{
 "api_version": "v1",
 "data": {
  "naics": "337121",
  "label": "Upholstered Household Furniture Manufacturing",
  "scope": "United States",
  "operators": 609,
  "employees": 42224,
  "pay_per_employee_usd": 43940,
  "made_of": {
   "occupation": "Cabinetmakers and Bench Carpenters",
   "share_pct": 16.65,
   "concentration_vs_economy": 338.0
  },
  "licence_gate": {
   "occupation": "Cabinetmakers and Bench Carpenters",
   "jurisdictions_licensing": null,
   "jurisdictions_searched": 54,
   "us_jurisdictions_total": 56,
   "exam_gated_licences": null,
   "matched_by": null,
   "marginal": false
  },
  "labour": {
   "defining_occupation": "Cabinetmakers and Bench Carpenters",
   "employed_nationally": 58220,
   "median_wage_usd": 45910
  },
  "licensed_occupations": [
   {
    "occ_title": "Sales Representatives, Wholesale and Manufacturing, Except Technical and Scientific Products",
    "share_pct": 2.73,
    "ratio": 3.3,
    "defining": false,
    "states": 17,
    "licences": 106,
    "matched_by": "soc"
   },
   {
    "occ_title": "Carpenters",
    "share_pct": 3.11,
    "ratio": 6.6,
    "defining": false,
    "states": 4,
    "licences": 9,
    "matched_by": "soc"
   },
   {
    "occ_title": "Laborers and Freight, Stock, and Material Movers, Hand",
    "share_pct": 3.28,
    "ratio": 1.6,
    "defining": false,
    "states": 2,
    "licences": 4,
    "matched_by": "soc"
   }
  ],
  "acquisition_lending": {
   "naics": "337121",
   "business_age": "acquisition",
   "loans": 137,
   "gross_usd": 61843700,
   "guaranteed_usd": 46303395,
   "median_loan_usd": 266512,
   "mean_rate_pct": 7.35,
   "mean_term_months": 138,
   "jobs_supported": 2231,
   "years": "FY2010\u2013FY2026",
   "charge_off": {
    "pct": 4.8,
    "charged_off": 3,
    "resolved": 63,
    "usd": 1711393,
    "window": "FY2010\u2013FY2020",
    "read": "4.8% of resolved SBA acquisition loans in this industry were charged off, across 63 loans that have actually reached an outcome. Cohorts from FY2021 onward are EXCLUDED from this rate: a loan approved recently has not had time to fail, and counting it would make every industry look safe."
   },
   "peer_rank": {
    "percentile": 25,
    "peers": 501,
    "rate_pct": 4.8,
    "median_pct": 6.6,
    "read": "25th percentile for charge-off rate among 501 industries with at least 50 seasoned acquisition loans. HIGHER IS WORSE here \u2014 this is the rate at which lenders lost money, not a performance score. Median across all of them is 6.6%."
   }
  },
  "cost_structure": {
   "margin_pct": 47.8,
   "cost_basis": "materials",
   "receipts_usd": 14492131000,
   "value_added_usd": 6929427000,
   "vintage": 2022,
   "read": "Margin computed by the Census Bureau as value added \u2014 receipts less the cost basis named. NULL where Census publishes no cost structure for the sector, which is most service industries; in that case use labour_share_of_receipts_pct and do NOT call it a margin."
  },
  "revenue_distribution": {
   "vintage": 2022,
   "firms": 905,
   "labour_share_of_receipts_pct": 20.7,
   "bands": [
    {
     "band": "<100",
     "lo": 0,
     "hi": 100000,
     "firms": 111,
     "share_pct": 12.3,
     "cumulative_pct": 12.3,
     "labour_share_pct": 29.3,
     "adjusted": true
    },
    {
     "band": "100-499",
     "lo": 100000,
     "hi": 499000,
     "firms": 210,
     "share_pct": 23.2,
     "cumulative_pct": 35.5,
     "labour_share_pct": 36.3,
     "adjusted": true
    },
    {
     "band": "500-999",
     "lo": 500000,
     "hi": 999000,
     "firms": 103,
     "share_pct": 11.4,
     "cumulative_pct": 46.9,
     "labour_share_pct": 31.3,
     "adjusted": true
    },
    {
     "band": "1,000-2,499",
     "lo": 1000000,
     "hi": 2499000,
     "firms": 194,
     "share_pct": 21.4,
     "cumulative_pct": 68.3,
     "labour_share_pct": 26.6,
     "adjusted": true
    },
    {
     "band": "2,500-4,999",
     "lo": 2500000,
     "hi": 4999000,
     "firms": 93,
     "share_pct": 10.3,
     "cumulative_pct": 78.6,
     "labour_share_pct": 27.0,
     "adjusted": true
    },
    {
     "band": "5,000-7,499",
     "lo": 5000000,
     "hi": 7499000,
     "firms": 44,
     "share_pct": 4.9,
     "cumulative_pct": 83.4,
     "labour_share_pct": 26.5,
     "adjusted": true
    },
    {
     "band": "7,500-9,999",
     "lo": 7500000,
     "hi": 9999000,
     "firms": 17,
     "share_pct": 1.9,
     "cumulative_pct": 85.3,
     "labour_share_pct": 27.0,
     "adjusted": true
    },
    {
     "band": "10,000-14,999",
     "lo": 10000000,
     "hi": 14999000,
     "firms": 22,
     "share_pct": 2.4,
     "cumulative_pct": 87.7,
     "labour_share_pct": 27.2,
     "adjusted": true
    },
    {
     "band": "15,000-19,999",
     "lo": 15000000,
     "hi": 19999000,
     "firms": 17,
     "share_pct": 1.9,
     "cumulative_pct": 89.6,
     "labour_share_pct": 23.0,
     "adjusted": true
    },
    {
     "band": "20,000-24,999",
     "lo": 20000000,
     "hi": 24999000,
     "firms": 14,
     "share_pct": 1.5,
     "cumulative_pct": 91.2,
     "labour_share_pct": 20.8,
     "adjusted": true
    },
    {
     "band": "25,000-29,999",
     "lo": 25000000,
     "hi": 29999000,
     "firms": 8,
     "share_pct": 0.9,
     "cumulative_pct": 92.0,
     "labour_share_pct": 21.1,
     "adjusted": true
    },
    {
     "band": "30,000-34,999",
     "lo": 30000000,
     "hi": 34999000,
     "firms": 7,
     "share_pct": 0.8,
     "cumulative_pct": 92.8,
     "labour_share_pct": 24.1,
     "adjusted": true
    },
    {
     "band": "35,000-39,999",
     "lo": 35000000,
     "hi": 39999000,
     "firms": 4,
     "share_pct": 0.4,
     "cumulative_pct": 93.3,
     "labour_share_pct": 25.2,
     "adjusted": true
    },
    {
     "band": "40,000-49,999",
     "lo": 40000000,
     "hi": 49999000,
     "firms": 5,
     "share_pct": 0.6,
     "cumulative_pct": 93.8,
     "labour_share_pct": 27.9,
     "adjusted": true
    },
    {
     "band": "50,000-74,999",
     "lo": 50000000,
     "hi": 74999000,
     "firms": 12,
     "share_pct": 1.3,
     "cumulative_pct": 95.1,
     "labour_share_pct": 23.5,
     "adjusted": true
    },
    {
     "band": "75,000-99,999",
     "lo": 75000000,
     "hi": 99999000,
     "firms": 5,
     "share_pct": 0.6,
     "cumulative_pct": 95.7,
     "labour_share_pct": 18.1,
     "adjusted": true
    },
    {
     "band": "100,000+",
     "lo": 100000000,
     "hi": null,
     "firms": 39,
     "share_pct": 4.3,
     "cumulative_pct": 100.0,
     "labour_share_pct": 19.4,
     "adjusted": true
    }
   ],
   "read": "Firms by RECEIPT SIZE. Labour share is payroll over receipts \u2014 not gross margin, which cannot be derived because Census publishes no cost of goods. Enterprise-level: a firm is counted once at its total size, not per location."
  },
  "standing": {
   "naics4": "3371",
   "percentile": 26,
   "peers": 287,
   "years": [
    2019,
    2023
   ],
   "net_formation_pct": -1.15,
   "band": "dying faster than it is forming",
   "calibration": {
    "rho": 0.57,
    "windows": 4,
    "separation_pp": 42.6
   },
   "read": "Among 287 industries, this one sits at the 26th percentile on net establishment formation over 2019-2023 \u2014 it is dying faster than it is forming. That signal carries a measured rank correlation of 0.57 with the following decade's growth across 4 backtested windows, separating top and bottom deciles by 42.6 percentage points. It describes the INDUSTRY, not a business in it, and it was calibrated against establishment growth rather than returns to an operator."
  },
  "rubric_coverage": {
   "covered": 50,
   "total": 100,
   "partial": 25,
   "absent": 25,
   "rubric": "O1.0-20260804"
  },
  "dimensions": [
   {
    "code": "O1",
    "weight": 25,
    "status": "evidenced",
    "predictive": "predictive",
    "evidence": "609 operators employing 42,224 people across 67 counted areas",
    "source": "US Census County Business Patterns"
   },
   {
    "code": "O2",
    "weight": 15,
    "status": "partial",
    "predictive": "not backtested",
    "evidence": "$48,154,825 in federal awards to 50 distinct recipients, largest buyer Department of Defense. That is ONE buyer \u2014 federal procurement \u2014 not the private market, so it evidences that this work is paid for at scale, not what a private customer pays.",
    "source": "USASpending.gov \u2014 US federal government work, public domain"
   },
   {
    "code": "O3",
    "weight": 15,
    "status": "no producer",
    "predictive": "not backtested",
    "evidence": "No occupation in this industry's top eight matched the register. That is not evidence of being unlicensed.",
    "source": "CareerOneStop / ARC, U.S. Department of Labor"
   },
   {
    "code": "O4",
    "weight": 15,
    "status": "evidenced",
    "predictive": "not backtested",
    "evidence": "58,220 Cabinetmakers and Bench Carpenters employed nationally at a $45,910 median wage",
    "source": "BLS Occupational Employment and Wage Statistics, May 2024"
   },
   {
    "code": "O5",
    "weight": 10,
    "status": "no producer",
    "predictive": "not backtested",
    "evidence": "Per-operator enforcement records exist for some jurisdictions but are not loaded against industries, only against named businesses.",
    "source": "none"
   },
   {
    "code": "O6",
    "weight": 10,
    "status": "partial",
    "predictive": "not backtested",
    "evidence": "Margin is 47.8% of receipts, computed by the Census Bureau as value added \u2014 receipts less cost of materials \u2014 across $14.5bn of industry receipts. This is a REAL cost structure, not a labour proxy: Census collects one for this sector. Payroll is 20.7% of receipts alongside it.",
    "source": "US Census Economic Census 2022"
   },
   {
    "code": "O7",
    "weight": 10,
    "status": "evidenced",
    "predictive": "DESCRIPTIVE ONLY",
    "evidence": "1.03 establishments per firm in 2023 across 8,946 firms and 9,235 establishments: owner-operators \u2014 one firm, one site, so growth means working more hours. 713 firms closed entirely that year, an establishment exit rate of 8.895%.",
    "source": "US Census Business Dynamics Statistics \u2014 public domain"
   }
  ]
 },
 "sources": [
  "US Census CBP 2023",
  "BLS OEWS 2024",
  "CareerOneStop licence register 2024",
  "Census BDS 1978-2023",
  "USASpending 2021-2025"
 ],
 "gaps": [
  "licences in any state \u2014 no occupation in this industry matched a title in the national register. That may mean unlicensed, or licensed municipally, and the two are different findings.",
  "occupation mix for NAICS 337121 \u2014 the labour statistics carry no rows at this level, so everything about occupations here, including the defining occupation and its licence gate, is measured at NAICS 337000, a broader grouping. Establishment counts are for 337121 itself.",
  "bonding_required_usd \u2014 no producer, and not estimated"
 ],
 "licence": {
  "federal_public_domain": "US Census, BLS and USASpending figures are works of the United States Government, public domain under 17 U.S.C. 105. Freely usable, redistributable and resaleable.",
  "occupational_licences": "Licence data derives from CareerOneStop, sponsored by the US Department of Labor, ETA. Supplied on condition it remains publicly available at no cost and without a log-in.",
  "our_analysis": "Rubrics, scoring, backtests and written analysis are 8th Wave Media LLC. The facts underneath them are not.",
  "not_advice": "Research against public records. Not investment, legal, tax or accounting advice, and no figure here is a prediction about your business."
 },
 "attribution": "RootOptics \u2014 ro.8thwavemedia.com"
}