufacturing in US 1.30 2.65
Car & Automobile Manufacturing in US -3.60 5.85
Automobile Engine & Parts Manufacturing in US -0.13 2.97
Automobile Electronics Manufacturing in US -0.49 4.10
Automobile Steering & Suspension Manufacturing in US 0.86 3.53
Automobile Brakes Manufacturing in US -0.03 3.02
Automobile Transmission Manufacturing in US 1.08 2.00
Automobile Interior Manufacturing in US 0.60 2.79
Automobile Metal Stamping in US 0.43 5.11
Auto Parts Manufacturing in US -0.23 3.81
Aircraft, Engine & Parts Manufacturing in US 1.94 2.07
Costs of Growth
Industry Share of Economy Capital Labor Ratio
Molybdenum & Metal Ore Mining in US 0.42 1.19
Prefabricated Home Manufacturing in US 0.06 2.99
Plastics & Rubber Machinery Manufacturing in US 0.11 0.83
Semiconductor Machinery Manufacturing in US 0.06 0.67
Forklift & Conveyor Manufacturing in US 0.07 0.14
Battery Manufacturing in US 0.08 3.47
Metal Wholesaling in US 0.15 2.73
Eye Glasses & Contact Lens Stores in US 0.06 0.24
Charter Flights in US 0.30 1.09
Radar & Satellite Operations in US 0.11 5.97
Health & Medical Insurance in US 0.15 3.14
Trade Show and Conference Planning in US 0.05 0.66
Specialist Doctors in US 0.03 0.53
Optometrists in US 0.06 0.58
Emergency & Other Outpatient Care Centers in US 0.05 0.96
Hospitals in US 0.13 0.87
Musical Groups & Artists in US 0.04 0.53
Chain Restaurants in US 0.05 0.38
Commercial Building Construction in US 0.05 1.34
Couriers & Local Delivery Services in US 0.05 3.52
Concert & Event Promotion in US 0.14 0.53
Tobacco Growing in US 0.84 -12.25
Coal Mining in US 0.42 -5.19
Copper, Nickel, Lead & Zinc Mining in US 1.81 -0.76
Animal Food Production in US 0.33 -2.35
SUV & Light Truck Manufacturing in US 0.70 -0.75
Amusement Parks in US 0.36 -0.24
Oil & Gas Field Services in US 0.24 -1.76
Apparel Knitting Mills in US 0.03 -5.04
Men’s & Boys’ Apparel Manufacturing in US 0.03 -0.79
Shoe & Footwear Manufacturing in US 0.04 -1.19
Wood Pulp Mills in US 0.19 -1.36
Dye & Pigment Manufacturing in US 0.27 -1.92
Nonferrous Metal Refining in US 0.25 -2.55
Ferrous Metal Foundry Products in US 0.16 -1.52
Nonferrous Metal Foundry Products Manufacturing in US 0.13 -2.09
Machine Shop Services in US 0.12 -0.79
Metal Plating & Treating in US 0.15 -0.56
Pump & Compressor Manufacturing in US 0.11 -2.44
Computer Manufacturing in US 0.08 -1.13
Computer Peripheral Manufacturing in US 0.09 -3.20
Communication Equipment Manufacturing in US 0.06 -2.90
Lighting Fixtures Manufacturing in US 0.05 -0.80
Jewelry Manufacturing in US 0.08 -3.23
Toy, Doll & Game Manufacturing in US 0.05 -1.79
Athletic & Sporting Goods Manufacturing in US 0.08 -0.86
Chemical Wholesaling in US 0.10 -0.70
International Airlines in US 0.23 -4.04
Domestic Airlines in US 0.22 -1.56
Property Management in US 0.03 -0.02
Primary Care Doctors in US 0.04 -0.54
Tourism in US 0.30 -0.72
Technology & Systems
Category Economy Industry
Market Concentration 0.4989 0.4385
Innovation Concentration 0.4917 0.3926
Rate of Innovation 0.4936 0.1347
Rate of Entry 0.4993 0.0223
Ease of Entry 0.5060 0.2000
Major Players History
Year Delta Air Lines Inc. United Airlines Holdings Inc. American Airlines Group Inc.
2014 25.8 31.4 22.0
2015 25.7 31.4 25.4
2016 25.1 31.0 28.7
2017 25.2 31.2 26.9
2018 24.7 30.1 26.9
2019 24.1 31.1 25.9
2020 33.3 32.1 36.9
Business Concentration
State Percentage
Alabama 0.90
Alaska 4.70
Arizona 1.60
Arkansas 0.50
California 12.80
Colorado 2.00
Connecticut 0.50
Delaware 0.10
District of Columbia 0.60
Florida 9.20
Georgia 2.70
Hawaii 2.50
Idaho 0.80
Illinois 4.90
Indiana 1.20
Iowa 0.50
Kansas 0.70
Kentucky 1.00
Louisiana 1.70
Maine 0.60
Maryland 0.70
Massachusetts 2.50
Michigan 2.30
Minnesota 0.90
Mississippi 0.40
Missouri 1.40
Montana 1.30
Nebraska 0.60
Nevada 1.20
New Hampshire 0.20
New Jersey 2.10
New Mexico 0.40
New York 8.20
North Carolina 1.80
North Dakota 0.20
Ohio 2.00
Oklahoma 0.60
Oregon 1.20
Pennsylvania 2.70
Rhode Island 0.30
South Carolina 1.30
South Dakota 0.50
Tennessee 1.10
Texas 7.60
Utah 0.50
Vermont 0.20
Virginia 3.20
Washington 2.80
West Virginia 0.30
Wisconsin 1.10
Wyoming 0.70
Location Distribution
State Establishments State Population
West 25.2 West 17.0
Southeast 24.2 Great Lakes 15.3
Mid-Atlantic 14.4 Mid-Atlantic 15.7
Great Lakes 11.5 New England 4.7
Southwest 10.2 Plains 6.6
Rocky Mountains 5.3 Rocky Mountains 3.5
Plains 4.9 Southeast 25.2
New England 4.4 Southwest 12.0
InSLP 3, you will use an actual IBISWorld report to prepare an Excel spreadsheet
and graphs.
For the industry that you selected, you will use the “Industry Performance” tab.
On the “Industry Performance” tab, scroll down to the bottom of the page to the
section entitled, Historical Performance Data. Click the small arrow pointing
downward (located at the top right of the Historical Performance Data section) and
export the data to Excel. Once you have the Excel spreadsheet with the data for
“Historical Performance Data”:
1.Highlight the data in column B, then create a Column Chart illustrating the Revenue
($m) data. For example,
https://my-ibisworld-com.ezproxy.trident.edu/us/en/industry/48111a/industry-performance
1. Use the Excel formula to calculate the Average for each column of
data within the sheet.
2. Add this information to the bottom of each column.
3. Use Excel to calculate the Sum for each column of data within the
sheet.
4. Add this information below the row of Averages for each column.
5. Change the name of this Tab to Revenue Growth.
https://my-ibisworld-com.ezproxy.trident.edu/us/en/industry/48111a/industry-performance
Column A Column B Column C
Year Revenue
$ in Millions
Growth %
2015 138,582 0.0
2017 144,729 1.7
Average 141883.6 1.46
Sum 425,651 4.4
Sheet1
Column A | Column B | Column C | |||||||
Year | Revenue $ in Millions |
Growth % | |||||||
2 | 0 | 138,582 | |||||||
2017 | 144,729 | 1.7 | |||||||
Average | 141883.6 | 1.46 | |||||||
Sum | 425,651 | 4.4 | |||||||
1. exp |
<
table>
All documents are reproduced with the permission of the copyright owner. Further reproduction or distribution is prohibited without permission.
Please do not reply directly to this email.
annette tyler sent you the following:
Email 1 of 1
Table of contents
1. US hotel industry revenue: an ARDL bounds testing approach
Bibliography
Document 1 of 1
US hotel industry revenue: an ARDL bounds testing approach
Author: Chen, Han1; Chen, Rui2; Shaniel Bernard3; Rahman, Imran31 Lester E. Kabacoff School of Hotel, Restaurant and Tourism Administration, University of New Orleans, New Orleans, Louisiana, USA2 Department of Agricultural Economics and Rural Sociology, Auburn University, Auburn, USA3 Department of Nutrition, Dietetics and Hospitality Management, Auburn University, Auburn, USA
Publication info: International Journal of Contemporary Hospitality Management ; Bradford Vol. 31, Iss. 4, (2019): 1720-1743.
ProQuest document link
Abstract:
Purpose
This study aims to develop a parsimonious model to estimate US aggregate hotel industry revenue using domestic trips, consumer confidence index, international inbound trips, personal consumption expenditure and number of hotel rooms as predictor variables. Additionally, the study applied the model in six sub-segments of the hotel industry – luxury, upper upscale, upscale, upper midscale, midscale and economy.
Design/methodology/approach
Using monthly aggregate data from the past 22 years, the study adopted the auto-regressive distribute lags (ARDL) approach in developing the estimation model. Unit root analysis and cointegration test were further utilized. The model showed significant utility in accurately estimating aggregate hotel industry and sub-segment revenue.
Findings
All predictor variables except number of rooms showed significant positive influences on aggregate hotel industry revenue. Substantial variations were noted regarding estimating sub-segment revenue. Consumer confidence index positively affected all sub-segment revenues, except for upper upscale hotels. Inbound trips by international tourists and personal consumption expenditure positively influenced revenue for all sub-segments but economy hotels. Domestic trips by US residents added significant explanatory power to only upper upscale, upscale and economy hotel revenue. Number of hotel rooms only had significant negative effect on luxury and upper upscale hotel sub-segment revenues.
Practical implications
Hotel operators can make marketing and operating decisions regarding pricing, inventory allocation and strategic management based on the revenue estimation models specific to their segments.
Originality/value
It is the first study that adopted the ARDL bound approach and analyzed the predictive capacity of macroeconomic variables on aggregate hotel industry and sub-segment revenue.
Links:
Full Text
Full text:
1. Introduction
The tourism industry has positioned itself as one of the nation’s largest employers representing
8
.0 per cent of US GDP (World Travel and Tourism Council (WTTC), 2015). The lodging industry, being one of its major segments, contributed almost $600bn to the US GDP and created more than eight million jobs in different hotel segments (American Hotel and Lodging Association (AH&LA) American Hotel and Lodging Association, 2017). In terms of total output, lodging represents the largest segment in the broader tourism industry, with travelers spending more than $393bn per year on accommodations (Select USA, 2016). The lodging industry has outperformed the US economy over the past five years with industry revenue growing at an annual rate of 3.7 per cent reaching $189.5bn in 2015 (AH&LA, 2015). This rapid growth is driven by an escalating tourism demand, stemming from an influx of domestic and international leisure and business travelers. In addition, the growing demand of hotel service is influenced by the broad economy, where changes in consumer confidence and consumption expenditures can affect decisions on entertainment, travel and lodging (Alvarez, 2015). Moreover, the growth of hotel industry depends on the interplay between supply and demand (HOSPA, 2013).
There is no doubt that the lodging industry plays an important role in the US economy. However, it is not easy to plan strategically based on the macroeconomic environment. In essence, a three-step process needs to be followed. The first step is to identify the macroeconomic predictors or the forces of change that can significantly influence industry revenue. The second step is to see whether these macroeconomic predictors can accurately estimate industry revenue using a parsimonious estimation model. The last step is to test the utility of this model in various industry sub-segments and explain any ensuing variations.
Hoteliers need to accurately estimate hotel sales using key external drivers at both micro and macro levels to carry out strategic planning and management. At the micro level, sales estimation is a key tool for managers’ decision-making involving functional areas such as marketing, sales, finance, and accounting (Mentzer and Bienstock, 1998). In the hotel industry, revenue estimation is considered as an indispensable part of hotels’ marketing and operations especially as it relates to pricing and inventory management (Talluri and Van Ryzin, 2004). At the macro level, estimating expected growth in aggregate hotel revenue based on specific economic drivers helps hotel corporations to make large-scale investment related decisions on segment-based expansion, mergers and acquisitions. However, there is very little research that delves into hotel revenue estimation models at the macro level (Anderson et al., 2000; Bojanic, 1996). Furthermore, none of the relevant research studies employed the autoregressive distributive lag (ARDL) bounds testing procedure, which in the past had been popularly applied to examine the impact of macroeconomic factors on economic growth and tourism demand (Narayan, 2004; Srinivasan et al., 2012). Additionally, to the best of our knowledge, there is no single study that undertakes estimation of sub-segment hotel sales using relevant macroeconomic indicators. It is essential to understand the different ways in which macroeconomic predictors affect sales for each sub-segment so that practitioners can carry out more segment-specific strategic planning.
The purpose of this study, then, is to develop a predictive model to estimate monthly hotel industry revenue using five macroeconomic variables – domestic trips by US residents, consumer confidence index (
CCI
), inbound trips by non-US residents, personal consumption expenditure (
PCE
), and number of hotel rooms (NOHR). In addition, the model will be tested across industry sub-segments, which include luxury, upper upscale, upscale, upper midscale, midscale, and economy hotels. The study employs the five most relevant and accessible macroeconomic predictors to develop a working estimation model that is simple, user-friendly, and efficient. The goal, therefore, is to develop a parsimonious model with maximum explanatory power. Theoretically, the study is expected to fill the gap in current literature by proposing a hotel industry and sub-segment revenue estimation model using macroeconomic predictors and the ARDL approach. The estimation model and comparisons across sub-segments will help various stakeholders of the hotel industry such as operators, suppliers, investors, policy-makers, researchers, and various independent organizations better understand the influential factors in each sub-segment.
2. Literature review
2.1 Estimation of hotel industry revenue
Estimating hotel industry revenue can address external factors that influence industry revenue at the micro and macro level. At the micro level, it is typical to include arrival or booking date, segment price and duration of use, whereas at the macro level total demand may influence revenue to a great extent (Lee, 1990). The lodging industry is sensitive to fluctuations in demand; however, forecasting demand is pertinent due to the nature of the industry and its operational characteristics (Yüksel, 2007). Moreover, since estimation differs for transient and group customers (Yüksel, 2007), it is natural for it to differ across hotel sub-segments. Examining hotel segment performances in relation to economic factors is relevant since the results often differ when compared to overall industry performance (Canter and Maher, 1998). Making a distinction promotes a better understanding of how the varying demands across sub-segments relate to economic measures.
Extant literature regarding hotel revenue estimation is still in its infancy. Little prior research has estimated hotel revenue at the macro level, with most estimation models directed at the micro level that utilized techniques such as choice models (Talluri and Van Ryzin, 2004). Other studies applied several revenue management techniques to increase operational efficiency in the hotel sector (Solnet et al., 2016). There are also a handful of studies that estimated hotel demand in terms of guest arrivals and occupancy. For instance, Damonte et al. (1998) estimated hotel demand using a cross sectional sample of 310 properties. The factors in their analysis were average daily rate (ADR), number of rooms available, number of employees, food and beverage revenue and number of tourists attending conferences. The results indicated that price elasticity of demand varied across hotel segments. Consequently, Canina and Carvell (2005) expanded on this study to include consumer confidence index (CCI), income, expectations of income (corporate income and disposable personal income), ADR and local market’s ADR to estimate demand for urban hotels in a metropolitan market. The results, utilizing data spanning from 1989 to 2000, found all predictors as significant influencers of lodging demand.
2.2 Hotel segmentation
Hotels are categorized based on several factors including but not limited to hotel size, location, target markets, levels of service, number of rooms etc. Prior hotel segmentation studies in an econometric context have predominantly used micro-economic variables in their estimation of pricing, growth, and consumer demand. For example, Falk and Hagsten (2015) used two stage least absolute deviation estimators to predict growth and revenue for Swedish hotel establishments. They found that growth rate of overnight stays was significantly and positively related to the price segment of the hotel at the beginning of the same period; however, the relationship became negative as the price increased indicating that high-end hotels do not have better growth prospects than hotels in medium price segments. Similarly, Damonte et al. (1998) indicated that price elasticity of demand varied across different hotel segments when estimating hotel demand using ADR, number of rooms available, and number of tourists.
Luxury
hotels were perceived by travelers as experiences, rather than products (Chu, 2014). Access to more disposable income may increase the frequency of consumer’s stay in such hotels. For example, Graf’s (2011) study on 2,824 hotel properties found that consumers who usually stay in lower class hotel segments, may switch to higher ones once their income increases. Tran (2015) estimated the effects of economic factors on the demand for luxury hotel sub-segment in the USA between 1998 and 2013. Results of their study indicated that US residents would extend their length of stay in luxury hotels when their income rises. German, Chinese, Japanese and Korean visitors would stay in luxury hotels when their income increases even if the hotel price goes up.
To the best of our knowledge, there is a lack of research regarding macroeconomic variables’ influence on the aggregate US hotel industry and sub-segments revenue, wherein the model that works for the aggregate hotel industry revenue may not work for different sub-segments. The study analyzes six sub-segments of the hotel industry to test the accuracy of the estimation model. In order to divide the hotels in different segments, the nomenclature used by Smith Travel Research (2014) (STR) was followed. STR positions hotels in classes based on their historical ADR, not on subjective criteria such as features or amenities. Both chain and independent hotels use the same ADR categorization.
2.3 Identifying predictors
Previous research shows the impact of economic predictors on the lodging industry (Choi, 2003; Zarnowitz, 1992). Given the paucity of research in hotel industry revenue estimation in the extant hospitality literature, the current study selected variables suggested by Canina and Carvell (2005), Chen et al. (2007) and Alvarez (2015), which include domestic trips by US residents, consumer confidence index (CCI), inbound trips by non-US residents, personal consumption expenditure (PCE), and number of hotel rooms (NOHR) in the industry.
2.3.1 Domestic trips by US residents.
Domestic tourists are defined as individuals taking overnight trips or longer away from the place of their residence (International Union of Official Travel Organizations, 1974). Consistent with Alvarez (2015), the current study measures domestic trips of US residents by the number of domestic flights within the USA for both leisure and business travel. Domestic trips by US residents increased from 660.9 million in 2006 to 682.1 million in 2015 (Alvarez, 2015), exhibiting an increasing trend that might explain the variation of the US hotel industry revenue in the same period. Close to 80 per cent of domestic trips were taken by leisure travelers in 2016 (USA Travel Association, 2016), who are known to be price sensitive and less willing to pay for a higher room rate (Masiero et al., 2015).
Witt and Witt (1995) chose domestic and international trips to forecast tourism demand and both variables added significant explanatory power in their study. These findings underscore the importance of the number of domestic trips in predicting hotel industry revenue. Economic growth leads to the increase in number of air passengers and business activities – hence more domestic business and leisure travel (Chi and Baek, 2013). As the number of domestic trips increases, more people will be staying in hotels increasing hotel revenue. Thus, domestic trips by US residents can be a significant predictor of US hotel revenue.
H1.
The number of domestic trips made by US residents has a significant positive influence on aggregate hotel industry revenue; and revenues for all six sub-segments.
2.3.2 Consumer confidence index.
Consumer confidence refers to the degree of optimism consumers feel about the state of the economy and their personal finances, which guides their decisions on spending and saving. Consumer confidence is measured by two indices – The Conference Board’s Consumer Confidence Index (CCI) and University of Michigan’s Index of Consumer Sentiment (ICS). Vuchelen (2004) contended that consumer sentiment is an efficient variable to use for forecasters to avoid some errors, since many economic and financial variables can significantly influence the consumer sentiment. Since both CCI and ICS essentially measures consumer confidence but with a different methodology, it is safe to use either one in estimation models.
In this study, CCI is used to predict US hotel revenue. The US CCI is calculated by The Conference Board using a monthly survey. The monthly survey includes questions related to consumers’ household finances, employment, income, business conditions and economic outlook (The Conference Board, 2011). CCI has a good forecasting power for consumer spending as it influences individual expectations and consumption preferences. High consumer confidence can decrease uncertainty in the future, thereby reducing precautionary savings and increasing present consumption (Ludvigson, 2004). In addition, an increase in consumer confidence can boost future income and wealth expectations (Ludvigson, 2004). Thus, CCI can influence the real economy by increasing consumer expenditure on entertainment, travel, lodging, etc. Hence, higher CCI results in direct future consumption growth.
Prior research provides empirical evidence that CCI increases labor income (Carroll et al., 1994), which eventually translates into more expenditure. Singal (2012) also demonstrated that CCI can explain a significant part of variation in consumer expenditure on hotel industry. In hindsight, CCI can influence the real economy by increasing or decreasing consumer expenditure. Increased expenditure on lodging related services would increase hotel revenue. Thus, the following hypothesis is proposed:
H2.
CCI has a significant positive influence on aggregate hotel industry revenue; and revenues for all six sub-segments.
2.3.3 Inbound trips by non-US residents.
International tourists are defined as “tourists who stay at least one night in a country where they are not residents”, where a resident is “a person who has lived for most of the past year in a country” (Eilat and Einav, 2004, p. 1319). The study measures inbound trips of non-US residents by the number of international arrivals to the USA for both leisure and business purposes. The number of international visitors to the USA is found in three US and international government sources: the USA Department of Homeland Security/USA Customs and Border Protection I-94 arrivals program data, Statistics Canada’s International Travel Survey and Banco de Mexico travel data (National Travel and Tourism Office, 2016).
International visitors have significant influence on the US hotel industry (Tran, 2015). USA received the largest share of world tourism (14.2 per cent) in year 2014 (AH&LA, 2015). The international visitor arrivals and their lengths of stay can influence the demand for hotel rooms. Each international visitor stayed an average of 18 nights in the USA (USA Travel Association, 2015). Proceeds from international visitor arrivals in the USA accounts for as much as 20 per cent of US hotel revenue (AH&LA, 2015). The top five countries with the most international visitor arrivals are Canada, Mexico, UK, Japan and China (National Travel and Tourism Office, 2015). The variable international visitor arrivals has received overwhelming attention in the tourism literature especially in estimating tourism demand, with the vast majority of these studies testing the utility of various estimation models specific to a country/region (Kraipornsak, 2011; Peng et al., 2015; Yang et al., 2010).
Travelers’ demographic characteristics matter in international trips. Income, exchange rates, and transportation costs are the three critical factors affecting international tourism demand (Lim, 1997). Access to financial resources positively influence tourist demand and travel frequency (Davies and Mangan, 1992). The general assumption is that as peoples’ disposable income increases, so will their tendency to engage in leisure travel, extend their length of stay in a destination and spend more in travel related services (Alegre et al., 2011). In essence, wealthy families are known to engage in international travel, whereas families in lower income brackets tend to travel domestically (Fang Bao and McKercher, 2008). Previous studies show that most international tourists are considered as affluent travelers, indicating that income in their country of origin is the most important explanatory variable in generating those trips (Crouch, 1995; Lim, 1997). Overseas travelers spend almost $4,400 during their visit to the USA (USA Travel Association, 2015). As more international tourists arrive in the USA, demand for hotel rooms and other lodging-related services goes up, contributing directly to hotel sales. Therefore, a significant positive relationship between inbound trips by non-US residents and lodging industry and its sub-segment revenue is expected.
H3.
Inbound trips by non-US residents have a significant positive influence on aggregate hotel industry revenue; and revenues for all six sub-segments.
2.2.4 Personal consumption expenditure.
Personal consumption expenditures (PCE), “measures the goods and services purchased by persons – that is, by households and by nonprofit institutions serving households which are residents in the USA” (Bureau of Economic Analysis, 2014, p. 5-2). Consumer spending on goods and services in the US economy is measured primarily by the PCE, which accounts for approximately two-thirds of domestic spending (Bureau of Economic Analysis, 2014). PCE is known as the primary driver of future economic growth. It implies how much of the household income is spent on current consumption as opposed to being saved for future consumption.
Households engaging in more consumption outside (e.g. dining out and shopping) will “directly lead to more activities and travel consistent with the behavioral paradigm that travel demand is a derived demand” (Ferdous et al., 2010, p.1). Therefore, PCE is a good indicator of US consumer spending, which can be used to estimate tourism demand (Chen et al., 2007). As discussed above, the more the tourism demand, the higher is the expenditure on lodging and related service. In a hotel context, as perceived value of the product or service increases, consumers’ intention to purchase grows (Ashton et al., 2010), which contributes to hotel revenue growth. Similarly, Corgel et al. (2012) suggested that the increase of income generates higher demand for higher priced hotel segments such as luxury and upper upscale hotels than for lower priced ones such as midscale and economy hotels. Hence, a significant positive relationship between PCE and US hotel industry and sub-segment revenue is expected.
H4.
PCE has a significant positive influence on aggregate hotel industry revenue; and revenues for all six sub-segments.
2.2.5 Number of hotel rooms.
Number of hotel rooms (NOHR) variable measures the number of available hotel rooms in the aggregate hotel industry. Similarly, NOHR in each sub-segment is used in the estimation of its corresponding hotel sub-segment revenue. The increases of available hotel rooms in the industry will lead to more supply in the industry, increasing competition, and resulting in lower ADR for some sub-segments. Hotel revenue is the result of both ADR and number of rooms sold, which is the demand from the consumers’ side. The growth of hotel revenue depends on the price elasticity of demand (Canina and Carvell, 2005). Price elasticity is defined as the per cent change in demand divided by the per cent change in price, which measures the degree to which demand is sensitive to changes in price (Corgel et al., 2012; Trans, 2011). If the demand is price elastic, hotel revenue may increase if room rates reduce. On the other hand, if the demand is price inelastic, hotel revenue will reduce as room rates fall (Canina and Carvell, 2005). Prior studies demonstrated that all US hotel sub-segments had inelastic demand, which showed that the growth in room rate is much greater than the growth in demand (Hiemstra and Ismail, 1993). Tran (2011, 2015) supported this view by demonstrating that the price is inelastic in US luxury hotel sub-segment and suggesting that consumers are not sensitive to price changes. Similarly, research at the property level also showed that price elasticity of demand varied across hotel sub-segments with higher priced hotels having lower price elasticity than lower priced hotels (Canina and Carvell, 2005). Hence, the increase of hotel supply will result in reduced ADR, which further results in increased demand, leading to a reduced level of hotel industry revenue (price inelasticity).
Therefore, the study proposes the following hypotheses:
H5.
NOHR has a significant negative influence on aggregate hotel industry revenue; NOHR for each sub-segment has a significant negative influence on sub-segment revenues.
3. Methodology
Monthly data from January 1996 to September 2017 were collected from a variety of sources. Monthly aggregate hotel industry and sub-segment revenue data were collected from STR. Revenue data for chain hotels and independent hotels as well as number of hotel rooms in each sub-segment were included in this dataset. These data were not publicly available and required subscription to STR. Domestic trips by US residents’ data were gathered from the Bureau of Transportation Statistics (2018) website. Consumer confidence index (CCI) data were compiled from The Conference Board (2018) website. Inbound trips by non-US residents’ data were collected from the National Travel and Tourism Office (2018). Seasonally adjusted personal consumption expenditure (PCE) data were collected from the Federal Reserve Economic Data (2018) (FRED). All data sets apart from hotel industry revenue and number of hotel rooms were publicly available. In addition, all data sets were not seasonally adjusted except PCE.
Seasonality is a known characteristic of tourist demand, which also influences accuracy of hotel revenue estimation (Chen et al., 2015). Therefore, it cannot be overlooked in the modeling process. Seasonal adjustments of all variables except PCE were conducted using the X-12-ARIMA program, which is developed by the US Census Bureau. The X-12-ARIMA procedure makes adjustment for monthly or quarterly series. It is the primary method for seasonal adjustment of government and economic time series in USA, Canada and the EU (Miller and Williams, 2004).
3.1 Model specification and estimation procedure
The current study examines the five macroeconomic predictors’ utility in estimating aggregate US hotel industry revenue. It also assesses how the causal model works for potentially dissimilar industry sub-segments. As seen in Table I, the sub-segment classification followed the nomenclature used by STR. The auto-regressive distribute lags (ARDL) approach is used via EViews 10. Unit root analysis is first conducted to confirm that the data are stationary, i.e. I (0), or non-stationary, i.e. I (1). Then the cointegration test with the ARDL approach is utilized.
The US hotel revenue is determined by variables that measure the hotel supply – NOHR and hotel demand – namely, domestic trips by US residents, CCI, inbound trips by non-US residents and PCE. US nominal hotel renvenue and PCE have been deflated by consumer price index to remove the effects of inflation. Therefore, the determinats of US hotel revenue take the specification form: (1) lnRevenuet=α+β ln(
DT
t)+γ ln(CCIt)+δln(
IA
t)+θ ln(PCEt)+ψ ln(NOHRt)+εtwhere Revenuet denotes the aggregate US hotel industry revenue and sub-segment revenues for luxury, upper upscale, upscale, upper midscale, midscale and economy in year t. DTt and IAt are defined as domestic trips by US residents and inbound trips by non-US residents in year t.
Many empirical studies have proved that most aggregate data have a unit root (Kwiatkowski et al., 1992). Variables that contain a unit root were generated by a non-stationary data process of taking the first difference of the variables, resulting in spurious regression. When working with time series datasets, it is important to look for a unit root. If a unit root is found in a series, it means that more than one trend is present in the series. Since the data are at the macroeconomic level and time series, whether all variables are stationary or not are detected to avoid spurious regression using stationary test. There are different ways to test whether data is stationary or not, such as Lagrange multiplier (LM test) (Kwiatkowski et al., 1992), Augmented Dickey-Fuller (ADF) test (Becketti, 2013; Dickey and Fuller, 1979; Hamilton, 1994) and PP test (Phillips and Perron, 1988). This paper employed ADF and PP tests to determine a time series is stationatary or not.
However, the regression specification of differencing could only provide the short-run estimates not the long-run estimates. ARDLs are standard least squares regressions which include lags of both the dependent variable and independent variables as regressors (Greene, 2008). Although ARDL models (the bound test approach) have been used in econometrics for decades, they have gained popularity in recent years as a method of examining long-run and cointegrating relationships between variables (Pesaran and Shin, 1998). Therefore, this problem could be solved by considering the cointegration and the error correction model (ECM) and obtaining both short- and long-run information (Nkoro and Uko, 2016). Additionally, ARDL models could yield consistent estimates of long run relationship, irrespective of whether the regressors are purely I(0) or I(1) or a mixture of both.
To examine the long-run relationship between US hotel revenue and its determinats, the ARDL cointegration procedure is applied (Pesaran et al., 1996; Pesaran and Shin, 1998). The model with lower Akaike information criterion (AIC), Schwarz Bayesian criterion (SBC), Hannan-Quinn Criterion (HQ) and higher adjusted R2 performs better than the other models. Lagrange multiplier (LM) test was used to test the residual’s autocorrelation. The bounds procedure for testing the existence of a long-run/cointegration relationship is implemented regardless of I(0) or I(1) as a post estimation command (Pesaran et al., 2001). If the existence of a long-run relationship (cointegration) is affirmed, the second step is to construct the conditional ARDL specification for ln(revenue). Following Pesaran et al. (2001), the conditional unrestricted equilibrium correction model for US hotel revenue can be specificed as: (2) ΔlnRevenuet=α2,0+π1ln(Revenue)t-1+πxXt-1+∑i=1p-1ψi′ΔECMt-i+w′ΔXt+εtwhere: Xt=(ln(DTt),lnCCIt,lnIAt,lnPCEt,ln(NOHRt)′,ECMt=(ln(Revenuet),Xt),ECMt is the speed of adjustement parameter, which is derived as error term from long-run model.
The standard long-run ARDL (p,p1,p2,p3,p4,p5) specification can be expressed as: (3) ln(Revenuet)=α1,0+∑i=1pπ1,ilnRevenuet-i+∑i=0p1β1,ilnDTt-i+∑i=0p2γ1,ilnCCIt-i+∑i=0p3δ1,iln(IAt-i)+∑i=0p4θ1,ilnPCEt-i+∑i=0p5ψ2,iΔln(NOHRt-i)+ε1,twhere t = max(p,p1,p2,p3,p4,p5,…,T);p,p1,p2,p3,p4andp5 are the number of optimal lag order, which will be obatined based on the minimization of AIC or Bayesian information criterion (BIC).
The short-run specification dynamics include one period lagged error correction version of the ARDL model, (4) Δln(Revenuet)=α2,0+∑i=1pπ2,iΔlnRevenuet-i+∑i=0p1β2,iΔlnDTt-i+∑i=0p2γ2,iΔln(CCIt-i)+∑i=0p3δ2,iΔln(IAt-i)+∑i=0p4θ2,ilnΔPCEt-i+∑i=0p5ψ2,iΔln(NOHRt-i)+λECMt-1+ε2,twhere ECMt-1=ln(Revenuet-1)-α+βln(DTt-1)+γln(CCIt-1)+δln(IAt-1)+θln(PCEt-1)+ψln(NOHRt-1)is the ordinary least square (OLS) residual series from the long-run cointegrating regression, which means, α,β,γ,δ,θ and ψ can be OLS estimates from Equation (1). ECMt-1 demonstrates how much of the disequilibrium in the previous period (lnRevenuet-1) is being adjusted in current period (lnRevenuet). A significantly postive estimate of ECMt-1 indicates divergence, and a significantly negative coefficient means convergence. This ARDL model with its ECM can be regressed by the OLS approach.
Thus, the conditional error correction representation of ARDL model for US hotel revenue can be reparameterised as (Bahmani-Oskooee and Ng, 2002; Pesaran et al., 2001): (5) Δln(Revenue)t =α0+∑i=1pπ2,iΔlnRevenuet-i+∑i=0p1β2,iΔlnDTt-i+ ∑i=0p2γ2,iΔln(CCIt-i)+∑i=0p3δ2,iΔln(IAt-i)+∑i=0p4θ2,iΔlnPCEt-i+ ∑i=0p5ψ2,iΔlnNOHRt-i+πln(Revenuet-1)+βln(DTt-1)+ γln(CCIt-1)+δln(IAt-1)+θln(PCEt-1)+ψln(NOHRt-1)+εt
4. Results
4.1 Unit root test results
This study uses the logarithms of the data in order to eliminate the effects of potential heteroscedasticity. Before an appropriate ARDL model, the first step is to determine whether data are I(0) or I(1). Table II indicates all variables are I (1), except PCE, NOHR[1], midscale, upper upscale sub-segments revenue and aggerate industry revenues that are I(0). Therefore, there is a mixture of I(0) and I(1) for all variables, indicating the ARDL model can be proceeded further. Figure 1 implies there is no obvious trend and structural break of revenue data over periods. In addition, Table II shows that all variables are stationery with or without trend. However, variables are more stationary with trend relative to without trend. Therefore, time trend will be included in the estimation of the ARDL model.
4.2 Results from auto-regressive distribute lags bound tests for cointegration
To test the null hypothesis of cointegration, the first step is to determine whether there is a relationship between the variables over the long term using bound tests (Bahmani-Oskooee and Ng, 2002). All of the computed F statistics are much greater than the upper critical value for 1 per cent from Table III. Hence, the null hypothesis was rejected, confirming the existence of co-integration among US hotel revenue, domestic travel, CCI, international arrival, PCE, and NOHR in these seven models.
After validating the application of ARDL model, the next step is to determine the lag length for the dependent variable. To implement the choice of lag length, an unrestricted VAR model was applied for Δln(Revenuet) and the constant,ln(Revenuet-1), ln(DTt-1), ln(CCIt-1), ln(IAt-1), ln(PCEt-1), ln(NOHRt-1) and a fixed number of lags of Δindepdentvariables as exogenous regressors. According to the VAR lag order selection criteria (the lower value of AIC, SC, HQ etc., the better results), the optimal lag length for dependent variable is three or eight. The same procedure was applied to all six hotel sub-segments and the optimal lag length for each hotel sub-segment revenue can be found in Table IV.
4.3 Results of the long- and short-run effects
The augmented ARDL model with appropriate lag orders are obtained for the equation, all criteria cited above are used and after that the smallest lag length among them was taken. The regression results of ARDL model for revenue of US hotel industry and six different hotel sub-segments are reported in Table V. Until now, the study analyzed both the long- and short-run relationships among the US hotel revenue, domestic trip, CCI, international arrival, PCE and NOHR.
The results reveal that the estimated coefficient of domestic trips by US residents is significantly positive for the aggregate hotel industry revenue, upper upscale sub-segment revenue, upscale sub-segment revenue and economy sub-segment revenue only. It shows that in the long run, one per cent increase in the domestic trips leads to approximately 0.20 per cent increase in the aggregate US hotel industry revenue, 0.31 per cent increase in the upper upscale sub-segment revenue, 0.15 per cent increase in the upscale sub-segment revenue and 0.39 per cent increase in the economy sub-segment revenue. H1 was partially supported.
CCI positively and significantly influenced aggregate hotel industry revenue. The same relationship also exists throughout the hotel sub-segments except for the upper upscale sub-segment. The results imply that 1 per cent increase in CCI will lead to 0.18 per cent increase in aggregate hotel industry revenue and 0.05-0.26 per cent increase in revenue for different hotel sub-segments except the upper upscale sub-segment. This empirical evidence confirms that CCI has a positive impact on majority of US hotel sub-segment revenue in the long run. Hence, H2 was partially supported.
The inbound trips by non-US residents variable has a significant positive influence on aggregate hotel industry revenue. The same relationship also applies to all hotel sub-segments except for economy, partially supporting H3. As for PCE, it has a significant positive relationship with aggregate revenue and throughout all hotel sub-segments except for economy sub-segment, partially supporting H4. NOHR has a significant negative influence only on luxury and upper upscale hotel sub-segment revenues. However, this variable is not significantly associated with revenue from all other hotel sub-segments or the aggregate hotel industry revenue. H5 is partially supported.
The estimates of the short-run dynamics associated with the long-run relation from ECM are presented in Table VI. ECM is statistically negative for all seven models, implying there is adjustment from disequilibrium into long-run equilibrium, which helps reinforce the long-run relationship (co-integration) between hotel revenue and its determinants. More specifically, the estimate of ECM indicates 70.9 per cent of the disequilibrium in aggregate hotel revenue from previous period which will be converged back to the long-run equilibrium in the current period. The results also imply a range of 54.4-99.0 per cent of the disequilibrium in sub-segment revenue from previous period which will be converged back to the long-run equilibrium in the current period across the six hotel sub-segments.
Although domestic trips do not have a significant positive effect on luxury, upper midscale, and midscale sub-segment revenue in the long run, it does have a significant impact on the aggregate US hotel revenue growth rate and all six sub-segments revenue growth rate in the short term. The growth rate of CCI and PCE do not have a significant impact on either aggregate hotel industry revenue growth rate or any sub-segment hotel revenue growth rates in the short run. Inbound trip growth rate has significant positive short-term effects on the growth rate of aggregate hotel industry revenue and all six hotel sub-segments revenue in the short term.
As the ARDL model and its associated ECM have been estimated by the OLS, the assumptions of OLS−the normality, heteroscedasticity, and the serial correlation have been tested, which are reported in Table VI. From Table VI, DW (Durbin-Watson) values for all seven models are higher than the upper bound critical value (dU = 1.726), indicating that the study failed to reject the null hypothesis. Thus, there is no positive serial correlation/autocorrelation of residuals. There is no heteroscedasticity issue in the model from Breusch-Pagan Lagrange Multiplier (BPG LM) test either. In addition, data follow the normal distribution. It is important that the error of this model is serially independent. If not, the parameter estimates will not be consistent, because of the lagged values of dependent variable that appear as regressors in the model. All errors are serially independent.
Finally, the study tested the stability of the long-run and short-run estimates of the ARDL models. Following Bahmani-Oskooee and Ng (2002) and Pesaran and Shin (1998), the stability test – the cumulative sum (CUSUM) and the cumulative sum of squares (CUSUMSQ) – is undertaken to assess the parameter consistence based on the AIC from the ECM. According to Figure 2, both the plots of CUSUM and CUSUMSQ statistics stay within the critical bounds of 5 per cent significance level, which applies to aggregate model as well as all hotel sub-segments, showing that there is no instability for all sub-segment revenue estimation models.
5. Discussion
The findings showed the overwhelming support of CCI in estimating aggregate hotel and sub-segment revenues except for the upper upscale sub-segment. CCI’s significant positive support of US hotel revenue is consistent with Singal’s (2012) finding that CCI can explain a significant part of variation in consumer expenditure in the hotel industry. The more confidence consumers have in the US economy, the more they will spend on travel boosting hotel revenue. Low consumer confidence results in lower consumption as consumers often postpone their trips and/or reduce their frequency of travel (Ludvigson, 2004; Singal, 2012). The insignificant relationship between CCI and upper upscale segment revenue can be explained by the dichotomy properties of price: objective price and perceived price. Objective price is the actual price of a product, while perceived price appeals to the subjective internal impressions derived from the perception of price (Dodds et al., 1991). Prior research shows that consumers do not rely on objective price, but rather interpret perceived price in way that are meaningful to them (Zeithaml, 1988). Therefore, even though tangible price differences exist between these two classes, consumers may end up choosing to stay in luxury hotel instead of upper upscale due to the higher perceived value.
PCE positively affects aggregate hotel revenue and this relationship is consistent across all sub-segments except for the economy sub-segment in the long run. The more household income is being spent on current consumption, the more hotel revenues will grow. The result echoes with findings of previous research that PCE is a good indicator of the tourism demand which can generate hotel revenue (Chen et al., 2007). The findings are consistent with Corgel et al. (2012) that the increase of income generates more demand for upper priced hotel segments than for lower priced ones such as economy hotel sub-segment. As consumers have more spendable income, they would most likely choose better hotels to stay in, which somewhat explains the insignificant relationship of PCE with economy sub segment hotel revenue. The economy sub segment is popular among relatively low-income consumers who are in need of accommodations both for short and long term. This is a popular segment among blue-collar workers looking to relocate, temporarily move to other destinations, or travel for work. Many people also use this segment as an alternative to rent out an apartment. Revenue for this segment, therefore, does not fluctuate much based on changes in PCE as this segment is used by people who are in indispensable need of accommodation. This segment is also very popular among motorists looking for an overnight accommodation near a highway, who might opt for better hotels to stay in if they have more spendable income.
Besides CCI and PCE, domestic trips showed significant positive influence on aggregate US hotel industry revenue. The significant positive effect of domestic trips is supported by the fact that lodging industry is the largest segment of the tourism industry. Hotel industry revenue accounts for nearly 19 per cent of total travel and tourism related spending (Select USA, 2016). In addition, domestic travelers are actually spending more in recent years. In 2014, the typical business traveler spent about 3 per cent more per night, and the typical leisure traveler spent about 6 per cent more per night compared to the previous year (AH&LA, 2015), which contributes to the increase in US hotel revenue as a whole. Further analyses revealed that domestic trips by US residents only added significant explanatory power to aggregate, upper upscale, upscale and economy sub-segment revenue. It is also observed that domestic trips by US residents are significant in short term throughout all sub-segments. In 2016, close to eighty per cent of domestic trips were taken by leisure travelers (USA Travel Association, 2016). Leisure travelers are known to be price sensitive compared to business travelers whose travel expenses are covered by their companies most of the time (Kashyap and Bojanic, 2000; Noone and McGuire, 2013). For example, Masiero et al. (2015) found difference in willingness to pay (WTP) for certain hotel attributes among leisure and business travelers. They found that business travelers were willing to pay up to 25 per cent higher for certain hotel attributes than leisure travelers. In addition, Trejos (2018) found that business travelers prefer to stay in hotel brands such as Hilton, Hyatt, Embassy Suites, Courtyard, Doubletree, and Hilton Garden Inn etc., which mostly fall into either upper upscale or upscale categories. The upper upscale segment especially is known as the sweet spot for corporate travel (Business Travel News, 2013). These two sub-segments also registered the highest occupancy rates among the six sub-segments in recent years (Smith Travel Research, 2018). Therefore, the significant relationship between domestic trips and upper upscale and upscale hotel sub-segments revenue makes sense as most business travelers prefer to stay in these two sub-segments.
According to Yesawich et al. (2000) 60 per cent of leisure travelers were actively searching for the “lowest possible price” for travel-related products. The price sensitive leisure travelers tend to target lower cost lodging segments, which explains why domestic trips by US residents has significant positive effect on economy sub-segment revenue. About 39 per cent vacations taken by leisure travelers in 2017 were road trips (MMGY Global, 2018). Even when flying, many domestic travelers on leisure trips prefer to rent cars from the airport to reach their final destinations. Among motorists economy sub-segment hotels remain a very popular option because of the convenience of being located near major highways, which explains why economy sub segment revenue is influenced by domestic trips by US residents.
The inbound trips by non-US residents also had a significant effect on aggregate hotel revenue which can be explained by the fact that USA receives the largest share of international tourism receipts in the world (AH&LA, 2015). In 2016, 75.9 million international tourists visited the USA (Statista, 2018); while the industry-wide revenue from international inbound tourists was not readily available, AH&LA reported that in 2014, international travel contributed to twenty per cent of the US hotel revenue (AH&LA, 2015).
Furthermore, inbound trips by non-US residents had significant positive influence on revenues of all sub-segments except for economy sub-segment. This finding aligns with previous studies that international tourism is considered as luxury (Lim, 1997); non-US residents who can afford trips to the USA should be affluent in their home countries (Crouch, 1995). The top six tourist generating countries to the USA are Canada, Mexico, UK, Japan, China and Germany (National Travel and Tourism Office, 2015). These six countries accounted for 78.2 per cent of the total international tourist arrivals in the USA in 2015 (National Travel and Tourism Office, 2015). Travelers from most of the above-mentioned countries generally have great buying power due to their strong economy. For example, 1.8 million Chinese travelers visited USA in year 2014 and contributed $21.1bn to the US economy (Willett, 2015). Stats also show that overseas travelers spend around $4,360 during their visit to the USA (USA Travel Association, 2016), which is substantially more than what most domestic leisure and business travelers spend on a trip. However, among 74.8 million internationals that visited the USA in 2014, only 26.5 million stayed in a hotel (AH&LA, 2015). Thus, many international tourists especially the more budget conscious ones prefer to stay with their friends and families during their visits. In addition, the tremendous growth of Airbnb in recent years (from 1.5 million in year 2014 to 2.5 million rooms in year 2015) could be one of the reasons why international inbound trips do not have a positive effect on the low-end hotel sub-segment (AIRD
NA
, 2016). For example, Zervas et al.’s (2017) study on the effect of Airbnb on the revenues of hotels in Texas found that economy sub-segment hotel revenues were most vulnerable to increased competition from Airbnb rentals. Additionally, many young and mostly solo budget conscious international tourists, such as backpackers, often choose affordable shared accommodation options such as hostels and Airbnb’s over hotels.
The number of hotels rooms did not add a significant negative explanatory power to aggregate hotel industry revenue, which contradicts previous finding that the demand for the aggregate hotel industry is price inelastic (Canina and Carvell, 2005), and that the increase in the number of hotel rooms in the industry would result in reduced aggregate hotel revenue. The insignificant relationship suggests that US hotel industry has a relatively balanced supply and demand. The growth of hotel supply can be absorbed easily by the market demand. The 2018 pipeline data from STR reported that the number of hotel rooms under construction in the USA has declined or remained flat in recent months (HotelNewsNow, 2018). Furthermore, STR’s segmentation analysis in 2017 found that the demand is strong and is not equal to supply growth (Cushman and Wakefield, 2017). However, sub-segment analyses revealed that the number of luxury hotel rooms and the number of upper upscale hotel rooms both had significant negative impact on their respective sub-segment revenues. The result was consistent with previous research finding that demand is price inelastic for luxury hotel sub-segment and upper upscale sub-segment (Canina and Carvell, 2005; Hiemstra and Ismail, 1993; Tran, 2011; Tran, 2015). Increased hotel supply in luxury and upper upscale sub-segments resulted in higher level of market competition, leading to the lower ADR in both sub-segments. As demand is price inelastic in these two segments, the increase in demand is lower than the changes in price, resulting in reduced revenue for luxury and upper upscale hotel sub-segments. However, the relationship between number of sub-segment hotel rooms and sub-segment hotel revenues was insignificant for all other hotel sub-segments. This finding might also be explained by previous research finding that the price elasticity of demand varied across hotel sub-segments with lower class hotels having higher price elasticities than higher class hotels (Canina and Carvell, 2005). The changes in lower class hotel room rates caused by supply fluctuation will result in a similar level of change in demand from consumers’ side. As a result, the hotel revenue will not have significant fluctuation for these hotel sub-segments.
In summary, analyses on sub-segments indicated that the aggregate US hotel industry revenue model cannot be applied for all six hotel sub-segments. This is perhaps the most interesting finding of this study. Substantial variations exist in the number and type of predictors that can be used in different hotel sub-segments. The following table provides a summary of these segment specific predictors.
Table VII underscores an important point for practitioners, policymakers, researchers and other stakeholders. When it comes to estimating revenue, what works in one sub-segment might not work for another. As a result, stakeholders need to consider segment specific predictors when developing these models. Even the aggregate model might not be fully applicable to different sub-segments of the hotel industry, as evident from our findings.
6. Implications
To our knowledge, this is the first study that analyzed the predictive capacity of macroeconomic variables on aggregate hotel industry and sub-segment revenue. The ARDL bounds approach has not been applied in the past to estimate hotel industry revenue. Numerous differences were found in estimation models between sub-segments. A segment specific revenue forecasting strategy is therefore recommended. One approach fits all might not be the right strategy for tracking hotel industry revenue.
The findings provide implications for hotel industry practitioners, policy makers, industry associations, and researchers. Hotel operators, especially those with multiple properties can make marketing and operating decisions regarding pricing, inventory allocation, and strategic management based on the revenue estimation models specific to their segments. For upper midscale and midscale hotels, the operators should track consumers’ confidence, PCE and international inbound tourism for making important strategic decisions on pricing, mergers and acquisitions, and investing. On a macro level, the model can be used by practitioners to predict changes in hotel revenues based on estimations of the macroeconomic variables used in this study. For luxury and upper upscale hotel sub-segments specifically, the practitioners need to pay close attention to the number of hotel rooms in their sub-segment to adjust pricing strategies to obtain better revenue. In addition, upper upscale, upscale and economy hotel operators also need to take domestic travelers’ needs into consideration.
Practitioners, investors, policymakers and researchers, in hindsight, can track aggregate hotel industry revenue by keeping an eye on domestic trips, international inbound trips, CCI and PCE. In summary, a segment-specific strategy is suggested for improving estimation accuracy.
7. Limitations
The availability of the right type of data was one of the limitations of this study. For example, hotel revenue data consist of a representative sample of the US lodging industry. More specifically, the data received from STR only comprise of hotels that voluntarily provide data to STR. Domestic trips was measured by the number of domestic flights only, which did not take into account domestic travelers traveling by other modes of transportations. In addition, there is room for adding more relevant explanatory variables to the model.
8. Conclusion
In summary, this study successfully developed a parsimonious model of hotel revenue and identified four major macroeconomic predictors of US hotel revenue specific to different hotel sub-segments. However, the range of variability the model exhibited indicates that there is room to add more predictors to the model. Therefore, future studies should consider more predictor variables such as exchange rate and cost of transportation. Furthermore, it might be worthwhile to test the utility of the model to hotel sub-segments grouped by their locations such as urban, suburban, airport and interstate settings.
Note
1.
NOHR for luxury and upper upscale sub-segments are (I (1)), that is to say, NOHR for all other hotel sub-segments are I(0).
Figure 1.
US hotel industry and six sub-segments revenue trend
[Figure omitted. See PDF]
Figure 2.
Plot of CUSUM and CUSUMSQ (stability test)
[Figure omitted. See PDF]
Table I.
STR Hotel classification
Hotel segment |
ADR* range |
Luxury |
$150-220 |
Upper-upscale |
$120-150 |
Upscale |
$100-120 |
Upper-midscale |
$85-100 |
Midscale |
$70-85 |
Economy |
$55-70 |
Note:
*Annual 2017 ADR Range
Table II.
Unit root test results using ADF and PP test
ADF |
PP |
||||||||||||||||||||||||||||||||||||
Variable |
τc |
τc+t |
|||||||||||||||||||||||||||||||||||
Aggregate revenue |
−0.636 [13] (0.859) |
−3.953** [13] |
−2.950** [7] |
−6.481*** [6] |
|||||||||||||||||||||||||||||||||
Luxury revenue |
−0.869 [13] (0.797) |
−4.146*** [13] |
−2.116 [53] (0.239) |
−7.708*** [6] |
|||||||||||||||||||||||||||||||||
Upper-upscale revenue |
−0.827 [13] (0.809) |
−3.703** [13] |
−3.293** [17] |
−7.350*** [8] |
|||||||||||||||||||||||||||||||||
Upscale revenue |
−0.261 [13] (0.927) |
−3.968** [13] |
−1.634 [12] (0.464) |
−6.836*** [6] |
|||||||||||||||||||||||||||||||||
Upper-midscale revenue |
−0.557 [13] (0.876) |
−4.152*** [13] |
−2.411 [7] (0.140) |
−6.318*** [6] |
|||||||||||||||||||||||||||||||||
Midscale revenue |
−0.960 [13] (0.767) |
−3.345* [13] |
−5.495*** [3] |
−6.707*** [5] |
|||||||||||||||||||||||||||||||||
Economy revenue |
−2.461 [13] (0.126) |
−3.085 [13] (0.112) |
−6.276*** [2] |
−6.668*** [3] |
|||||||||||||||||||||||||||||||||
DT |
−1.471 [13] (0.547) |
−2.635 [13] (0.265) |
−6.916*** [7] |
−9.546*** [6] |
|||||||||||||||||||||||||||||||||
CCI |
−2.0740 (0.256) |
−2.1640 (0.507) |
−2.045 [1] (0.268) |
||||||||||||||||||||||||||||||||||
IA |
−0.615 [13] (0.864) |
−2.112 [13] (0.536) |
−3.641*** [8] |
−6.744*** [8] |
|||||||||||||||||||||||||||||||||
PCE |
−3.315** 0 |
−1.8170 (0.694) |
−2.828* [8] |
−1.802 [8] (0.701) |
|||||||||||||||||||||||||||||||||
NOHR _aggregate industry |
−0.919 [12] (0.781) |
−5.226*** [12] |
−3.27** [9] |
−3.440** [9] |
|||||||||||||||||||||||||||||||||
NOHR _ luxury scale |
−1.405 [12] (0.580) |
−2.595 [12] (0.283) |
−1.327 [8] (0.617) |
−1.674 [9] (0.760) |
|||||||||||||||||||||||||||||||||
NOHR _ upper upscale |
−1.887 [12] (0.338) |
−2.447 [12] (0.355) |
−1.818 [11] (0.372) |
−1.544 [11] (0.812) |
|||||||||||||||||||||||||||||||||
NOHR _ upscale |
−0.974 [12] (0.763) |
−4.718*** [12] |
−2.610* [10] |
−2.449 [10] (0.353) |
|||||||||||||||||||||||||||||||||
NOHR _ upper midscale |
−1.124 [12] (0.707) |
−5.743*** [12] |
−3.708*** [8] |
−2.926 [8] (0.156) |
|||||||||||||||||||||||||||||||||
NOHR _ midscale |
−3.333** [12] |
−4.559*** [12] |
−4.506*** [7] |
−3.827** [7] |
|||||||||||||||||||||||||||||||||
NOHR _ economy |
−2.547 [12] (0.106) |
−4.483*** [12] |
−0.312 [9] (0.920) |
−4.476*** [8] |
|||||||||||||||||||||||||||||||||
Δ Aggregate Revenue |
−2.675* [12] |
NA | |||||||||||||||||||||||||||||||||||
Δ Luxury Revenue |
−3.228** [12] |
−40.775*** [51] |
|||||||||||||||||||||||||||||||||||
Δ Upper-upscale Revenue |
−3.141** [12] |
||||||||||||||||||||||||||||||||||||
Δ Upscale Revenue |
−2.792* [12] |
−20.908*** [18] |
|||||||||||||||||||||||||||||||||||
Δ Upper-midscale Revenue |
−2.580* [12] |
−17.004*** [13] |
|||||||||||||||||||||||||||||||||||
Δ Midscale Revenue |
−2.644* [12] |
||||||||||||||||||||||||||||||||||||
Δ Economy Revenue |
−2.411 [12] (0.140) |
−2.429 [12] (0.364) |
|||||||||||||||||||||||||||||||||||
Δ DT |
−4.752*** [12] |
−4.743*** [12] |
|||||||||||||||||||||||||||||||||||
Δ CCI |
−16.812*** [0] |
−16.793*** 0 |
−17.001*** [5] |
−16.987*** [5] |
|||||||||||||||||||||||||||||||||
Δ IA |
−4.257*** [12] |
−4.269*** [12] |
|||||||||||||||||||||||||||||||||||
Δ PCE |
−17.413***0 |
−17.676*** [8] |
|||||||||||||||||||||||||||||||||||
Δ NOHR_aggregate industry |
−1.282 [11] (0.638) |
||||||||||||||||||||||||||||||||||||
Δ NOHR_ luxury scale |
−2.412 [11] (0.140) |
−2.601 [11] (0.280) |
−12.928*** [9] |
−12.967*** [9] |
|||||||||||||||||||||||||||||||||
Δ NOHR _ upper upscale |
−2.405 [11] (0.141) |
−2.807 [11] (0.196) |
−22.061*** [11] |
−23.081*** [11] |
|||||||||||||||||||||||||||||||||
Δ NOHR _ upscale |
−1.292 [11] (0.634) |
−14.871*** [10] |
|||||||||||||||||||||||||||||||||||
Δ NOHR _ upper midscale |
−1.066 [11] (0.729) |
−12.130*** [9] |
|||||||||||||||||||||||||||||||||||
Δ NOHR _ midscale |
|||||||||||||||||||||||||||||||||||||
Δ NOHR _ economy |
−2.083 [11] (0.252) |
−14.678*** [8] |
|||||||||||||||||||||||||||||||||||
1% level*** |
−3.457 |
−3.995 |
−3.455 |
−3.994 |
|||||||||||||||||||||||||||||||||
5% level** |
−2.873 |
−3.428 |
−2.872 |
−3.427 |
|||||||||||||||||||||||||||||||||
10% level* |
−2.573 |
−3.137 |
Notes:
All variables are in logs in the series and are results of stationery tests with intercept and with trend and intercept; [.]s for the ADF test are the appropriate lag lengths selected by SIC (Schwarz Info Criterion), and for PP test are the optimal bandwidths. △ denotes the first difference of the variable; *p < 0.1; **p < 0.05; ***p <0.01;
*p value is in the parenthesis
DT; – Domestic trips; CCI – Consumer Confidence Index; IA – International arrivals; PCE – Personal Consumption Expenditure; NOH – number of hotels
Table III.
ARDL Bounds test for Co-integration
lnAggregate revenue |
lnLux |
lnUpperup |
lnUpscale |
lnUppermid |
lnMidscale |
lnEconomy |
|||||||
F-Bound test |
14.644*** |
10.485*** |
4.739*** |
12.448*** |
25.723*** |
10.005*** |
10.543*** |
Table IV.
Optimal lag length
for each hotel Sub-Segment revenue
Aggregate industry |
Luxury |
Upper-upscale |
Upscale |
Upper-midscale |
Midscale |
Economy |
|
Optimal lag length |
3 or 8 |
8 |
3 or 6 |
4 or 8 |
6 or 8 |
7 or 8 |
Table V.
Estimated Long-Run coefficients for the industry and Sub-Segment revenue models
Coefficients Variables |
Dependent variable and ARDL Model |
||||||
(7,10,9,10,0,10) |
(8,7,7,0,8,6) |
(6,11,9,0,7,9) |
(8,10,10,10,5,9) |
(4,10,10,10,0,10) |
(7,12,11,10,12,11) |
(6,11,12,11,0,12) |
|
In DT |
0.203** (0.101) |
−0.112 (0.123) |
0.305*** (0.116) |
0.154** (0.074) |
0.072 (0.122) |
0.148 (0.119) |
0.390*** (0.135) |
In CCI |
0.176*** (0.012) |
0.049** (0.024) |
0.026 (0.013) |
0.130*** (0.011) |
0.146*** (0.015) |
0.190*** (0.016) |
0.258*** (0.019) |
In IA |
0.175*** (0.033) |
0.444*** (0.041) |
0.280*** (0.045) |
0.279*** (0.026) |
0.167 *** (0.038) |
0.074* (0.038) |
−0.003 (0.052) |
In PCE |
0.746*** (0.178) |
2.008*** (0.184) |
1.644*** (0.199) |
0.924*** (0.133) |
1.050*** (0.207) |
0.767*** (0.214) |
0.075 (0.263) |
In NOHR |
−0.004 (0.157) |
−0.565*** (0.205) |
−2.868*** (0.435) |
−0.132 (0.105) |
0.190 (0.115) |
0.030 (0.133) |
0.209 (0.237) |
Notes:
*p < 0.1; **p < 0.05; ***p < 0.01;
*Note: standard error is in the parenthesis;
all regressions are with unrestricted constant and unrestricted trend.
F-Bound Test reported for Co-integration;
DT – Domestic trips; CCI – Consumer Confidence Index; IA – International arrivals; PCE-Personal Consumption Expenditure; NOH – number of hotels
Table VI.
Error correction representation for the selected ARDL models
< |