Administration of General Economic Programs (NAICS 92611): An Investor's Primer

This is a rollup page for a NAICS industry that contains exactly one national industry. It equals its single child, NAICS 926110, and points you there for full detail.

1. Overview

NAICS 92611 is a five-digit NAICS industry in the U.S. Census Bureau's 2022 North American Industry Classification System (NAICS). It sits inside Sector 92 (Public Administration), industry group 9261 (Administration of Economic Programs). It contains a single six-digit national industry — 926110, Administration of General Economic Programs — so at this level the two codes describe the same thing: the government establishments that "administer, promote, and develop economic resources, including business, industry, and tourism," plus the offices that produce general economic and statistical data.[1]

In plain terms, this is the machinery of government economic policy: the federal, state, and local agencies that run economic-development programs, hand out business incentives, staff small-business and trade offices, and publish the official statistics markets trade on. You cannot buy a piece of it directly; exposure is one step removed, through firms that serve these agencies or private vehicles that plug into their programs. Both public-market and private investors are exposed — the full case is laid out in the 926110 primer.

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

NAICS uses five-digit "industries" to group six-digit "national industries." Most five-digit codes bundle several children; 92611 has only one, 926110. There is no second industry to aggregate, no mix to weigh, and no U.S.-specific detail split off below it. The five-digit rollup and the six-digit leaf are therefore numerically and definitionally identical.[1]

The scope, exclusions, and sibling codes are all the child's. Briefly: this code is "general" economics only. Transportation-program administration (926120), utility and communications regulation (926130), agricultural marketing (926140), and commercial licensing and inspection (926150) each live in their own sibling code; central banking sits in 521110 and general public-finance/tax administration in 921130.[1] For the full exclusion table and the reasoning, see the 926110 primer.

3. Size (this level's figures)

Our ground-truth posture. Our ingested federal-statistics file for NAICS 92611 contains no metrics for this node, so every figure below is drawn from the cited Bureau of Labor Statistics (BLS) and Census sources carried up from the child, and labeled as such. That absence is expected, not a gap: Public Administration (Sector 92) is deliberately excluded from the Census Bureau's Economic Census and largely from County Business Patterns, which tabulate private employers rather than government establishments.[3] So there is no "receipts," "sales," or private-establishment count to report — and because this is a government-function code, there is no small-operator or individual-ownership undercount in the usual sense. The right lens is government employment and payroll. And because 92611 has one child, the industry total is the 926110 total.

Direct measure — BLS Quarterly Census of Employment and Wages (QCEW), 2024 annual averages, national (equals NAICS 926110):[2]

Federal government is the largest slice — about 52% of employment — reflecting the concentration of well-paid economists, statisticians, and analysts in federal statistical and economic agencies. In 2024, federal employment in the code edged down about 1.1% while state rose about 4.8% and local about 7.3%, consistent with an active state and local economic-development push.[2] For the fuller size discussion — including the broader procurement pool the investable proxies draw from — see the 926110 primer.

4. Investable universe (where value concentrates)

Because 92611 is a single-child code, value concentrates in exactly the same places the child primer maps — there is nothing to reallocate across sibling industries. There is no pure-play public company and no direct private equity in the code itself. Exposure falls in three buckets, each covered in full in 926110:

• Public firms that build and run these programs: administrative software (Tyler Technologies, NASDAQ: TYL), program design and evaluation (ICF International, NASDAQ: ICFI), program operations and benefits (Maximus, NYSE: MMS), and federal consulting and technology (Booz Allen Hamilton, NYSE: BAH; Leidos, NYSE: LDOS; SAIC, NASDAQ: SAIC; Amentum, NYSE: AMTM).[14][15][16][17][18]
• Major private owners and platforms: the private-equity route — Guidehouse (Bain Capital), Peraton (Veritas Capital), ManTech (Carlyle), and employee-owned Westat.[12][13][14][15]
• Private vehicles that plug into agency programs: the most direct route for private capital — Small Business Administration (SBA)-linked lending and business development companies (BDCs), and place-based tax-incentive funds (Opportunity Zone and New Markets Tax Credit vehicles).[5][4]

Treat every name as a proxy, not a pure play; economic-program work is one line within a broad federal book. The full company-by-company table is in the 926110 primer.

5. How the money works

Two distinct money stories run through this code, both detailed in the child primer:

• The agencies run on appropriations, not revenue, and move far more private capital than they spend — SBA's 7(a) program approved about $31.1 billion of loans in FY2024, the SBIC program invested roughly $7.26 billion, and state and local business incentives run an estimated $50–60 billion a year — while their statistical arms produce the market-moving jobs, gross domestic product (GDP), and inflation data as a public good.[5][4]
• The vendors earn revenue through prime contracts, subcontracts, software subscriptions, transaction fees, and managed operations, under the Federal Acquisition Regulation (FAR) contract types that split cost risk between government and contractor. Labor is the main input, so funded backlog, win rates, contract-type mix, customer concentration, and cash conversion are the metrics that matter.[16]

6. Demand drivers

Same drivers as the child, since the level is the child: the business cycle (counter-cyclical for the agencies), industrial policy and reshoring, interstate competition for plants and headquarters, digital-government modernization, program complexity and accountability, the decennial census cycle (next: 2030), artificial intelligence (AI) and automation, and the federal budget posture that caps headcount. See 926110 for the detail.[2][4][14][15]

7. Regulation

Also identical to the child. Two layers matter because the "industry" is partly the regulator and partly the customer: the agencies themselves are bounded by authorizing statutes, appropriations, the Administrative Procedure Act, and oversight — with statistical agencies carrying extra confidentiality and independence protections — while contractors and grantees are governed by the FAR, its conflict-of-interest rules, and the Uniform Guidance for federal awards.[17][18]

8. Consolidation

No product market exists inside the code, but the vendor layer that serves it has consolidated for years: Bain bought Guidehouse for $5.3 billion in 2023, Carlyle took ManTech private near $4.2 billion in 2022, and Amentum's 2024 combination with Jacobs' government units moved a large private platform into public markets.[12][14][11] Among governments, states and localities compete aggressively for private investment, keeping incentives elevated. Full treatment in 926110.

9. Risks

The risk set is the child's: appropriations and policy risk (cuts, continuing resolutions, shutdowns), agency reorganization, procurement and bid-protest risk, fixed-price contract-execution risk, expensive and scarce specialized labor, customer concentration, compliance and reputation risk, statistical-integrity risk, incentive-program retrenchment, and measurement risk — a company with heavy government revenue may still have little direct exposure to general economic programs, so underwrite the contract and funding chain, not the NAICS label.[4]

10. How to invest, and the outlook

There is no direct exposure at this level any more than at 926110. Public-market routes are the proxy stacks above — administrative software, program design/evaluation, program operations, federal consulting/technology, and SBA-linked credit — judged on public-sector revenue mix, backlog quality, contract type, recompete schedule, margins, and leverage. Private-market routes are to buy the vendors (private equity, growth equity, or private credit in firms such as Guidehouse, Peraton, and ManTech) or to plug into the programs (SBIC-licensed funds and BDCs, Opportunity Zone and New Markets Tax Credit funds, and incentive-structured real estate).[12][13][14][5][4]

Outlook. Demand for secure public-sector software, administrative modernization, program operations, and economic-development support should stay durable but uneven; the main counterforce is policy volatility. The 2024 picture — federal headcount down about 1% while state and local economic-development employment grew 5–7% — is likely to persist.[2] For the complete investment discussion, swing factors, and company detail, read the full NAICS 926110 primer — at this single-child level it is the same industry.

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Sources

1. U.S. Census Bureau, "2022 NAICS Definition — 926110 Administration of General Economic Programs" (2022). https://www.census.gov/naics/?chart=2022&details=926110&input=926110
2. U.S. Bureau of Labor Statistics, "Quarterly Census of Employment and Wages — NAICS 926110, 2024 annual averages (national, by ownership)" (2025). https://data.bls.gov/cew/data/api/2024/a/industry/926110.csv
3. U.S. Census Bureau, "Understanding NAICS / Economic Census & County Business Patterns coverage excludes Public Administration (NAICS 92)" (2022–2024). https://www.census.gov/programs-surveys/economic-census/year/2022/guidance/understanding-naics.html
4. W.E. Upjohn Institute for Employment Research, Timothy J. Bartik, "Business Incentives / Making Sense of Incentives" (2019, updated). https://www.upjohn.org/business-incentives
5. U.S. Small Business Administration, "7(a) & 504 Activity Reports: FY2024 Year End" and SBIC program FY2024 data. https://data.sba.gov/en/dataset/7-a-504-activity-reports-fy2024-year-end
6. Tyler Technologies, Inc., Annual Report on Form 10-K, FY2025 (2026). https://www.sec.gov/Archives/edgar/data/860731/000086073126000016/tyl-20251231.htm
7. ICF International, "ICF Reports Fourth Quarter and Full Year 2025 Results" (2026). https://www.icf.com/news/2026/02/icf-reports-fourth-quarter-and-full-year-2025-results
8. Maximus, Inc., Annual Report on Form 10-K, FY2025 (2026). https://www.sec.gov/Archives/edgar/data/1032220/000103222026000014/mms-20251231.htm
9. Booz Allen Hamilton Holding Corp., Annual Report on Form 10-K (~98% U.S. government revenue) (2026). https://www.sec.gov/Archives/edgar/data/1443646/000162828026037521/bah-20260331.htm
10. Leidos Holdings, Inc., Annual Report on Form 10-K, FY2025 (2026). https://www.sec.gov/Archives/edgar/data/1336920/000133692026000030/ldos-20260102.htm
11. Amentum, "Amentum Completes Combination with Jacobs' Critical Mission Solutions and Cyber and Intelligence Units" (2024). https://ir.amentum.com/news/news-details/2024/Amentum-Completes-Transformational-Combination-with-Jacobs-Critical-Mission-Solutions-and-Cyber-and-Intelligence-Units/default.aspx
12. Guidehouse, "Guidehouse Completes Transaction with Bain Capital" ($5.3B, from Veritas Capital) (2023). https://guidehouse.com/news/corporate-news/2023/guidehouse-completes-transaction-with-bain-capital
13. Peraton, "Peraton Appoints Steve Schorer as Chief Executive Officer" (Veritas Capital ownership) (2024). https://www.peraton.com/news/peraton-appoints-steve-schorer-as-chief-executive-officer
14. The Carlyle Group, "Carlyle to Acquire ManTech" (~$4.2B) (2022). https://www.carlyle.com/media-room/news-release-archive/carlyle-acquire-mantech
15. Westat, "Careers and Employee Ownership" (ESOP) (2026). https://www.westat.com/careers/
16. Federal Acquisition Regulation, "Part 16 — Types of Contracts." https://www.acquisition.gov/far/part-16
17. Federal Acquisition Regulation, "Part 3 — Improper Business Practices" and "Subpart 9.5 — Organizational and Consultant Conflicts of Interest." https://www.acquisition.gov/far/part-3
18. Electronic Code of Federal Regulations, "Title 2, Part 200 — Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards." https://www.ecfr.gov/current/title-2/subtitle-A/chapter-II/part-200