THE PROFITABILITY of domestic nonfinancial corporations declined in 2015 but remains above the recent trough reached in 2009, according to statistics from the Bureau of Economic Analysis (BEA). A similar but broader measure of profitability for non- financial industries--which includes proprietors' income--declined in 2015 for the second consecutive year but also remains above the 2009 trough.

Once a year, BEA reports on sector rates of return for domestic nonfinancial corporations, for nonfinancial industries, and for 14 major nonfinancial industry sectors, including mining, utilities, construction, manufacturing, wholesale trade, retail trade, and information services. These broad measures of profitability, based on returns on produced assets, may be useful to economists and policymakers. Industry sector and corporate business rates of return are available through 2015; these rates of return reflect revised statistics from both the 2016 annual update of the national income and product accounts (NIPAs) and the 2016 annual update of the industry economic accounts (IEAs). (1) Various Tobin's Q ratios, which compare the financial market value of assets with the replacement-cost value of produced assets, are also presented in this article.

The rates of return presented in this article are calculated as the ratio of the net operating surplus to the net stock of produced assets. (2) The net operating surplus and produced assets are presented in tables 1 and 2 on page 6. For nonfinancial corporations, the net operating surplus reflects statistics from the NIPAs and is defined as the sum of corporate profits from current production, net interest payments, and business current transfer payments, net. (3) The net operating surplus for nonfinancial industries reflects statistics from the IEAs and is a broader concept that includes proprietors' income. For both nonfinancial corporations and nonfinancial industries, the statistics on net stock of produced assets are from BEA's fixed assets accounts. To calculate the Q ratios, additional statistics on financial market values are drawn from the Federal Reserve Board's financial accounts of the United States.

Corporate returns

In 2015, nonfinancial corporate rates of return on both a before-tax basis and an after-tax basis decreased after increasing in 2014. (4) The before-tax rate of return was 9.8 percent in 2015, a decrease of 0.4 percentage point from a high of 10.2 percent in 2014 (chart 1 and table A). Since 1970, before-tax rates of return have ranged from 6.9 percent in both 1982 and 2001 to 10.2 percent in 2014. In the 1960s, average rates of return were higher, peaking at 13.7 percent in 1965. Net operating surplus as a share of net value added, both after-tax and before-tax, decreased in 2015 after reaching recent highs in 2012 of 18.8 percent (after-tax) and of 22.8 percent (before-tax) (table B on page 3).

Other measures of profitability--such as BEA's measure of corporate profits from current production--declined in 2015 after having increased consecutively for the last 6 years. The measures presented in this article exclude the volatile financial sector and compare returns of nonfinancial corporations with their assets rather than with gross domestic product.

Industry returns

Rates of return can also be calculated for industry sectors using statistics from the IEAs, which provide annual statistics for 71 industries that together account for all U.S. economic activity. Similar to the method used to calculate the rates for nonfinancial corporations, the rates of return for industry sectors are calculated as the net operating surplus divided by the net stock of produced assets. For nonfinancial industries, net operating surplus as a share of net value added is calculated as net operating surplus divided by net value added. The balance for each published sector represents the share of net value added attributable to compensation of employees and taxes on production and imports less subsidies.

Similar to the net operating surplus of nonfinancial corporations, the net operating surplus of nonfinancial industries reflects corporate profits from current production, business transfer payments (net), and net interest payments. However, it also reflects proprietors' income, which includes the income of sole proprietorships and partnerships. For this article the housing component of the real estate sector, which includes owner-occupied housing, is excluded from the non- financial industry statistics to allow for a better comparison with the nonfinancial corporate returns data, which do not reflect home ownership.

Much of the difference between the sum of the non- financial industries rates of return and the corresponding corporate rates of return can be attributed to the inclusion of proprietors' income in the industry net operating surplus. However, several statistical differences between the IEAs and the NIPAs also affect the estimates. Notably, all IEA statistics are presented on an establishment basis, whereas the NIPA measure of corporate nonfinancial net operating surplus is presented on a company basis. As a result, the nonfinancial industry measures reflect adjustments that (1) exclude the financial services-producing establishments of primarily nonfinancial corporations and (2) include the nonfinancial services-producing establishments of primarily financial corporations. In addition, the IEA net operating statistics also include a share of the NIPA statistical discrepancy. Despite the differences between the IEA nonfinancial industries aggregate rate of return and the NIPA nonfinancial corporate rate of return, the annual patterns of change of each are similar (chart 2).

The rates of return for nonfinancial industries declined 0.3 percentage point to 13.0 percent in 2015 from 13.3 percent in 2014 but remained above the trough reached in 2009 (table A). Net operating surplus as a share of net value added decreased 0.8 percentage point to 27.3 percent in 2015 (table B).

Specific industry groups

This article presents a disaggregation of the rates of return for several services industries--for example, transportation and warehousing, information, real estate and rental and leasing, and professional and business services among others (table A).

The decline in rates of return was led by lower rates of return in the agriculture, forestry, fishing, and hunting; mining; utilities; nondurable goods; and transportation and warehousing. All other sectors had higher rates of return in 2015 than in 2014. The mining sector had the largest decrease, 7.7 percentage points, decreasing to 3.5 percent in 2015 from 11.2 percent in 2014; returns in agriculture, forestry, fishing, and hunting decreased 4.1 percentage points in 2015. These declines were partly offset by increases in the rates of return for construction and the professional and business services sectors. Rates of return for construction increased for the sixth consecutive year and are consistently the highest among the nonfinancial industries. (5)

Highlights include the following (chart 3):

* Declines in returns to durable-goods manufacturing appear to have been procyclical over the last two business cycles. (6) For example, returns declined for 4 consecutive years--from 10.2 percent in 1998 to 3.8 percent in 2001--leading up to the 2001 recession. During the expansion that followed, returns increased for 5 consecutive years--from 3.8 percent in 2001 to 9.9 percent in 2006--before declining notably in 2008 along with real value added for durable-goods manufacturing and the overall economy. Returns rebounded sharply, more than doubling from the trough of 4.7 percent in 2009 to 10.5 percent in 2015.

* Returns to nondurable-goods manufacturing have remained at elevated levels and are less volatile than returns to durable-goods manufacturing. The peak- to-trough fall associated with the most recent full business cycle was 0.4 percentage points, compared with 4.7 percentage points for durable-goods manufacturing.

* Returns to retail trade trended downward for a full decade, from 1998 through 2008. Returns have continued to trend upward from a trough of 6.3 percent in 2008 to 10.0 percent in 2015, reflecting relatively large increases in net operating surplus in 2009, 2010, 2012, and 2015.

* Returns to wholesale trade remained at elevated levels through the recent business cycle, with increased returns for the fourth consecutive year since 2012. Users may find these industry statistics for net operating surplus, produced assets, and rates of return helpful for comparative studies. For example, from 2008 to 2015, the retail trade sector had rates of return notably less than the overall rates for all nonfinancial industries. Conversely, returns to the manufacturing industry group consistently exceeded the nonfinancial industries aggregate over the same period.

Q ratios

Tobin's Q, or simply "Q," is the ratio of financial-market valuation of corporate assets to the current-cost value of the assets. A Q ratio above 1 indicates that financial markets value corporate assets above their replacement cost; as a Q ratio rises above 1, companies may be more inclined to make direct investments in plant and equipment. A value of Q below 1 indicates that the financial markets value corporate assets below the replacement cost; as Q falls below 1, companies may be more inclined to buy other companies for their capacity rather than make direct investments.

The three Q-type ratios for domestic nonfinancial corporations presented here are defined as follows:

* Q1 is calculated as the market value of outstanding equity divided by the net stock of produced assets.

* Q2 adds the book value of outstanding corporate bonds to the numerator used in Q1. The inclusion of bonds makes Q2 a more complete measure of invested capital, but including them at historical cost is clearly inconsistent with the underlying rationale for Q, which is to provide a comparison of market valuation with replacement cost.

* Q3 adds an estimate of the market value of outstanding corporate bonds and net liquid assets to the numerator used in Q1. (7)

All three Q ratios reached record highs in 1999 since BEA began reporting this series (chart 4 and table C). By 2008, all had reached record lows for the decade, falling below 1, partly reflecting the recession-related stock market declines. All three Q ratios decreased in 2015 after mostly increasing since the lows in 2008.

By Sarah Osborne and Bonnie A. Retus

(1. )See Stephanie H. McCulla and Shelly Smith, "The 2016 Annual Update of the National Income and Product Accounts,"SURVEY OF CURRENT BUSINESS 96 (August 2016) and Donald D. Kim, Erich H. Strassner, and David B. Wasshausen, "Industry Economic Accounts: Results of the Comprehensive Revision," SURVEY 94 (February 2014).

(2. )Produced assets refer to the net stock of capital plus inventories valued at current (replacement) cost.

(3. )Corporate profits and net interest are based on tabulations of "company" data rather than "establishment" data. As a result, net operating surplus of nonfinancial corporations includes the income earned by the corporation's financial services-producing establishments, and it excludes income earned by the nonfinancial establishments of financial corporations.

(4. )The previously published estimates for 2014 decreased. The updated estimate reflects updated estimates of both net operating surplus and produced assets.

(5. )Measuring rates of return for the construction sector presents unique challenges. For example, the classification of produced assets is based on the owning industry rather than on the using industry. It is highly likely that the construction sector leases a significant amount of capital, which is not reflected in the produced assets and which would result in overstating the sector's rates of return.

(6. )The National Bureau of Economic Research (NBER) Business Cycle Dating Committee has determined the peak and trough of the last three business cycles as December 2007-June 2009, March 2001-November 2001, and July 1990-March 1991. The NBER business cycle reference dates are available on NBER's Web site.

(7. )The market value of bonds outstanding is approximated by a procedure developed by James Tobin and Dan Sommers. In brief, the process begins with published book values of bonds outstanding and the assumption that a bond matures in 10 years and carries a coupon rate equal to the Baa rate that prevailed in the year the bond was issued. Net liquid assets are estimated as financial assets less liabilities other than municipal securities, corporate bonds, and mortgages. The data are from the Board of Governors of the Federal Reserve System, Flow of Funds Accounts of the United States, statistical release Z.1 and "Selected Interest Rates," statistical release H.15 (Washington, DC: Board of Governors).

Table A. Rates of Return for Domestic Nonfinancial Corporations and
Nonfinancial Industries, 1998-2015
[Percent]

                                                           1998  1999

Nonfinancial corporations--after tax                        7.2   6.8
Nonfinancial corporation--before tax                        9.1   8.8
Total nonfinancial industries                              13.3  13.3
Agriculture, forestry, fishing, and hunting                11.9  11.4
  Mining                                                   -1.7  -0.8
  Utilities                                                 4.9   5.9
  Construction                                             72.7  70.9
Manufacturing                                              13.2  12.9
  Durable goods manufacturing                              10.2   8.8
  Nondurable goods manufacturing                           17.1  18.3
Wholesale trade                                            17.8  17.0
Retail trade                                               13.7  12.5
Transportation and warehousing                              4.5   3.7
Information                                                11.8  11.8
Real estate and rental and leasing (1)                     38.0  36.9
Professional and business services (2)                     48.4  46.2
Educational services, health care, and social assistance    5.4   5.3
Arts, entertainment, recreation, accommodation, and
  food services                                            15.0  14.8
Other services, except government                          24.8  24.4

                                                          2000  2001

Nonfinancial corporations--after tax                       6.1   5.7
Nonfinancial corporation--before tax                       8.0   6.9
Total nonfinancial industries                             12.4  11.7
Agriculture, forestry, fishing, and hunting               12.4  12.2
  Mining                                                   3.1   3.5
  Utilities                                                5.1   5.1
  Construction                                            71.5  71.4
Manufacturing                                             12.1   9.9
  Durable goods manufacturing                              8.3   3.8
  Nondurable goods manufacturing                          17.2  18.1
Wholesale trade                                           17.0  15.4
Retail trade                                              11.4  11.1
Transportation and warehousing                             3.6   3.7
Information                                                5.5   6.2
Real estate and rental and leasing (1)                    31.3  32.8
Professional and business services (2)                    37.9  39.1
Educational services, health care, and social assistance   5.3   5.6
Arts, entertainment, recreation, accommodation, and
  food services                                           14.0  24.1
Other services, except government                          8.9  16.6

                                                          2002  2003

Nonfinancial corporations-after tax                        6.3   6.7
Nonfinancial corporation-before tax                        7.3   8.0
Total nonfinancial industries                             12.1  13.2
Agriculture, forestry, fishing, and hunting                8.9  12.9
  Mining                                                   1.1   3.7
  Utilities                                                3.7   4.0
  Construction                                            70.4  78.6
Manufacturing                                             10.7  12.5
  Durable goods manufacturing                              5.4   7.6
  Nondurable goods manufacturing                          17.5  18.7
Wholesale trade                                           15.2  16.8
Retail trade                                              11.1  11.3
Transportation and warehousing                             2.9   4.7
Information                                               10.9  11.6
Real estate and rental and leasing (1)                    31.1  28.9
Professional and business services (2)                    43.0  43.7
Educational services, health care, and social assistance   5.5   5.2
Arts, entertainment, recreation, accommodation, and
  food services                                            9.5  10.5
Other services, except government                         17.4  13.9

                                                          2004  2005

Nonfinancial corporations-after tax                        7.2   7.2
Nonfinancial corporation-before tax                        9.0   9.6
Total nonfinancial industries                             14.1  14.1
Agriculture, forestry, fishing, and hunting               15.6  13.5
  Mining                                                   4.8   6.6
  Utilities                                                4.3   3.4
  Construction                                            90.3  96.0
Manufacturing                                             14.0  14.8
  Durable goods manufacturing                              8.5   9.7
  Nondurable goods manufacturing                          20.7  21.0
Wholesale trade                                           19.0  19.6
Retail trade                                              10.3  10.1
Transportation and warehousing                             6.0   6.7
Information                                               14.6  14.5
Real estate and rental and leasing (1)                    24.7  22.4
Professional and business services (2)                    43.5  41.0
Educational services, health care, and social assistance   4.9   4.0
Arts, entertainment, recreation, accommodation, and
  food services                                           10.7  10.2
Other services, except government                         13.3  13.6

                                                          2006  2007

Nonfinancial corporations-after tax                        7.6   6.9
Nonfinancial corporation-before tax                       10.0   9.1
Total nonfinancial industries                             13.6  13.2
Agriculture, forestry, fishing, and hunting               10.5  10.7
  Mining                                                   6.3   7.1
  Utilities                                                4.3   3.7
  Construction                                            90.1  82.6
Manufacturing                                             15.7  15.1
  Durable goods manufacturing                              9.9   9.4
  Nondurable goods manufacturing                          22.7  21.8
Wholesale trade                                           19.6  20.1
Retail trade                                               9.3   7.4
Transportation and warehousing                             8.4   6.3
Information                                               13.0  14.3
Real estate and rental and leasing (1)                    25.4  20.2
Professional and business services (2)                    37.8  38.8
Educational services, health care, and social assistance   3.8   3.0
Arts, entertainment, recreation, accommodation, and
  food services                                            9.9   9.2
Other services, except government                         12.8  10.2

                                                          2008  2009

Nonfinancial corporations-after tax                        6.6   6.2
Nonfinancial corporation-before tax                        8.2   7.5
Total nonfinancial industries                             12.6  11.7
Agriculture, forestry, fishing, and hunting               11.7   9.1
  Mining                                                  10.5   5.5
  Utilities                                                3.1   3.5
  Construction                                            59.7  57.6
Manufacturing                                             12.8  12.5
  Durable goods manufacturing                              7.1   4.7
  Nondurable goods manufacturing                          19.5  21.4
Wholesale trade                                           20.3  19.6
Retail trade                                               6.3   7.9
Transportation and warehousing                             7.0   6.1
Information                                               15.3  13.9
Real estate and rental and leasing (1)                    23.5  21.5
Professional and business services (2)                    43.4  38.4
Educational services, health care, and social assistance   3.9   4.5
Arts, entertainment, recreation, accommodation, and
  food services                                            8.0   8.2
Other services, except government                          7.9   8.4

                                                          2010  2011

Nonfinancial corporations-after tax                        7.9   8.0
Nonfinancial corporation-before tax                        9.4   9.5
Total nonfinancial industries                             13.3  13.3
Agriculture, forestry, fishing, and hunting               12.3  15.9
  Mining                                                   8.0  10.5
  Utilities                                                4.0   3.6
  Construction                                            58.1  59.4
Manufacturing                                             14.7  14.9
  Durable goods manufacturing                              8.7   8.8
  Nondurable goods manufacturing                          21.5  21.5
Wholesale trade                                           22.3  20.6
Retail trade                                               8.8   8.3
Transportation and warehousing                             8.3   8.2
Information                                               14.9  12.9
Real estate and rental and leasing (1)                    22.0  21.6
Professional and business services (2)                    39.5  39.0
Educational services, health care, and social assistance   4.5   4.1
Arts, entertainment, recreation, accommodation, and
  food services                                            9.7   9.8
Other services, except government                          9.7   9.1

                                                          2012  2013

Nonfinancial corporations-after tax                        8.3   8.2
Nonfinancial corporation-before tax                       10.1  10.0
Total nonfinancial industries                             13.3  13.6
Agriculture, forestry, fishing, and hunting               13.7  15.7
  Mining                                                   9.5  10.3
  Utilities                                                2.9   2.8
  Construction                                            65.5  69.1
Manufacturing                                             15.3  15.2
  Durable goods manufacturing                              9.3  10.0
  Nondurable goods manufacturing                          21.8  20.8
Wholesale trade                                           21.4  21.8
Retail trade                                               9.1   9.2
Transportation and warehousing                             7.8   8.2
Information                                               12.3  13.7
Real estate and rental and leasing (1)                    22.0  21.2
Professional and business services (2)                    38.3  35.9
Educational services, health care, and social assistance   3.9   3.2
Arts, entertainment, recreation, accommodation, and
  food services                                           10.7  11.5
Other services, except government                          9.7   9.5

                                                          2014  2015

Nonfinancial corporations-after tax                        8.3   8.0
Nonfinancial corporation-before tax                       10.2   9.8
Total nonfinancial industries                             13.3  13.0
Agriculture, forestry, fishing, and hunting               11.5   7.4
  Mining                                                  11.2   3.5
  Utilities                                                3.1   2.9
  Construction                                            72.4  77.7
Manufacturing                                             14.9  15.1
  Durable goods manufacturing                             10.1  10.5
  Nondurable goods manufacturing                          20.1  20.0
Wholesale trade                                           22.4  23.1
Retail trade                                               9.3  10.0
Transportation and warehousing                             8.4   8.3
Information                                               11.7  12.3
Real estate and rental and leasing (1)                    20.7  21.4
Professional and business services (2)                    35.8  39.1
Educational services, health care, and social assistance   3.0   3.6
Arts, entertainment, recreation, accommodation, and
  food services                                           11.7  13.0
Other services, except government                          9.4  10.0

(1.) The housing component of real estate and rental and leasing is
excluded from these estimates to allow for better comparison with
nonfinancial corporate returns.
(2.) To preserve the nonfinancial focus of this article, management of
companies and enterprises is excluded from this sector.

Table B. Net Operating Surplus Shares Of Net Value Added for Domestic
Nonfinancial Corporations and Nonfinancial Industries, 1998-2015
[Percent]

                                                           1998   1999

Nonfinancial corporations-after tax                        13.7   12.9
Nonfinancial corporations-before tax                       17.4   16.8
Total nonfinancial industries                              24.8   24.7
Agriculture, forestry, fishing, and hunting                70.3   75.5
  Mining                                                  -24.6  -10.5
  Utilities                                                38.9   42.2
  Construction                                             28.9   28.8
Manufacturing                                              26.9   26.6
  Durable goods manufacturing                              20.0   17.6
  Nondurable goods manufacturing                           36.9   38.9
Wholesale trade                                            20.7   20.1
Retail trade                                               20.1   19.0
Transportation and warehousing                             14.4   12.0
Information                                                34.0   32.3
Real estate and rental and leasing (1)                     67.0   67.8
Professional and business services (2)                     22.5   22.1
Educational services, health care, and social assistance    7.5    7.5
Arts, entertainment, recreation, accommodation, and
  food services                                            19.4   20.3
Other services, except government.                         30.5   30.7

                                                          2000  2001

Nonfinancial corporations-after tax                       11.6  11.6
Nonfinancial corporations-before tax                      15.2  14.0
Total nonfinancial industries                             23.0  22.7
Agriculture, forestry, fishing, and hunting               78.4  77.3
  Mining                                                  25.8  28.9
  Utilities                                               38.4  40.2
  Construction                                            28.8  28.7
Manufacturing                                             25.3  22.8
  Durable goods manufacturing                             16.6   8.9
  Nondurable goods manufacturing                          37.7  39.6
Wholesale trade                                           20.0  18.7
Retail trade                                              17.6  17.7
Transportation and warehousing                            11.6  12.3
Information                                               18.0  20.8
Real estate and rental and leasing (1)                    65.9  68.6
Professional and business services (2)                    18.8  20.1
Educational services, health care, and social assistance   7.4   7.8
Arts, entertainment, recreation, accommodation, and
  food services                                           21.7  18.9
Other services, except government.                        30.4  23.8

                                                          2002  2003

Nonfinancial corporations-after tax                       13.1  13.9
Nonfinancial corporations-before tax                      15.2  16.6
Total nonfinancial industries                             23.8  25.5
Agriculture, forestry, fishing, and hunting               61.8  73.5
  Mining                                                  13.5  33.9
  Utilities                                               31.0  33.4
  Construction                                            29.2  31.8
Manufacturing                                             25.0  28.2
  Durable goods manufacturing                             13.0  17.4
  Nondurable goods manufacturing                          39.6  41.5
Wholesale trade                                           18.4  19.8
Retail trade                                              17.9  18.4
Transportation and warehousing                            10.0  15.2
Information                                               33.8  35.5
Real estate and rental and leasing (1)                    67.5  66.0
Professional and business services (2)                    22.7  23.6
Educational services, health care, and social assistance   7.5   7.0
Arts, entertainment, recreation, accommodation, and
  food services                                           21.0  20.4
Other services, except government.                        24.5  20.9

                                                          2004  2005

Nonfinancial corporations-after tax                       14.8  15.1
Nonfinancial corporations-before tax                      18.3  19.9
Total nonfinancial industries                             26.8  27.6
Agriculture, forestry, fishing, and hunting               73.6  79.4
  Mining                                                  40.7  50.0
  Utilities                                               35.9  31.8
  Construction                                            34.9  36.8
Manufacturing                                             30.6  32.5
  Durable goods manufacturing                             18.8  21.2
  Nondurable goods manufacturing                          44.9  46.3
Wholesale trade                                           21.9  23.1
Retail trade                                              17.5  17.7
Transportation and warehousing                            18.2  19.9
Information                                               41.0  41.8
Real estate and rental and leasing (1)                    62.4  60.7
Professional and business services (2)                    23.6  22.4
Educational services, health care, and social assistance   6.8   5.9
Arts, entertainment, recreation, accommodation, and
  food services                                           20.6  20.0
Other services, except government.                        20.5  22.1

                                                          2006  2007

Nonfinancial corporations-after tax                       16.0  15.1
Nonfinancial corporations-before tax                      21.1  19.9
Total nonfinancial industries                             27.0  27.0
Agriculture, forestry, fishing, and hunting               67.0  63.9
  Mining                                                  49.7  52.3
  Utilities                                               36.3  33.1
  Construction                                            35.6  34.2
Manufacturing                                             34.3  34.3
  Durable goods manufacturing                             21.7  21.3
  Nondurable goods manufacturing                          49.4  49.6
Wholesale trade                                           23.7  24.7
Retail trade                                              17.1  14.5
Transportation and warehousing                            23.9  18.7
Information                                               40.3  43.2
Real estate and rental and leasing (1)                    64.6  59.8
Professional and business services (2)                    21.0  21.4
Educational services, health care, and social assistance   5.7   4.7
Arts, entertainment, recreation, accommodation, and
  food services                                           20.1  18.2
Other services, except government.                        21.8  18.3

                                                          2008  2009

Nonfinancial corporations-after tax                       15.3  15.5
Nonfinancial corporations-before tax                      19.0  18.6
Total nonfinancial industries                             26.8  26.4
Agriculture, forestry, fishing, and hunting               66.2  60.4
  Mining                                                  58.6  46.7
  Utilities                                               31.0  34.1
  Construction                                            28.5  30.6
Manufacturing                                             32.0  33.6
  Durable goods manufacturing                             17.9  14.1
  Nondurable goods manufacturing                          48.0  51.5
Wholesale trade                                           25.7  26.2
Retail trade                                              13.2  16.5
Transportation and warehousing                            21.3  20.2
Information                                               45.9  44.5
Real estate and rental and leasing (1)                    65.4  64.5
Professional and business services (2)                    23.7  23.0
Educational services, health care, and social assistance   6.0   6.8
Arts, entertainment, recreation, accommodation, and
  food services                                           16.4  16.8
Other services, except government.                        15.0  15.9

                                                          2010  2011

Nonfinancial corporations-after tax                       18.4  18.4
Nonfinancial corporations-before tax                      22.0  22.0
Total nonfinancial industries                             28.6  28.5
Agriculture, forestry, fishing, and hunting               68.0  73.8
  Mining                                                  53.3  57.4
  Utilities                                               37.5  35.5
  Construction                                            30.8  30.8
Manufacturing                                             37.3  37.4
  Durable goods manufacturing                             22.9  22.8
  Nondurable goods manufacturing                          51.7  52.5
Wholesale trade                                           28.2  26.6
Retail trade                                              17.5  16.6
Transportation and warehousing                            25.2  24.4
Information                                               47.1  43.7
Real estate and rental and leasing (1)                    64.4  63.3
Professional and business services (2)                    23.2  22.3
Educational services, health care, and social assistance   6.6   6.1
Arts, entertainment, recreation, accommodation, and
  food services                                           18.0  18.2
Other services, except government.                        17.8  16.5

                                                          2012  2013

Nonfinancial corporations-after tax                       18.8  18.7
Nonfinancial corporations-before tax                      22.8  22.7
Total nonfinancial industries                             28.3  28.8
Agriculture, forestry, fishing, and hunting               68.9  72.1
  Mining                                                  54.0  57.1
  Utilities                                               32.1  31.5
  Construction                                            32.1  32.6
Manufacturing                                             38.0  38.3
  Durable goods manufacturing                             23.6  25.1
  Nondurable goods manufacturing                          53.1  52.6
Wholesale trade                                           27.6  28.3
Retail trade                                              17.9  18.1
Transportation and warehousing                            23.4  24.2
Information                                               42.3  44.1
Real estate and rental and leasing (1)                    63.7  63.4
Professional and business services (2)                    21.4  20.3
Educational services, health care, and social assistance   5.7   4.7
Arts, entertainment, recreation, accommodation, and
  food services                                           18.5  18.8
Other services, except government.                        17.0  16.7

                                                          2014  2015

Nonfinancial corporations-after tax                       18.5  17.7
Nonfinancial corporations-before tax                      22.7  21.7
Total nonfinancial industries                             28.1  27.3
Agriculture, forestry, fishing, and hunting               64.8  53.5
  Mining                                                  58.8  32.3
  Utilities                                               34.2  32.6
  Construction                                            32.7  33.6
Manufacturing                                             37.7  37.8
  Durable goods manufacturing                             25.0  25.5
  Nondurable goods manufacturing                          51.7  51.6
Wholesale trade                                           28.6  29.0
Retail trade                                              18.1  18.9
Transportation and warehousing                            24.5  24.0
Information                                               39.7  40.8
Real estate and rental and leasing (1)                    62.8  63.9
Professional and business services (2)                    19.8  20.6
Educational services, health care, and social assistance   4.5   5.2
Arts, entertainment, recreation, accommodation, and
  food services                                           18.5  19.6
Other services, except government.                        16.3  16.9

(1.) The housing component of real estate and rental and leasing is
excluded from these estimates to allow for better comparison with
nonfinancial corporate returns.
(2.) To preserve the nonfinancial focus of this article, management of
companies and enterprises is excluded from this sector.

Table C. Q-type Ratios, 1960-2015

      Q1 (1)  Q2 (2)  Q3 (3)

1960  0.75    0.91    0.75
1961  0.86    1.01    0.87
1962  0.80    0.96    0.83
1963  0.85    1.01    0.89
1964  0.95    1.11    1.01
1965  1.02    1.18    1.09
1966  0.82    0.98    0.90
1967  0.97    1.14    1.06
1968  1.06    1.22    1.14
1969  0.80    0.97    0.90
1970  0.73    0.90    0.82
1971  0.79    0.96    0.87
1972  0.91    1.08    0.98
1973  0.64    0.80    0.71
1974  0.37    0.52    0.39
1975  0.44    0.58    0.54
1976  0.49    0.64    0.60
1977  0.39    0.53    0.50
1978  0.36    0.50    0.48
1979  0.38    0.50    0.50
1980  0.43    0.55    0.55
1981  0.35    0.46    0.46
1982  0.36    0.47    0.48
1983  0.41    0.52    0.52
1984  0.37    0.49    0.48
1985  0.43    0.56    0.56
1986  0.49    0.64    0.62
1987  0.48    0.64    0.60
1988  0.50    0.68    0.62
1989  0.58    0.76    0.72
1990  0.52    0.70    0.66
1991  0.68    0.87    0.81
1992  0.73    0.92    0.88
1993  0.77    0.99    0.91
1994  0.73    0.95    0.83
1995  0.92    1.13    1.00
1996  0.92    1.14    0.98
1997  1.12    1.34    1.16
1998  1.34    1.58    1.36
1999  1.67    1.91    1.63
2000  1.34    1.59    1.25
2001  1.13    1.40    1.05
2002  0.83    1.10    0.75
2003  1.06    1.33    0.98
2004  1.12    1.37    1.01
2005  1.08    1.31    0.95
2006  1.13    1.35    0.98
2007  1.14    1.35    0.99
2008  0.67    0.88    0.60
2009  0.85    1.07    0.73
2010  0.98    1.21    0.85
2011  0.93    1.17    0.82
2012  1.01    1.25    0.93
2013  1.28    1.54    1.18
2014  1.37    1.63    1.28
2015  1.28    1.56    1.18

(1.) Q1 is the market value of outstanding equity divided by the net
stock of produced assets valued at current cost.
(2.) Q2 is the market value of outstanding equity plus book value of
outstanding corporate bondsdivided by the net stock of produced assets
valued at current cost.
(3.) Q3 is the market value of outstanding equity plus market value of
outstanding corporate bonds plus net liquid assets divided by the net
stock of produced assets valued at current cost.

Table 1. Net Operating Surplus of Domestic Nonfinancial Corporations
and Nonfinancial Industries, 1998-2015
[Billions of dollars]

                                                          1998

Nonfinancial corporations                                   738.7
Total nonfinancial industries                             1,369.9
Agriculture, forestry, fishing, and hunting                  53.0
Mining                                                       -9.4
Utilities                                                    47.5
Construction                                                104.8
Manufacturing                                               323.2
  Durable goods manufacturing                               141.1
  Nondurable goods manufacturing                            182.1
Wholesale trade                                             109.2
Retail trade                                                121.2
Transportation and warehousing                               32.9
Information                                                 114.2
Real estate and rental and leasing  (1)                     139.3
Professional and business services  (2)                     163.8
Educational services, health care, and social assistance     41.8
Arts, entertainment, recreation, accommodation, and
  food services                                              56.6
Other services, except government                            71.7

                                                          1999

Nonfinancial corporations                                   751.9
Total nonfinancial industries                             1,452.2
Agriculture, forestry, fishing, and hunting                  51.1
Mining                                                       -4.4
Utilities                                                    58.4
Construction                                                114.4
Manufacturing                                               330.5
  Durable goods manufacturing                               127.1
  Nondurable goods manufacturing                            203.4
Wholesale trade                                             109.5
Retail trade                                                118.8
Transportation and warehousing                               28.4
Information                                                 121.5
Real estate and rental and leasing  (1)                     163.7
Professional and business services  (2)                     175.3
Educational services, health care, and social assistance     44.2
Arts, entertainment, recreation, accommodation, and
  food services                                              65.2
Other services, except government                            75.6

                                                          2000

Nonfinancial corporations                                   723.9
Total nonfinancial industries                             1,432.4
Agriculture, forestry, fishing, and hunting                  57.4
Mining                                                       17.3
Utilities                                                    52.6
Construction                                                126.4
Manufacturing                                               325.8
  Durable goods manufacturing                               125.8
  Nondurable goods manufacturing                            200.0
Wholesale trade                                             116.4
Retail trade                                                115.8
Transportation and warehousing                               29.1
Information                                                  62.1
Real estate and rental and leasing  (1)                     163.6
Professional and business services  (2)                     162.8
Educational services, health care, and social assistance     46.4
Arts, entertainment, recreation, accommodation, and
  food services                                              76.4
Other services, except government                            80.2

                                                          2001

Nonfinancial corporations                                   656.3
Total nonfinancial industries                             1,424.0
Agriculture, forestry, fishing, and hunting                  57.5
Mining                                                       21.9
Utilities                                                    56.0
Construction                                                133.3
Manufacturing                                               274.4
  Durable goods manufacturing                                59.0
  Nondurable goods manufacturing                            215.5
Wholesale trade                                             106.9
Retail trade                                                118.5
Transportation and warehousing                               31.0
Information                                                  75.5
Real estate and rental and leasing  (1)                     186.9
Professional and business services  (2)                     182.9
Educational services, health care, and social assistance     52.9
Arts, entertainment, recreation, accommodation, and
  food services                                              67.0
Other services, except government                            59.3

                                                          2002

Nonfinancial corporations                                   719.3
Total nonfinancial industries                             1,533.2
Agriculture, forestry, fishing, and hunting                  43.1
Mining                                                        7.9
Utilities                                                    41.7
Construction                                                137.3
Manufacturing                                               298.3
  Durable goods manufacturing                                85.9
  Nondurable goods manufacturing                            212.5
Wholesale trade                                             105.2
Retail trade                                                123.7
Transportation and warehousing                               24.9
Information                                                 137.4
Real estate and rental and leasing  (1)                     202.0
Professional and business services  (2)                     212.7
Educational services, health care, and social assistance     54.7
Arts, entertainment, recreation, accommodation, and
  food services                                              79.0
Other services, except government                            65.4

                                                          2003

Nonfinancial corporations                                   815.0
Total nonfinancial industries                             1,730.2
Agriculture, forestry, fishing, and hunting                  65.5
Mining                                                       27.9
Utilities                                                    47.0
Construction                                                159.5
Manufacturing                                               353.4
  Durable goods manufacturing                               120.2
  Nondurable goods manufacturing                            233.2
Wholesale trade                                             119.1
Retail trade                                                133.7
Transportation and warehousing                               40.5
Information                                                 148.9
Real estate and rental and leasing  (1)                     215.0
Professional and business services  (2)                     229.0
Educational services, health care, and social assistance     54.8
Arts, entertainment, recreation, accommodation, and
  food services                                              80.4
Other services, except government                            55.4

                                                          2004

Nonfinancial corporations                                   964.1
Total nonfinancial industries                             1,959.7
Agriculture, forestry, fishing, and hunting                  84.1
Mining                                                       42.0
Utilities                                                    55.4
Construction                                                195.8
Manufacturing                                               408.4
  Durable goods manufacturing                               137.3
  Nondurable goods manufacturing                            271.1
Wholesale trade                                             143.6
Retail trade                                                130.8
Transportation and warehousing                               54.0
Information                                                 194.2
Real estate and rental and leasing  (1)                     206.1
Professional and business services  (2)                     244.7
Educational services, health care, and social assistance     56.9
Arts, entertainment, recreation, accommodation, and
  food services                                              86.8
Other services, except government                            56.9

                                                          2005

Nonfinancial corporations                                 1,118.7
Total nonfinancial industries                             2,141.7
Agriculture, forestry, fishing, and hunting                  77.6
Mining                                                       72.4
Utilities                                                    47.5
Construction                                                229.7
Manufacturing                                               457.7
  Durable goods manufacturing                               164.2
  Nondurable goods manufacturing                            293.5
Wholesale trade                                             163.3
Retail trade                                                139.6
Transportation and warehousing                               63.2
Information                                                 204.9
Real estate and rental and leasing  (1)                     232.3
Professional and business services  (2)                     250.4
Educational services, health care, and social assistance     51.4
Arts, entertainment, recreation, accommodation, and
  food services                                              87.6
Other services, except government                            64.0

                                                          2006

Nonfinancial corporations                                 1,269.3
Total nonfinancial industries                             2,233.3
Agriculture, forestry, fishing, and hunting                  64.1
Mining                                                       85.0
Utilities                                                    63.4
Construction                                                236.9
Manufacturing                                               513.8
  Durable goods manufacturing                               176.5
  Nondurable goods manufacturing                            337.2
Wholesale trade                                             179.8
Retail trade                                                138.5
Transportation and warehousing                               82.6
Information                                                 197.2
Real estate and rental and leasing  (1)                     210.2
Professional and business services  (2)                     250.2
Educational services, health care, and social assistance     52.8
Arts, entertainment, recreation, accommodation, and
  food services                                              93.3
Other services, except government                            65.5

                                                          2007

Nonfinancial corporations                                 1,225.8
Total nonfinancial industries                             2,325.5
Agriculture, forestry, fishing, and hunting                  68.9
Mining                                                      105.5
Utilities                                                    58.2
Construction                                                232.5
Manufacturing                                               524.1
  Durable goods manufacturing                               176.9
  Nondurable goods manufacturing                            347.2
Wholesale trade                                             198.0
Retail trade                                                117.0
Transportation and warehousing                               64.3
Information                                                 230.6
Real estate and rental and leasing  (1)                     262.7
Professional and business services  (2)                     274.2
Educational services, health care, and social assistance     45.5
Arts, entertainment, recreation, accommodation, and
  food services                                              88.2
Other services, except government                            55.6

                                                          2008

Nonfinancial corporations                                 1,172.2
Total nonfinancial industries                             2,350.8
Agriculture, forestry, fishing, and hunting                  78.5
Mining                                                      163.8
Utilities                                                    53.4
Construction                                                175.6
Manufacturing                                               469.3
  Durable goods manufacturing                               139.5
  Nondurable goods manufacturing                            329.8
Wholesale trade                                             210.2
Retail trade                                                103.7
Transportation and warehousing                               75.6
Information                                                 255.7
Real estate and rental and leasing  (1)                     253.6
Professional and business services  (2)                     324.3
Educational services, health care, and social assistance     62.8
Arts, entertainment, recreation, accommodation, and
  food services                                              79.2
Other services, except government                            45.3

                                                          2009

Nonfinancial corporations                                 1,073.5
Total nonfinancial industries                             2,193.8
Agriculture, forestry, fishing, and hunting                  60.7
Mining                                                       82.8
Utilities                                                    62.6
Construction                                                165.6
Manufacturing                                               461.8
  Durable goods manufacturing                                93.3
  Nondurable goods manufacturing                            368.5
Wholesale trade                                             199.9
Retail trade                                                127.2
Transportation and warehousing                               67.0
Information                                                 236.5
Real estate and rental and leasing  (1)                     231.4
Professional and business services  (2)                     295.6
Educational services, health care, and social assistance     76.1
Arts, entertainment, recreation, accommodation, and
  food services                                              78.8
Other services, except government                            47.8

                                                          2010

Nonfinancial corporations                                 1,352.5
Total nonfinancial industries                             2,486.5
Agriculture, forestry, fishing, and hunting                  83.1
Mining                                                      117.3
Utilities                                                    74.0
Construction                                                156.9
Manufacturing                                               550.0
  Durable goods manufacturing                               170.4
  Nondurable goods manufacturing                            379.6
Wholesale trade                                             228.1
Retail trade                                                140.0
Transportation and warehousing                               90.4
Information                                                 259.7
Real estate and rental and leasing  (1)                     261.1
Professional and business services  (2)                     308.2
Educational services, health care, and social assistance     75.7
Arts, entertainment, recreation, accommodation, and
  food services                                              88.0
Other services, except government                            54.1

                                                          2011

Nonfinancial corporations                                 1,419.1
Total nonfinancial industries                             2,582.9
Agriculture, forestry, fishing, and hunting                 116.0
Mining                                                      161.4
Utilities                                                    70.7
Construction                                                158.2
Manufacturing                                               576.6
  Durable goods manufacturing                               178.7
  Nondurable goods manufacturing                            397.9
Wholesale trade                                             225.4
Retail trade                                                135.9
Transportation and warehousing                               92.3
Information                                                 236.3
Real estate and rental and leasing  (1)                     281.7
Professional and business services  (2)                     312.4
Educational services, health care, and social assistance     71.9
Arts, entertainment, recreation, accommodation, and
  food services                                              93.0
Other services, except government                            51.3

                                                          2012

Nonfinancial corporations                                 1,561.3
Total nonfinancial industries                             2,686.0
Agriculture, forestry, fishing, and hunting                 105.4
Mining                                                      153.2
Utilities                                                    60.6
Construction                                                177.7
Manufacturing                                               613.4
  Durable goods manufacturing                               194.8
  Nondurable goods manufacturing                            418.7
Wholesale trade                                             248.0
Retail trade                                                153.5
Transportation and warehousing                               91.9
Information                                                 232.0
Real estate and rental and leasing  (1)                     308.3
Professional and business services  (2)                     316.0
Educational services, health care, and social assistance     69.8
Arts, entertainment, recreation, accommodation, and
  food services                                             100.7
Other services, except government                            55.5

                                                          2013

Nonfinancial corporations                                 1,605.8
Total nonfinancial industries                             2,839.3
Agriculture, forestry, fishing, and hunting                 125.8
Mining                                                      181.0
Utilities                                                    60.0
Construction                                                191.3
Manufacturing                                               630.0
  Durable goods manufacturing                               213.9
  Nondurable goods manufacturing                            416.1
Wholesale trade                                             264.5
Retail trade                                                161.4
Transportation and warehousing                               99.7
Information                                                 261.4
Real estate and rental and leasing  (1)                     335.7
Professional and business services  (2)                     305.5
Educational services, health care, and social assistance     59.3
Arts, entertainment, recreation, accommodation, and
  food services                                             108.0
Other services, except government                            55.7

                                                          2014

Nonfinancial corporations                                 1,683.3
Total nonfinancial industries                             2,878.4
Agriculture, forestry, fishing, and hunting                  98.1
Mining                                                      202.2
Utilities                                                    69.0
Construction                                                208.3
Manufacturing                                               637.1
  Durable goods manufacturing                               221.5
  Nondurable goods manufacturing                            415.6
Wholesale trade                                             279.4
Retail trade                                                167.4
Transportation and warehousing                              105.6
Information                                                 231.3
Real estate and rental and leasing  (1)                     338.8
Professional and business services  (2)                     313.7
Educational services, health care, and social assistance     58.6
Arts, entertainment, recreation, accommodation, and
  food services                                             111.6
Other services, except government                            57.2

                                                          2015

Nonfinancial corporations                                 1,665.2
Total nonfinancial industries                             2,898.7
Agriculture, forestry, fishing, and hunting                  64.2
Mining                                                       62.0
Utilities                                                    65.4
Construction                                                233.6
Manufacturing                                               659.8
  Durable goods manufacturing                               236.0
  Nondurable goods manufacturing                            423.8
Wholesale trade                                             296.0
Retail trade                                                184.4
Transportation and warehousing                              109.5
Information                                                 251.9
Real estate and rental and leasing  (1)                     358.9
Professional and business services  (2)                     350.7
Educational services, health care, and social assistance     71.9
Arts, entertainment, recreation, accommodation, and
  food services                                             127.9
Other services, except government                            62.6

(1.) The housing component of real estate and rental and leasing is
excluded from these estimates to allow for better comparison with
nonfinancial corporate returns.
(2.)To preserve the nonfinancial focus of this article, management of
companies and enterprises is excluded from this sector.

Table 2. Produced Assets of Domestic Nonfinancial Corporations and
Nonfinancial Industries, 1998-2015
[Billions of dollars]

                                                          1998

Nonfinancial corporations                                  8,104.7
Total nonfinancial industries                             10,563.7
Agriculture, forestry, fishing, and hunting                  443.4
Mining                                                       545.8
Utilities                                                    972.5
Construction                                                 152.4
Manufacturing                                              2,500.3
 Durable goods manufacturing                               1,416.8
 Nondurable goods manufacturing                            1,083.5
Wholesale trade                                              626.4
Retail trade                                                 914.8
Transportation and warehousing                               752.9
Information                                                  991.9
Real estate and rental and leasing (1)                       778.0
Professional and business services (2)                       354.5
Educational services, health care, and social assistance     799.4
Arts, entertainment, recreation, accommodation, and food
services                                                     432.1
Other services, except government                            299.4

                                                          1999

Nonfinancial corporations                                  8,540.0
Total nonfinancial industries                             11,192.1
Agriculture, forestry, fishing, and hunting                  453.7
Mining                                                       539.5
Utilities                                                  1,004.6
Construction                                                 170.4
Manufacturing                                              2,622.6
 Durable goods manufacturing                               1,485.3
 Nondurable goods manufacturing                            1,137.3
Wholesale trade                                              664.3
Retail trade                                                 983.1
Transportation and warehousing                               782.2
Information                                                1,071.6
Real estate and rental and leasing (1)                       855.9
Professional and business services (2)                       404.4
Educational services, health care, and social assistance     852.2
Arts, entertainment, recreation, accommodation, and food
services                                                     466.6
Other services, except government                            321.0

                                                          2000

Nonfinancial corporations                                  9,084.1
Total nonfinancial industries                             11,956.3
Agriculture, forestry, fishing, and hunting                  470.4
Mining                                                       585.6
Utilities                                                  1,062.8
Construction                                                 183.3
Manufacturing                                              2,743.9
 Durable goods manufacturing                               1,559.1
 Nondurable goods manufacturing                            1,184.9
Wholesale trade                                              704.3
Retail trade                                               1,056.2
Transportation and warehousing                               822.2
Information                                                1,186.5
Real estate and rental and leasing (1)                       926.7
Professional and business services (2)                       454.0
Educational services, health care, and social assistance     910.5
Arts, entertainment, recreation, accommodation, and food
services                                                     504.7
Other services, except government                            345.2

                                                          2001

Nonfinancial corporations                                  9,545.0
Total nonfinancial industries                             12,414.9
Agriculture, forestry, fishing, and hunting                  473.7
Mining                                                       663.5
Utilities                                                  1,117.3
Construction                                                 190.2
Manufacturing                                              2,774.1
 Durable goods manufacturing                               1,578.3
 Nondurable goods manufacturing                            1,195.8
Wholesale trade                                              687.1
Retail trade                                               1,086.5
Transportation and warehousing                               852.6
Information                                                1,253.1
Real estate and rental and leasing (1)                       963.2
Professional and business services (2)                       481.9
Educational services, health care, and social assistance     967.5
Arts, entertainment, recreation, accommodation, and food
services                                                     536.4
Other services, except government                            367.8

                                                          2002

Nonfinancial corporations                                  9,858.0
Total nonfinancial industries                             12,862.9
Agriculture, forestry, fishing, and hunting                  492.3
Mining                                                       736.5
Utilities                                                  1,160.2
Construction                                                 199.9
Manufacturing                                              2,810.0
 Durable goods manufacturing                               1,579.3
 Nondurable goods manufacturing                            1,230.7
Wholesale trade                                              699.3
Retail trade                                               1,151.2
Transportation and warehousing                               860.3
Information                                                1,272.3
Real estate and rental and leasing (1)                       994.6
Professional and business services (2)                       507.7
Educational services, health care, and social assistance   1,031.2
Arts, entertainment, recreation, accommodation, and food
services                                                     561.3
Other services, except government                            386.1

                                                          2003

Nonfinancial corporations                                 10,177.3
Total nonfinancial industries                             13,337.0
Agriculture, forestry, fishing, and hunting                  520.5
Mining                                                       790.5
Utilities                                                  1,210.4
Construction                                                 205.9
Manufacturing                                              2,853.3
 Durable goods manufacturing                               1,584.1
 Nondurable goods manufacturing                            1,269.1
Wholesale trade                                              721.8
Retail trade                                               1,211.5
Transportation and warehousing                               871.2
Information                                                1,294.4
Real estate and rental and leasing (1)                     1,022.9
Professional and business services (2)                       539.5
Educational services, health care, and social assistance   1,098.0
Arts, entertainment, recreation, accommodation, and food
services                                                     587.3
Other services, except government                            409.8

                                                          2004

Nonfinancial corporations                                 10,769.0
Total nonfinancial industries                             14,480.2
Agriculture, forestry, fishing, and hunting                  556.5
Mining                                                       944.2
Utilities                                                  1,341.5
Construction                                                 227.6
Manufacturing                                              3,000.6
 Durable goods manufacturing                               1,652.1
 Nondurable goods manufacturing                            1,348.5
Wholesale trade                                              789.6
Retail trade                                               1,338.1
Transportation and warehousing                               920.3
Information                                                1,359.7
Real estate and rental and leasing (1)                     1,121.2
Professional and business services (2)                       584.4
Educational services, health care, and social assistance   1,209.7
Arts, entertainment, recreation, accommodation, and food
services                                                     638.1
Other services, except government                            448.7

                                                          2005

Nonfinancial corporations                                 11,701.4
Total nonfinancial industries                             15,822.3
Agriculture, forestry, fishing, and hunting                  596.5
Mining                                                     1,239.4
Utilities                                                  1,433.4
Construction                                                 251.1
Manufacturing                                              3,183.1
 Durable goods manufacturing                               1,740.7
 Nondurable goods manufacturing                            1,442.4
Wholesale trade                                              876.1
Retail trade                                               1,434.6
Transportation and warehousing                               962.4
Information                                                1,458.5
Real estate and rental and leasing (1)                     1,231.0
Professional and business services (2)                       637.0
Educational services, health care, and social assistance   1,332.8
Arts, entertainment, recreation, accommodation, and food
services                                                     695.1
Other services, except government                            491.2

                                                          2006

Nonfinancial corporations                                 12,683.6
Total nonfinancial industries                             17,099.6
Agriculture, forestry, fishing, and hunting                  622.2
Mining                                                     1,438.4
Utilities                                                  1,532.1
Construction                                                 274.9
Manufacturing                                              3,353.9
 Durable goods manufacturing                               1,831.1
 Nondurable goods manufacturing                            1,522.8
Wholesale trade                                              953.6
Retail trade                                               1,538.4
Transportation and warehousing                             1,010.0
Information                                                1,585.4
Real estate and rental and leasing (1)                     1,349.4
Professional and business services (2)                       687.5
Educational services, health care, and social assistance   1,466.3
Arts, entertainment, recreation, accommodation, and food
services                                                     755.4
Other services, except government                            532.1

                                                          2007

Nonfinancial corporations                                 13,539.3
Total nonfinancial industries                             18,122.6
Agriculture, forestry, fishing, and hunting                  661.3
Mining                                                     1,521.2
Utilities                                                  1,653.1
Construction                                                 288.0
Manufacturing                                              3,584.3
 Durable goods manufacturing                               1,924.0
 Nondurable goods manufacturing                            1,660.3
Wholesale trade                                            1,018.7
Retail trade                                               1,619.3
Transportation and warehousing                             1,042.5
Information                                                1,638.7
Real estate and rental and leasing (1)                     1,434.7
Professional and business services (2)                       726.1
Educational services, health care, and social assistance   1,570.0
Arts, entertainment, recreation, accommodation, and food
services                                                     805.3
Other services, except government                            559.4

                                                          2008

Nonfinancial corporations                                 14,265.3
Total nonfinancial industries                             19,052.1
Agriculture, forestry, fishing, and hunting                  678.1
Mining                                                     1,608.4
Utilities                                                  1,810.1
Construction                                                 300.2
Manufacturing                                              3,725.9
 Durable goods manufacturing                               2,011.3
 Nondurable goods manufacturing                            1,714.4
Wholesale trade                                            1,048.9
Retail trade                                               1,667.9
Transportation and warehousing                             1,106.0
Information                                                1,702.4
Real estate and rental and leasing (1)                     1,516.3
Professional and business services (2)                       768.2
Educational services, health care, and social assistance   1,681.4
Arts, entertainment, recreation, accommodation, and food
services                                                     857.0
Other services, except government                            581.3

                                                          2009

Nonfinancial corporations                                 14,351.3
Total nonfinancial industries                             18,400.8
Agriculture, forestry, fishing, and hunting                  655.3
Mining                                                     1,421.3
Utilities                                                  1,776.0
Construction                                                 275.2
Manufacturing                                              3,671.7
 Durable goods manufacturing                               1,941.4
 Nondurable goods manufacturing                            1,730.4
Wholesale trade                                              988.1
Retail trade                                               1,571.9
Transportation and warehousing                             1,077.3
Information                                                1,695.4
Real estate and rental and leasing (1)                     1,444.2
Professional and business services (2)                       770.7
Educational services, health care, and social assistance   1,667.3
Arts, entertainment, recreation, accommodation, and food
services                                                     829.3
Other services, except government                            557.1

                                                          2010

Nonfinancial corporations                                 14,349.7
Total nonfinancial industries                             19,019.4
Agriculture, forestry, fishing, and hunting                  698.7
Mining                                                     1,505.6
Utilities                                                  1,896.9
Construction                                                 265.3
Manufacturing                                              3,788.6
 Durable goods manufacturing                               1,981.6
 Nondurable goods manufacturing                            1,806.9
Wholesale trade                                            1,056.3
Retail trade                                               1,602.2
Transportation and warehousing                             1,099.2
Information                                                1,791.6
Real estate and rental and leasing (1)                     1,440.6
Professional and business services (2)                       789.0
Educational services, health care, and social assistance   1,706.3
Arts, entertainment, recreation, accommodation, and food
services                                                     821.6
Other services, except government                            557.4

                                                          2011

Nonfinancial corporations                                 14,943.3
Total nonfinancial industries                             19,866.0
Agriculture, forestry, fishing, and hunting                  757.5
Mining                                                     1,566.9
Utilities                                                  2,033.7
Construction                                                 267.2
Manufacturing                                              3,964.6
 Durable goods manufacturing                               2,066.8
 Nondurable goods manufacturing                            1,897.8
Wholesale trade                                            1,131.6
Retail trade                                               1,659.0
Transportation and warehousing                             1,154.5
Information                                                1,861.9
Real estate and rental and leasing (1)                     1,478.2
Professional and business services (2)                       813.4
Educational services, health care, and social assistance   1,778.7
Arts, entertainment, recreation, accommodation, and food
services                                                     832.6
Other services, except government                            566.2

                                                          2012

Nonfinancial corporations                                 15,499.5
Total nonfinancial industries                             20,506.6
Agriculture, forestry, fishing, and hunting                  778.4
Mining                                                     1,643.9
Utilities                                                  2,117.0
Construction                                                 271.4
Manufacturing                                              4,068.4
 Durable goods manufacturing                               2,122.1
 Nondurable goods manufacturing                            1,946.3
Wholesale trade                                            1,189.9
Retail trade                                               1,715.1
Transportation and warehousing                             1,194.5
Information                                                1,897.9
Real estate and rental and leasing (1)                     1,526.2
Professional and business services (2)                       835.0
Educational services, health care, and social assistance   1,838.2
Arts, entertainment, recreation, accommodation, and food
services                                                     850.9
Other services, except government                            576.0

                                                          2013

Nonfinancial corporations                                 16,041.1
Total nonfinancial industries                             21,323.5
Agriculture, forestry, fishing, and hunting                  821.2
Mining                                                     1,789.2
Utilities                                                  2,177.6
Construction                                                 282.4
Manufacturing                                              4,206.2
 Durable goods manufacturing                               2,165.9
 Nondurable goods manufacturing                            2,040.4
Wholesale trade                                            1,230.5
Retail trade                                               1,775.3
Transportation and warehousing                             1,232.8
Information                                                1,944.0
Real estate and rental and leasing (1)                     1,586.3
Professional and business services (2)                       860.0
Educational services, health care, and social assistance   1,924.3
Arts, entertainment, recreation, accommodation, and food
services                                                     889.7
Other services, except government                            598.1

                                                          2014

Nonfinancial corporations                                 16,575.2
Total nonfinancial industries                             22,040.3
Agriculture, forestry, fishing, and hunting                  879.0
Mining                                                     1,831.5
Utilities                                                  2,261.5
Construction                                                 293.1
Manufacturing                                              4,325.1
 Durable goods manufacturing                               2,230.5
 Nondurable goods manufacturing                            2,094.6
Wholesale trade                                            1,264.5
Retail trade                                               1,815.6
Transportation and warehousing                             1,294.5
Information                                                2,005.1
Real estate and rental and leasing (1)                     1,647.3
Professional and business services (2)                       835.0
Educational services, health care, and social assistance   1,985.8
Arts, entertainment, recreation, accommodation, and food
services                                                     931.8
Other services, except government                            619.5

                                                          2015

Nonfinancial corporations                                 16,959.7
Total nonfinancial industries                             22,400.7
Agriculture, forestry, fishing, and hunting                  857.8
Mining                                                     1,718.0
Utilities                                                  2,269.4
Construction                                                 308.0
Manufacturing                                              4,402.6
 Durable goods manufacturing                               2,261.4
 Nondurable goods manufacturing                            2,141.2
Wholesale trade                                            1,296.7
Retail trade                                               1,860.1
Transportation and warehousing                             1,352.0
Information                                                2,082.2
Real estate and rental and leasing (1)                     1,705.0
Professional and business services (2)                       860.0
Educational services, health care, and social assistance   2,043.6
Arts, entertainment, recreation, accommodation, and food
services                                                     965.1
Other services, except government                            632.4

1. The housing component of real estate and rental and leasing is
excluded from these estimates to allow for better comparison with
nonfinancial corporate returns.
(2.) To preserve the nonfinancial focus of this article, management of
companies and enterprises is excluded from this sector.