NAICS 611310 Quarterly Industry Report
Colleges, Universities, and Professional Schools
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 611310Sector: Educational Services (61)Updated: Q1 2026
About This Report
This industry profile for Colleges, Universities, and Professional Schools (NAICS 611310) draws on data from the U.S. Census Bureau[7], Bureau of Labor Statistics[5], U.S. Department of Education[8], and SBA size standards database[6]. Published by Fair Market Value and updated quarterly, it provides valuation professionals, higher education analysts, and institutional planners with current market data. The editorial analysis reflects the independent assessment of FairMarketValue.com's research team, with all quantitative claims sourced to publicly verifiable databases.
Industry Definition & Overview
Colleges, Universities, and Professional Schools (NAICS 611310) encompasses establishments primarily engaged in furnishing academic courses and granting degrees at baccalaureate or graduate levels per the U.S. Census Bureau[4]. The requirement for inclusion in this classification is that the institution grant degrees rather than simply certificates. Teaching staff normally maintain academic rank and may conduct original research in addition to classroom instruction. This classification covers public universities, private nonprofit colleges, for-profit degree-granting institutions, law schools, medical schools, and other professional schools.
The Bureau of Labor Statistics[5] reports roughly 1.76 million wage and salary workers in this subsector, including 1.26 million in the private sector and 1.72 million at state government institutions. Total U.S. higher education revenue reached approximately $587 billion in 2024, reflecting the combined tuition, endowment income, research funding, and state appropriation streams that fund institutional operations. Regional accreditation bodies including SACSCOC, WASC, NEASC, Higher Learning Commission, Middle States Commission, and Northwest Commission oversee roughly 3,000 degree-granting institutions.
Per the SBA Table of Size Standards[6], the size standard is $34.5 million in average annual receipts. Online degree programs and stackable credential pathways have expanded institutional reach beyond traditional campus boundaries. Enrollment uncertainty, demographic shifts in the college-age population, and rising operating costs have pressured mid-tier institutions dependent on tuition revenue. Research universities with strong federal grant portfolios and diversified revenue streams have maintained stronger financial positions than tuition-dependent institutions across both public and private sectors.
What's Included in This Industry
- Baccalaureate degree program instruction and curriculum
- Graduate and doctoral degree program delivery
- Professional school programs including law, medicine, and business
- Original academic research and sponsored research administration
- Online and distance education degree programs
- Campus housing, dining, and student life operations
- Intercollegiate athletics program management
- Financial aid processing and scholarship administration
- Technology transfer and intellectual property licensing
- Continuing education and executive education programs
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Educational Services | 61 |
| Subsector | Educational Services | 611 |
| Industry Group | Colleges, Universities, and Professional Schools | 6113 |
| NAICS Industry | Colleges, Universities, and Professional Schools | 61131 |
| National Industry | Colleges, Universities, and Professional Schools | 611310 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 611210 | Junior Colleges | Junior Colleges serve as feeder institutions through transfer admission pathways and articulation agreements, with many universities guaranteeing admission to students completing associate degree programs at community colleges |
| 611110 | Elementary and Secondary Schools | Elementary and Secondary Schools prepare the student pipeline for higher education enrollment, with K-12 academic preparation quality directly affecting college readiness and freshman retention rates at degree-granting institutions |
| 541720 | Research and Development in the Social Sciences and Humanities | Research and Development in the Social Sciences and Humanities operates research programs that often partner with university departments, sharing faculty investigators, graduate student researchers, and federally funded research infrastructure |
| 541715 | Research and Development in the Physical, Engineering, and Life Sciences (except Nanotechnology and Biotechnology) | Research and Development in the Physical, Engineering, and Life Sciences overlaps with university research programs through joint grants, shared laboratory facilities, and faculty consulting arrangements |
| 611710 | Educational Support Services | Educational Support Services provide accreditation consulting, assessment testing, curriculum development, and institutional effectiveness research that universities contract for compliance and quality assurance functions |
| 611691 | Exam Preparation and Tutoring | Exam Preparation and Tutoring services support students preparing for graduate and professional school admissions examinations including the GRE, GMAT, LSAT, and MCAT, creating demand driven by university admissions requirements |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | California | 13.7% | 564 |
| 2 | Florida | 6.8% | 281 |
| 3 | New York | 6.7% | 275 |
| 4 | Texas | 5.1% | 208 |
| 5 | Pennsylvania | 4.6% | 188 |
| 6 | Virginia | 4.3% | 176 |
| 7 | Illinois | 4.3% | 176 |
| 8 | Ohio | 3.1% | 127 |
| 9 | Georgia | 2.9% | 119 |
| 10 | Missouri | 2.8% | 115 |
% Of Establishments
0%
14%
Source: County Business Patterns, U.S. Census Bureau[2]
SBA Lending Summary
48
Total SBA Loans
$32.6M
Total Loan Volume
$679K
Average Loan Size
14 yrs
Average Loan Term
10.04%
Average Interest Rate
600
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[3]
Key Insight: Per the SBA Table of Size Standards[6], Colleges, Universities, and Professional Schools (NAICS 611310) has a size standard of $34.5 million in average annual receipts for federal contracting purposes. SBA lending programs[9] support capital projects, research equipment acquisition, and operational capacity for qualifying educational institutions. Eligible businesses can access SBA 7(a) loans[10] for working capital, equipment, and acquisition financing, while 504 loans[11] support major fixed-asset purchases including real estate and heavy machinery.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Readycap Lending, LLC | 16 | $15.6M | $973K |
| 2 | Enterprise Bank & Trust | 8 | $13.6M | $1.7M |
| 3 | Peoples State Bank | 8 | $1.5M | $183K |
| 4 | Northeast Bank | 8 | $1.1M | $140K |
| 5 | PNC Bank, National Association | 8 | $840K | $105K |
Frequently Asked Questions
Common questions about this industry.
What is the NAICS code for colleges and universities?
NAICS 611310 covers all degree-granting colleges, universities, and professional schools, including public, private nonprofit, and for-profit institutions that award baccalaureate and graduate degrees per the U.S. Census Bureau[4].
How large is the U.S. higher education industry?
Total U.S. higher education revenue reached approximately $587 billion in 2024, covering tuition, endowment income, research funding, and state appropriations across thousands of degree-granting institutions.
How many people work at colleges and universities?
The Bureau of Labor Statistics[5] reports roughly 1.76 million wage and salary workers, including faculty, researchers, administrative staff, and campus operations personnel.
What is the SBA size standard for colleges and universities?
The SBA size standard[6] is $34.5 million in average annual receipts, used to determine eligibility for federal small business contracting programs and SBA lending products.
How many regional accreditation bodies oversee U.S. colleges?
Six regional accreditation bodies - SACSCOC, WASC, NEASC, Higher Learning Commission, Middle States Commission, and Northwest Commission - oversee roughly 3,000 degree-granting institutions per the Council for Higher Education Accreditation[12].
What financial pressures do universities face?
Mid-tier tuition-dependent institutions face enrollment uncertainty from demographic shifts in the college-age population, rising operating costs, and competition from online programs, while research universities with diversified revenue streams maintain stronger financial positions.
How has online education affected higher education?
Online degree programs and stackable credential pathways have expanded institutional reach beyond traditional campus boundaries, with most universities now operating hybrid or fully online programs across undergraduate and graduate curricula.
What is the Gainful Employment rule for higher education?
The Gainful Employment and Financial Value Transparency rules, effective July 2024, require Title IV institutions to report program-level graduate earnings and debt data per Federal Student Aid[13] regulatory guidance, with sanctions for programs that fail performance thresholds.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, County Business Patterns census.gov
- [3]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [4]U.S. Census Bureau census.gov
- [5]Bureau of Labor Statistics bls.gov
- [6]SBA Table of Size Standards sba.gov
- [7]U.S. Census Bureau data.census.gov
- [8]U.S. Department of Education ed.gov
- [9]SBA lending programs sba.gov
- [10]SBA 7(a) loans sba.gov
- [11]504 loans sba.gov
- [12]Council for Higher Education Accreditation chea.org
- [13]Federal Student Aid fsapartners.ed.gov
Disclaimer
This publication has been prepared by Fair Market Value (“Fair Market Value”) for informational purposes only. It is provided on an “as-is” and “as available” basis. Fair Market Value makes no representations or warranties, express or implied, regarding the merchantability, fitness for a particular purpose, completeness, or accuracy of the data or information contained herein. This publication is not intended to be, and should not be construed as, professional financial, legal, tax, or investment advice. Users should consult with qualified professionals before making any financial or business decisions based on the information presented.
To the extent permitted by law, Fair Market Value disclaims all liability for loss or damage, direct and indirect, suffered or incurred by any person resulting from the use of, or reliance upon, the data in this publication.
Copyright © 2026 Fair Market Value. All rights reserved. All data, information, articles, graphs, and content contained in this publication are copyrighted works and Fair Market Value hereby reserves all rights. No part of this publication may be copied, reproduced, republished, uploaded to a third party, or distributed without the prior written permission of Fair Market Value.