Executive and Legislative Offices, Combined (U.S.) — NAICS 92114

A Histometrics industry primer for public-market and private investors.

Short primer — single-child pass-through. NAICS 92114 ("NAICS" = North American Industry Classification System, the U.S. government's standard for sorting the economy) is a five-digit industry that contains exactly one six-digit child, 921140, of the same name. At this level the industry is its child — there is nothing in 92114 that is not in 921140. This page gives the rollup definition and our ground-truth figures for the level, then points you to the child primer for full detail.

For the complete treatment — investable universe, public finance mechanics, vendor economics, regulation, risks, and how-to-invest — read the child primer: NAICS 921140.

1. Overview

NAICS 92114 covers the offices where a jurisdiction's executive and legislative functions sit in the same body — county boards of commissioners or supervisors, and the many smaller towns and townships where the mayor or executive is also a voting member of the council.[1] These are overwhelmingly local governments, not federal agencies, and they are institutions, not companies: no shareholders, no market revenue, no dividends, no acquisition value. They answer to voters.

Because the five-digit industry and its lone six-digit child are one and the same, everything in this rollup applies identically to 921140. The investment angle is entirely indirect, through two things these offices produce: the municipal bonds they issue (a ~$4.2 trillion tax-exempt debt market),[7] and the vendor market that sells them software and services (state-and-local-government software alone was roughly $9.7 billion in 2024).[11] Full detail on both is in the child primer.

2. What's inside — and why the level equals its one child

At the five-digit level, 92114 breaks down into a single six-digit industry:

Because there is only one child, the rollup carries no aggregation: 92114 = 921140. The five-digit code exists purely as a structural placeholder in the NAICS hierarchy. It sits inside industry group 9211, "Executive, Legislative, and Other General Government Support," within Sector 92, Public Administration.[1]

Sibling codes under 9211 are separate industries and are not part of 92114 — standalone executive offices (921110), standalone legislative bodies (921120), public finance activities (921130), other general government support (921190), and tribal governments (921150).[1] The distinguishing feature of 92114/921140 is the combined form: one body performs both the executive and the legislative role.

Ownership mix: public by definition — effectively 100% government, with no private ownership inside the code. Private ownership appears only in the supplier layer (the bond and vendor markets described in the child primer).

3. How big it is (this level's figures)

Ground-truth caveat: our ingested federal stat set contains no metrics for NAICS 92114 (or for its child 921140), so this primer reports no NAICS-specific figure for establishments, employment, payroll, or revenue at this level, and infers no suppressed value. The gap is structural, not an oversight: the Census Bureau's flagship business dataset, County Business Patterns (CBP), excludes Public Administration (Sector 92) and most government employees by design, so ordinary "number of firms / receipts" statistics undercount this industry to essentially zero.[2] Ownership here is governmental, not individual or private, so the usual business-registry counts simply do not capture it.

The right yardsticks come instead from the Census of Governments and the Annual Survey of Public Employment & Payroll (ASPEP). By those measures the universe of governing bodies is large. As of the 2022 Census of Governments:[3]

• 3,031 county governments, 19,491 municipal governments, and 16,214 town or township governments — the jurisdictions where the combined executive-and-legislative form is concentrated.
• (There are also 39,555 special-district governments and 12,546 school districts, but those carry separate codes and separate boards.)

On employment, national statistics are reported for local government as a whole, not cleanly for this slice: local governments employed roughly 14 million people in 2022 (about 11.1 million full-time-equivalent, "FTE", positions), with monthly local-government payroll near $67.6 billion (March 2022).[4] The narrower industry group "Executive offices & legislative bodies" counted roughly 1.3 million workers in 2024 at an average salary near $72,000; the 92114-only figure is a subset of that and is not separately published, so we flag it rather than guess.[6] This is a headcount-and-payroll story, not a revenue story — see the child primer for the full metric discussion.

4. Investable universe (where the value sits)

With only one child, there is no cross-child allocation to weigh: all of this level's investable value routes through the same two channels described for 921140. There is no publicly traded or privately held company that operates inside the code — these are government offices. The exposure is adjacent:

• Route A — the debt (municipal bonds). The most direct exposure: county and municipal governing bodies authorize and issue tax-exempt debt, a ~$4.2 trillion market.[7] Broad funds/exchange-traded funds ("ETFs") such as MUB and VTEB give diversified access.[15]
• Route B — the vendors (public and private). The closest listed proxy is Tyler Technologies (TYL), public-sector-only software for cities and counties;[12] adjacent names include Maximus (MMS) and Motorola Solutions (MSI), plus a broader, lower-purity set of federal/defense contractors. Much of the "govtech" base is private or private-equity owned (OpenGov, Granicus, CivicPlus, Euna, CentralSquare).[13]

Purity varies widely, and defense- or federal-heavy revenue should not be mistaken for direct exposure to local executive/legislative offices. The child primer, 921140, tabulates tickers, approximate scale, and relevance in full.

5. How the money works

Because no owner takes profit, the "economics" at this level are public finance — how the offices fund themselves — and, for the vendor side, contract economics. The offices draw on own-source revenue (chiefly the property tax, plus sales/income taxes and fees), intergovernmental transfers (state aid and federal grants), and borrowing via general-obligation ("GO") and revenue bonds.[10] Government spending flows through a fixed sequence — appropriation → obligation → outlay — and government "output" is valued at cost, not at a market selling price.[16][15] For a bond investor the return is tax-exempt interest, which is why individuals hold roughly two-thirds of the muni market.[9] The vendors that serve these offices earn multi-year recurring (increasingly cloud/subscription) revenue with high switching costs, but their demand moves at the speed of government procurement. The mechanics are identical to 921140 and are covered there in detail.

6. Demand drivers

Same as the child: population, tax base, and administrative complexity; federal and state fiscal cycles (the wind-down of pandemic-era ARPA and infrastructure IIJA money is now a headwind); interest rates (lower rates spur issuance — 2024 set a record ~$500 billion in muni issuance[8]); digital modernization, cybersecurity, and transparency mandates (the engine for vendor equities[11]); and elections, mandates, and emergencies. See 921140 for the full discussion.

7. Regulation

This level largely is government, so regulation runs two ways. On the offices (mostly state/local law): home rule versus Dillon's Rule, statutory debt limits, property-tax caps, balanced-budget requirements, open-meeting/"sunshine" and public-records laws, and financial-reporting rules from the Governmental Accounting Standards Board (GASB); on the bond side, the Securities and Exchange Commission (SEC) and Municipal Securities Rulemaking Board (MSRB) govern disclosure.[10] On the vendors that sell to government: procurement rules (federally, the Federal Acquisition Regulation, "FAR"), audits, suspension/debarment and false-claims exposure, and lobbying/campaign-finance disclosure.[16] Full treatment is in the child primer.

8. Consolidation

Governments don't compete or merge like firms. Outright consolidation of jurisdictions (city-county mergers, annexation, shared services) happens but is slow and politically hard, and the count of U.S. local governments has been broadly stable.[3] The active M&A story is on the vendor side, where Tyler Technologies (an estimated ~11.5% share of the public-sector software market) and PE-backed platforms (CentralSquare, OpenGov, Granicus, Euna, CivicPlus) roll up smaller specialists — building distribution and switching costs, but also leverage and integration risk.[13] Detail in 921140.

9. Risks

Because 92114 equals 921140, the risk set is identical. For the debt route: credit risk (tax-base erosion, rare default), pension/OPEB ("Other Post-Employment Benefits") underfunding, federal-aid cliffs, interest-rate risk, and forward-looking tax-law risk to the muni exemption. For the vendor route: budget/appropriations/procurement cycles, recompete and customer-concentration risk, software-multiple valuation swings, and compliance/leverage/integration risk. Cross-cutting: political and demographic change, cybersecurity exposure across under-resourced local IT, and measurement risk — the code does not map cleanly to contractor revenue, so apparent "industry" growth may reflect unrelated defense, health, or infrastructure work. The child primer expands each.

10. How to invest & outlook

The routes are exactly those of 921140. Public markets: buy municipal bonds directly (a ladder of specific county/city GO or revenue bonds) or hold a broad muni fund/ETF such as MUB or VTEB for diversified, tax-advantaged income;[15] on the equity side, own the vendors — Tyler Technologies (TYL) as the closest pure-ish play, with Maximus (MMS) and Motorola Solutions (MSI) adjacent, and the federal-heavy contractors as broader, lower-purity exposure. Private markets: private equity is the main door to the govtech vendor base, and direct municipal lending, separately managed muni portfolios, or municipal/infrastructure funds give tailored exposure to the debt side.

Outlook (editorial judgment, not fact). The direct public-office layer should stay durable but will not behave like a high-growth commercial industry; the supplier layer has attractive long-term themes in digital modernization, cybersecurity, and workflow automation, but near-term earnings stay uneven because appropriations, elections, and procurement delays can overpower underlying demand. On the debt side, watch the normalization of local budgets after federal aid rolls off, the rate environment, property-tax dynamics, and whether Washington preserves the muni tax exemption.

Full detail — including all figures, tables, and the complete sources list — is in the child primer: NAICS 921140.

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Sources

Drawn from the child primer (921140); numbering matches that page.

1. U.S. Census Bureau, "2022 North American Industry Classification System (NAICS) Manual" (definition of 92114/921140 and adjacent codes), 2022. https://www.census.gov/naics/reference_files_tools/2022_NAICS_Manual.pdf; https://www.census.gov/naics/
2. U.S. Census Bureau, "County Business Patterns" (coverage note: excludes Public Administration and most government employees). https://www.census.gov/programs-surveys/cbp.html
3. Federal Reserve Bank of St. Louis (citing the 2022 Census of Governments), "The Number and Types of Local Governments in the U.S.," 2024. https://www.stlouisfed.org/publications/regional-economist/2024/march/local-governments-us-number-type
4. U.S. Census Bureau, "2022 Census of Governments — Annual Survey of Public Employment & Payroll (ASPEP) Summary," 2023. https://www.census.gov/library/publications/2023/econ/g23-aspep.html
5. Data USA, "Executive Offices & Legislative Bodies" industry-group profile (2024 employment and wages). https://datausa.io/profile/naics/executive-offices-legislative-bodies
6. SIFMA, "US Municipal Bonds Statistics" (~$4.2 trillion outstanding, year-end 2024), 2025. https://www.sifma.org/research/statistics/us-municipal-bonds-statistics
7. The Bond Buyer, "2024 municipal bond issuance sets new record" (~$500 billion), 2025. https://www.bondbuyer.com/news/2024-municipal-bond-issuance-sets-new-record
8. Municipal Securities Rulemaking Board (MSRB), "Get to Know the Muni Market" (individuals hold ~2/3 of the market). https://www.msrb.org/Get-Know-Muni-Market
9. U.S. Securities and Exchange Commission / Investor.gov, "Municipal Bonds: An Overview" (general-obligation vs. revenue bonds). https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-37
10. Apps Run the World, "Top 10 State and Local Government Software Vendors, Market Size and Forecast 2024–2029" (~$9.7B in 2024). https://www.appsruntheworld.com/top-10-state-and-local-government-software-vendors-and-market-forecast/
11. Tyler Technologies, Inc., FY2025 earnings releases / Form 10-K (revenue ~$2.33B; subscription growth), 2025–2026. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000860731; https://stockanalysis.com/stocks/tyl/revenue/
12. Civic IQ / Government Technology, "Government software vendors and Tyler Technologies market position," 2025–2026. https://civiciq.com/blog/best-government-procurement-software-for-municipalities-in-2026-opengov-vs-tyler-technologies-vs-euna-solutions-vs-planetbids; https://www.govtech.com/100
13. iShares / Morningstar, "iShares National Muni Bond ETF (MUB)" (~$39B assets). https://www.ishares.com/us/products/239766/ishares-national-amtfree-muni-bond-etf
14. Federal Acquisition Regulation (FAR), Acquisition.gov, current edition. https://www.acquisition.gov/browse/index/far
15. U.S. Government Accountability Office (GAO), appropriations accounting (appropriation → obligation → outlay). https://www.gao.gov/products/b-257905
16. U.S. Bureau of Economic Analysis (BEA), "2025 Annual Update of the National Economic Accounts" (government output valued at cost), 2025. https://apps.bea.gov/scb/issues/2025/11-november/1125-nea-annual-update.htm