Justice, Public Order, and Safety Activities (U.S.) — NAICS 9221

An investor's primer at the industry-group (4-digit) level. Plain-language and dual-audience — relevant to both public-market and private investors. This page synthesizes the seven child primers beneath it and contrasts them; for the full company-by-company detail on any one function, read that child's primer.

1. Overview

North American Industry Classification System (NAICS — the U.S. government's standard code for industries) code 9221 — Justice, Public Order, and Safety Activities is the part of the economy that runs the American justice and public-safety system: courts, police, prosecutors and public defenders, prisons and jails, probation and parole, fire departments, and emergency management.[1] It sits inside Sector 92, Public Administration — the government part of the economy — and it is where roughly a trillion dollars a year of federal, state, and local public-safety spending is organized.

The single most important fact for an investor is the same one that governs every child below it: this is government, not a market. Courts, police forces, and fire departments are tax-funded public functions with no share price, no profit margin, and no dividend. With one narrow but important exception — the contracted-out slice of incarceration and community supervision — you cannot buy any of these functions. What you can buy is the large, mostly private supply chain that equips, software-enables, builds, staffs, insures, and finances them: public-safety and courts software, digital-evidence and forensics tools, fire trucks and life-safety systems, electronic monitoring, litigation finance, and the private prison and detention operators.

The distinctive value of looking at all seven functions together — rather than one at a time — is the contrast: they differ enormously in size, in which way demand is heading, in how privatized they are, and, above all, in whether there is any listed way to own them. This page leads with that comparison, then treats the group as a whole.

2. What's inside — the seven functions, and how they differ

NAICS 9221 splits into seven five-digit industries. Uniquely for this group, each five-digit industry contains exactly one six-digit national industry, so the five- and six-digit codes are identical twins (e.g., 92211 ≡ 922110). The real analytical variety is across the seven, not beneath any one of them.

The contrast that matters most to an investor:

*Sizes are drawn from different sources and partly overlapping government-finance buckets (police from one series, corrections and courts-plus-legal from others, emergency management from a payroll series) and are not perfectly comparable — read them as directional rank, not precise shares. There is no single official revenue figure for any of these codes; see Section 3.

How the economics differ across the seven. Six of the functions are pure cost centers — you invest by owning the vendors around them, and the vendor economics are recurring govtech software, capital-goods (fire trucks), or professional services. Only corrections and community supervision offer something closer to owning the function itself, through for-profit operators paid a per diem (a daily rate per person confined or supervised) — a genuinely different, occupancy-driven, policy-exposed business model. That is why this group's investment map is lopsided: most of the money at stake is invisible to equity investors, and most of the investable money is concentrated in two places — the recurring-revenue govtech vendors that sell across several functions, and the two listed private-prison operators.

A cross-cutting insight the children don't show on their own: the same handful of public-safety and government-software vendors — Tyler Technologies, Axon, and Motorola Solutions — recur as the investable proxy for courts, police, prosecution, and emergency management. At the 9221 level, that makes diversified govtech the single most efficient way to own the group as a whole, because those firms' revenue spans four of the seven functions at once.

What 9221 excludes (adjacent codes not to conflate): the private practice of law (NAICS 5411 Legal Services, a ~$300B for-profit industry)[17]; private security guards and alarm monitoring (NAICS 56161); the for-profit prison operators themselves, which are classified in Facilities Support Services (561210), not here; military courts and national security (928110); and commercial/wildfire firefighting services (561990). The government functions are in 9221; most of the money you can invest in sits in those neighboring codes.

3. Size (this level's rollup figures, with caveat)

Our ground-truth data. Histometrics' ingested federal statistics contain no stat_metrics entries for NAICS 9221 — no revenue, employment, establishment, or market-size figure at this level. We report none of our own, and never state a suppressed value as real. Every figure on this page is a cited external benchmark, labeled as such.

That absence is expected, not a gap. It is a structural undercount that runs to zero: the Census Bureau's business programs — the Economic Census, County Business Patterns (CBP), and Statistics of U.S. Businesses (SUSB) — are built to count private employers and explicitly exclude Sector 92, Public Administration, and government-operated establishments.[2] Because 9221 is overwhelmingly government (staffed, in the fire service, largely by unpaid volunteers), the standard "number of firms / receipts / small-business share" figures simply do not exist. The real footprint shows up only in government-finance, justice, and labor statistics — and those still understate it, because they omit unfunded officer and firefighter pensions and the vendor spending that rides alongside every budget.

Read against those alternative sources, 9221 is a roughly trillion-dollar-a-year public enterprise employing several million people:

• Public spending (rough, mixed-source): police ~$135B (state & local, 2021)[3]; public corrections ~$115.8B including prisons, jails, and community supervision[5]; fire protection ~$79.2B (2024)[4]; state & local "judicial and legal" (courts + prosecution + defense combined) ~$52B[3]; the federal judiciary ~$8.6B[39]. Total U.S. justice-system spending was about $305B in 2017 and has grown since.[3]
• People confined or supervised: ~1.9 million in prisons and jails on a given day[5]; ~3.68 million more under probation or parole in the community[8].
• Workforce (illustrative, non-additive across series): ~1.0–1.2 million state and local law-enforcement personnel[9]; ~1.0–1.05 million firefighters (about 65% volunteer)[13]; ~387,500 correctional officers and jailers[11]; ~188,000 in the "other" emergency-management slice[15]; ~92,300 probation officers[12]; and well over 100,000 people in government prosecution and public defense[16].
• Volume: state courts handle ~68–70 million cases filed a year[40]; fire departments field ~35 million calls (only ~4% actual fires, roughly two-thirds medical)[13].

Undercount caveat. Unlike a normal industry, standard business statistics don't merely undercount 9221 — they don't cover it at all, by design.[2] Two consequences for investors: (1) any "market size" you see for these codes is really a government-spending figure, not vendor revenue available to earn on; and (2) the various headcounts above come from different surveys with different scopes and cannot be added together.

4. Investable universe — where value concentrates across the seven

Because the government functions themselves are unownable, value concentrates in two pools, and the split between them is the defining feature of this group:

Pool 1 — Vendors and financiers that sell around the functions (six of seven children). This is where most listed exposure lives, and it clusters by type:

• Government / public-safety / courts software — Tyler Technologies (courts, justice, dispatch, records), Axon Enterprise (weapons, body cameras, cloud evidence, and now 911 call-handling), Motorola Solutions (mission-critical radios and command-center software). These three recur across courts, police, prosecution, and emergency management, making them the most diversified way to own 9221.[24][25][26]
• Legal information, research, and AI — Thomson Reuters (Westlaw/CoCounsel) and RELX (LexisNexis): a near-duopoly serving courts and prosecutors.[28][29]
• Digital evidence and forensics — Cellebrite, plus Axon's evidence cloud.[31]
• Enforcement, warning, and disaster tech — Verra Mobility (automated traffic enforcement)[27], Genasys (mass-notification micro-cap)[36], and federal disaster-services contractors Leidos and Booz Allen Hamilton for indirect FEMA exposure.[37]
• Fire supply chain — a fire-truck oligopoly (REV Group, Oshkosh/Pierce, Rosenbauer, ~70–80% share), life-safety systems (APi Group), safety gear (MSA Safety), and aerial wildfire suppression (Bridger Aerospace).[33][32][34][35]
• Litigation finance — Burford Capital, the listed way to own litigation-outcome returns around the courts.[30]

Pool 2 — The contracted-out slice of incarceration and supervision (the corrections and parole/probation children only). This is the only pool where you can own something close to the government function itself, through two listed operators — CoreCivic (NYSE: CXW), ~$2.2B 2025 revenue (federal ~54%), and The GEO Group (NYSE: GEO), ~$2.63B revenue (federal ~66.6%) — which together control over 70% of U.S. private-prison and detention beds and, through GEO's BI subsidiary and the ISAP contract, most electronic monitoring too.[19][20] Both are former real estate investment trusts (REITs) that revoked REIT status in 2021 to pay down debt.

Private and PE-owned layer runs through all seven: PE-backed police-tech and prosecutor case-management software (Karpel), fire-service inspection roll-ups (Pye-Barker, Encore, Summit), monitoring vendors (Allied Universal), disaster-recovery consultancies (Tidal Basin, IEM), and govtech taken private (Everbridge, ~$1.8B by Thoma Bravo, 2024; CentralSquare).[38] Municipal, county, and special-district bonds are the fixed-income route to lend into courthouse, jail, and fire-station construction.

The discipline that applies to every name here: segment revenue is not this-code revenue. Each listed company sells well beyond justice and public safety, so none is a proxy for any single function; own them for their business quality, not as a bet on "the industry."

5. How the money works

Two engines run under 9221, and which one you're looking at depends entirely on which child:

• The public-finance engine (all seven functions). These are cost centers funded by appropriations — mostly local property and sales taxes plus intergovernmental transfers and federal grants — and measured by clearance rates, response times, caseloads, and cost per outcome, not margins. Spending is politically sticky and defensive across the economic cycle. For a bond investor, the metrics are the tax base, levy, pension load, and coverage — not profit.
• The vendor / operator engine (where investors earn). It takes three distinct forms across the group: (a) recurring govtech software — sticky multi-year contracts, high switching costs, subscription/SaaS revenue that scales with data (the digital-evidence explosion is the clearest example, since storage and redaction tooling grows with data, not just case count); (b) capital goods and services — long-cycle, backlog-driven fire-apparatus manufacturing plus a code-mandated inspection/testing annuity; and (c) per-diem operations — the private-prison and monitoring model, where revenue is people × daily rate × days, occupancy is everything, and fixed costs make incremental occupancy highly profitable.

A subtlety that recurs across the group: more activity does not automatically mean more vendor revenue. A court can get busier under a fixed-price software contract without paying more; a prison operator earns nothing extra from a policy debate until beds actually fill. The money follows contracts and appropriations, not headlines.

6. Demand drivers

Across all seven, demand is set by policy, law, and budgets — not by consumers or the business cycle. The shared drivers, and how they diverge:

• Government budgets and grants — the master driver everywhere; police (~$135B) and corrections (~$116B) rest on large, durable budgets, while emergency management leans heavily on federal grant pass-throughs (e.g., FEMA's ~$319.5M Emergency Management Performance Grant, 50% cost-share)[42] that make it the most budget-fragile of the seven.
• Technology modernization — the strongest structural tailwind group-wide: e-filing and cloud migration in courts, digital evidence in prosecution and policing, Next Generation 911 and mass notification in emergency management, and risk-assessment and monitoring tech in probation. Dollars are migrating from headcount toward software across the board (police officer employment is projected to grow just 3% to 2034, correctional-officer jobs to fall ~7%).[10][11]
• Immigration enforcement — the current swing factor for two children. ICE's detained population crossed ~73,000 for the first time in early 2026, and the One Big Beautiful Bill Act made ~$45B available for detention capacity through FY2029 — the dominant near-term growth engine for the private operators and monitoring vendors, even as domestic incarceration keeps declining.[21][22]
• Disaster frequency and climate — 27 U.S. billion-dollar weather disasters in 2024 (~$182.7B) drive the rising demand curve under emergency management and wildfire suppression.[41]
• Aging population and infrastructure — quietly turning the fire service into a majority-EMS operation and driving an apparatus replacement supercycle.[13]

7. Regulation

9221 is unusual because the industry is the government — several of its functions are themselves regulators (courts, police, fire code enforcement). "Regulation" here therefore means two things: the constitutional and statutory framework governing the functions, and the procurement/security rules governing the vendors.

• The functions answer to separation of powers and self-administration (the federal judiciary via the Judicial Conference; state systems via their supreme courts), a constitutional floor (Fourth Amendment, the Sixth Amendment right to counsel under Gideon, prosecutorial disclosure under Brady, revocation due process under Morrissey/Gagnon), and function-specific regimes — POST officer certification and DOJ consent decrees in policing; PREA, PLRA, and ICE detention standards in corrections; the Stafford Act and NIMS in emergency management; NFPA and ICC codes in fire.
• The vendors face a common moat-building compliance stack that favors certified incumbents: the FBI's Criminal Justice Information Services (CJIS) Security Policy, FedRAMP/StateRAMP cloud authorization, FISMA, and the Federal Acquisition Regulation. For investors, most vendor names face procurement and political risk more than product regulation.

The one place regulation directly creates or destroys investable value is corrections: federal contracting policy flips with the presidency (Executive Order 14006 zeroed out DOJ private-prison contracts in 2021; its January 2025 rescission reopened them)[23], making the private operators uniquely policy-exposed.

8. Consolidation

The pattern is consistent group-wide and worth stating as a rule: the government side is fragmented by design and does not consolidate; the private side around it consolidates hard.

• Government is deliberately decentralized — ~18,000 law-enforcement agencies, ~50 state court and corrections systems, thousands of counties and fire districts. That fragmentation makes selling slow but makes each installed vendor base sticky.
• Vendors are consolidating across every function: a courts/justice and public-safety software oligopoly led by Tyler; a legal-information duopoly (Westlaw vs. LexisNexis); a fire-apparatus oligopoly (three makers, ~70–80% share) now under Senate scrutiny for prices and delays; PE roll-ups in fire-inspection services, police tech, prosecutor software, and monitoring; and PE take-privates of govtech (Everbridge, CentralSquare).
• Operators are the most concentrated of all — GEO and CoreCivic together hold over 70% of private beds, with near-term consolidation likelier through facility acquisitions, leases, and reactivations than corporate mergers.[7]

9. Risks

The risks rhyme across the seven, with corrections carrying an extra layer:

• No direct vehicle for six of seven functions — you own the supply chain, not the industry, and a company can sell to courts while earning most of its economics from law firms, police, or corporations.
• Budget, appropriations, and procurement risk — everything downstream depends on government money moving through slow, lumpy, protest-prone cycles; emergency management is additionally exposed to FEMA's uncertain federal future.
• Policy and political reversal — bail reform, sentencing reform, litigation-finance limits, and above all immigration-enforcement policy can reshape whole sub-markets; the private operators could see capacity stranded by a single executive order or funding cut.
• Customer concentration — a handful of federal agencies (ICE, USMS) drive the operators; single statewide contracts move govtech vendors' results.
• Cybersecurity, privacy, and civil-liberties backlash — court, 911, and criminal-justice data are prime attack targets, and cameras, facial recognition, automated enforcement, and monitoring face growing restriction.
• Litigation and reputational risk — deaths in custody and prison conditions for the operators; PFAS/"forever chemical" foam and gear liability in fire (3M's ~$10.3B and DuPont/Chemours/Corteva's ~$1.185B public-water settlements plus pending personal-injury suits).
• Valuation, leverage, and ESG — the clearest listed govtech names trade at rich multiples; the operators carry REIT-era debt and face bank boycotts and ESG-screen exclusion; PE roll-ups carry acquisition leverage.
• Data/measurement risk — there is no clean public revenue denominator for any of these codes; company revenue is not industry revenue, and headcounts across surveys are not comparable.

10. How to invest, and the outlook

How to invest depends entirely on which of the two pools you want:

• The diversified, defensive route is the recurring-revenue govtech and public-safety vendors that span multiple functions — Tyler, Axon, and Motorola Solutions as the broadest proxies for courts, police, prosecution, and emergency management at once — supplemented by legal-information (Thomson Reuters, RELX), the fire supply chain (REV Group, Oshkosh, APi Group, MSA Safety), and litigation finance (Burford). None is a pure play; own them for business quality, high retention, and government-budget durability.
• The direct, higher-beta route is the corrections and detention operators — CoreCivic and GEO — the only near-pure-plays in the group. Underwrite the contract, not the headline population trend: watch compensated occupancy, active vs. idle beds, revenue per man-day, customer concentration, debt maturities, and contract terms, not yield alone.
• Private and fixed-income routes run through PE-backed govtech and fire-service platforms, private operators and sale-leaseback facility real estate, litigation-finance and monitoring funds, and municipal/fire-district bonds for the demand side — generally institutional or specialized.

Outlook (forward-looking judgment, not established fact). Justice, public order, and safety should remain a durable, low-cyclicality, tax-funded market, and the most defensible way to hold it is through diversified, mission-critical, recurring-revenue vendors whose backlog gives visibility even when a single government budget wobbles. The strongest structural tailwind group-wide is the multi-year digitization, security-hardening, and NG911/cloud modernization of the whole justice apparatus — a replacement cycle that favors incumbents with the largest installed base. The sharpest near-term catalyst, and the sharpest risk, is immigration-enforcement policy: the OBBBA detention money set to flow through FY2029 is a powerful tailwind for the two operators, but their fortunes hinge on federal enforcement posture holding — a policy bet, not a settled fact. Across the group, execution, contract quality, cybersecurity, valuation, and — always — government budget and policy choices determine returns.

For the complete function-by-function analysis, read the seven child primers: 92211 Courts, 92212 Police Protection, 92213 Legal Counsel and Prosecution, 92214 Correctional Institutions, 92215 Parole and Probation Offices, 92216 Fire Protection, and 92219 Other Justice, Public Order, and Safety Activities.

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Sources

Consolidated and renumbered from the seven child primers; original source detail lives in those primers.

1. U.S. Census Bureau, "2022 NAICS — Industry Group 9221 / Sector 92 Public Administration" (structure and definitions). https://www.census.gov/naics/?input=9221&year=2022
2. U.S. Census Bureau, business-program scope — County Business Patterns, Economic Census, and Statistics of U.S. Businesses exclude Sector 92 (Public Administration) and government establishments. https://www.census.gov/programs-surveys/cbp/technical-documentation/methodology.html
3. Urban Institute, "Criminal Justice Expenditures: Police, Corrections, and Courts" (state/local police ~$135B/~$407 per capita, 2021; judicial-and-legal ~$52B), 2024. https://www.urban.org/policy-centers/cross-center-initiatives/state-and-local-finance-initiative/state-and-local-backgrounders/criminal-justice-police-corrections-courts-expenditures
4. U.S. Bureau of Economic Analysis, "Government current expenditures: State and local: Public order and safety: Fire" (~$79.2B, 2024), via FRED series G160861A027NBEA. https://fred.stlouisfed.org/series/G160861A027NBEA
5. Prison Policy Initiative, "Following the Money of Mass Incarceration 2026" (public corrections ~$115.8B) and "Mass Incarceration: The Whole Pie 2025" (~1.9M confined). https://www.prisonpolicy.org/reports/money2026.html
6. USAFacts, "How much do states spend on housing prisoners?" (state prisons ~$63.6B), 2024. https://usafacts.org/articles/how-much-do-states-spend-on-prisons/
7. Bureau of Justice Statistics, "Prisoners in 2023 – Statistical Tables" (1,254,200 under jurisdiction; ~88,600 / 7.1% in private prisons), 2025; LegalClarity, "Who Owns Private Prisons" (GEO + CoreCivic >70% of private beds), 2025. https://bjs.ojp.gov/library/publications/prisoners-2023-statistical-tables
8. Bureau of Justice Statistics, "Probation and Parole in the United States, 2024" (3,681,900 under supervision; ~24% decline 2014–2024), 2026. https://bjs.ojp.gov/document/ppus24.pdf
9. Bureau of Justice Statistics, "Census of State and Local Law Enforcement Agencies, 2018" (17,541 agencies; ~1.21M full-time personnel), 2022. https://bjs.ojp.gov/library/publications/census-state-and-local-law-enforcement-agencies-2018-statistical-tables
10. U.S. Bureau of Labor Statistics, "Police and Detectives: Occupational Outlook Handbook" (666,990 patrol officers; median $76,290; 3% projected growth 2024–2034), 2025. https://www.bls.gov/ooh/protective-service/police-and-detectives.htm
11. U.S. Bureau of Labor Statistics, "Correctional Officers and Bailiffs: Occupational Outlook Handbook" (~387,500 jobs; median $57,970; ~7% projected decline to 2034). https://www.bls.gov/ooh/protective-service/correctional-officers.htm
12. U.S. Bureau of Labor Statistics, "Probation Officers and Correctional Treatment Specialists: Occupational Outlook Handbook" (~92,300 jobs; median $64,520). https://www.bls.gov/ooh/community-and-social-service/probation-officers-and-correctional-treatment-specialists.htm
13. National Fire Protection Association, "U.S. Fire Department Profile" (~29,000+ departments; ~1.0–1.05M firefighters; ~65% volunteer) and U.S. Fire Administration run-profile (~35M calls; ~4% fires). https://www.nfpa.org/education-and-research/research/nfpa-research/fire-statistical-reports/us-fire-department-profile
14. National Fire Protection Association, "Total Cost of Fire in the United States" (donated volunteer time valued ~$140B/yr). https://www.nfpa.org/education-and-research/research/nfpa-research/fire-statistical-reports/total-cost-of-fire-in-the-united-states
15. U.S. Bureau of Labor Statistics, "Quarterly Census of Employment and Wages (QCEW), 2024 — NAICS 922190" (~187,800 employment; ~$23.4B wages). https://data.bls.gov/cew/data/api/2024/a/industry/922190.csv
16. Bureau of Justice Statistics, "Prosecutors in State Courts, 2020" (2,347 offices; >35,000 attorneys; ~44,000 non-attorney staff; >$6B operating budgets), 2024. https://bjs.ojp.gov/library/publications/prosecutors-state-courts-2020
17. U.S. Census Bureau, "2022 NAICS: Legal Services (5411)" (private legal industry, revenue ~$300B) and U.S. BLS, "Lawyers: Occupational Outlook Handbook" (864,800 jobs; ~19% in government). https://www.census.gov/naics/?details=5411&input=5411&year=2022
18. Vera Institute of Justice, "What Prosecution Costs" (58 large cities ~$2.6B prosecution budgets, 2021), 2022. https://www.vera.org/publications/what-prosecution-costs
19. CoreCivic, "Form 10-K and Q4/Full-Year 2025 Results" (~$2.2B revenue; federal ~54%; REIT revocation 2021), 2026. https://ir.corecivic.com/
20. The GEO Group, "Full-Year 2025 Results / Form 10-K" (~$2.63B revenue; federal ~66.6%; BI Incorporated; ISAP), 2026. https://investors.geogroup.com/
21. American Immigration Council, "Immigration Challenges in Implementing the One Big Beautiful Bill" (~$45B ICE detention capacity; ~135,000 beds; FY2025–2029), 2025. https://www.americanimmigrationcouncil.org/blog/immigration-challenges-implementing-the-one-big-beautiful-bill/
22. CBS News, "ICE's detainee population reaches new record high" (~73,000), 2026. https://www.cbsnews.com/news/ices-detainee-population-record-high-of-73000/
23. Executive Order 14006 (Jan 2021) and Brennan Center for Justice, "Trump Reverses Biden Order that Eliminated DOJ Contracts with Private Prisons" (Jan 2025 rescission). https://www.brennancenter.org/our-work/analysis-opinion/trump-reverses-biden-order-eliminated-doj-contracts-private-prisons
24. Axon Enterprise, Inc., "Axon 2024 revenue grows 33% to $2.1 billion," 2025. https://investor.axon.com/
25. Motorola Solutions, Inc., "Fourth-Quarter and Full-Year 2024 Financial Results" (net sales ~$10.3–10.8B; backlog ~$14.7B). https://www.motorolasolutions.com/newsroom/
26. Tyler Technologies, Inc., FY2024 Annual Report / earnings (annual recurring revenue ~$2.07B; courts & justice, public safety). https://www.tylertech.com/
27. Verra Mobility Corp., "Fourth Quarter and Full-Year 2024 Results" (Government Solutions ~$391M; automated enforcement), 2025. https://www.prnewswire.com/news-releases/verra-mobility-announces-fourth-quarter-and-full-year-2024-financial-results-302387610.html
28. Thomson Reuters, "Fourth-Quarter and Full-Year 2024 Results" (Westlaw / CoCounsel legal information and AI). https://www.thomsonreuters.com/
29. RELX PLC, "Legal (LexisNexis Legal & Professional)" segment, 2025 Annual Report. https://www.relx.com/investors/annual-reports
30. Burford Capital (NYSE/LSE: BUR), the largest listed litigation funder — investor materials. https://www.burfordcapital.com/
31. Cellebrite DI Ltd., "Fourth-Quarter and Full-Year 2024 Results" (revenue ~$401M; digital evidence/forensics), 2025. https://www.cellebrite.com/en/investor-relations/
32. APi Group Corporation, "2025 Form 10-K" (Life Safety revenue ~$5.456B; inspection/testing/monitoring). https://www.sec.gov/Archives/edgar/data/1796209/000162828026011620/apg-20251231.htm
33. Fire-apparatus oligopoly: REV Group (NYSE: REV), Oshkosh/Pierce (NYSE: OSK), Rosenbauer (Vienna: ROS), ~70–80% U.S. share; U.S. Senate HSGAC hearing, "Sounding the Alarm: America's Fire Apparatus Crisis," Sept. 2025. https://www.hsgac.senate.gov/subcommittees/dmdcc/hearings/sounding-the-alarm-americas-fire-apparatus-crisis/
34. MSA Safety Incorporated, "2024 Form 10-K" (SCBA, protective apparel, detection). https://www.sec.gov/Archives/edgar/data/66570/000006657025000007/msa-20241231.htm
35. Bridger Aerospace Group Holdings, "Form 10-K (FY2025)" (aerial wildfire suppression). https://www.sec.gov/Archives/edgar/data/1941536/000194153626000005/baer-20251231.htm
36. Genasys Inc. (Nasdaq: GNSS), mass-notification revenue (~$24M FY2024). https://stockanalysis.com/stocks/gnss/revenue/
37. Leidos and Booz Allen Hamilton — federal disaster-services / FEMA-adjacent contractors (investor materials). https://www.leidos.com/; https://www.boozallen.com/
38. Everbridge, Inc., "Thoma Bravo Completes Acquisition of Everbridge" (~$1.8B; delisted), July 2024; CentralSquare Technologies (Bain Capital / Vista Equity Partners). https://www.everbridge.com/newsroom/article/thoma-bravo-completes-acquisition-of-everbridge/
39. Congressional Research Service, "Judiciary Appropriations, FY2024" (R48077) and Administrative Office of the U.S. Courts (federal judiciary ~$8.6B enacted), 2024. https://www.congress.gov/crs-product/R48077
40. The Pew Charitable Trusts, "How Many Cases Do State and Local Courts Handle?" (~68.5M, 2023) and National Center for State Courts, "Annual Report" (~70M). https://www.pew.org/en/research-and-analysis/data-visualizations/2025/03/how-many-cases-and-what-kind-do-state-and-local-courts-handle
41. NOAA / National Centers for Environmental Information, "2024: An active year of U.S. billion-dollar weather and climate disasters" (27 events; ~$182.7B), 2025. https://www.climate.gov/news-features/blogs/beyond-data/2024-active-year-us-billion-dollar-weather-and-climate-disasters
42. Federal Emergency Management Agency, "Emergency Management Performance Grant (EMPG)" (~$319.5M; 50% cost share), 2025. https://www.fema.gov/grants/preparedness/emergency-management-performance