4.2.1Industries

The 52 industries studied are reported in Table 4.2. The choice of these industries originates from the need to match two different sources of data from the Bureau of Economic Analysis (BEA 1999a, 1999b): “Fixed Reproducible Tangible wealth in the United States, 1925-1997” and “Gross Product Originating 1947-1997.” The first contains data on capital stocks by industry at the aggregate level, the latter gives the gross state product by industry. The industry classifications used in these two sources are not exactly the same, and I had to aggregate some of the 62 original industries to obtain a set of 52 industries common to all sources of data. The BEA (1999b) methodology is for industries based on the 1987 Standard Industry Classification (SIC) where

‘Industry data are presented on an ’establishment’ basis; establishments, as defined for the purposes of the SIC, are economic units, generally at a single physical location, where business is conducted or where services or industrial operations are performed. ’

Table 4.2List of the 52 Industries Used in this Study

1-digit industry	Code	2-digit Industry
Mining	31	Metal mining
Mining	32	Coal mining
Mining	33	Oil & gas
Mining	34	Nonmetalic minerals
Construction	4	Construction
Manufacturing	521	Lumber & wood
Manufacturing	522	Furniture and fixtures
Manufacturing	523	Stone, clay, glass
Manufacturing	524	Primary metals
Manufacturing	525	Fabricated metals
Manufacturing	526	Industrial machinery
Manufacturing	527	Electronic, instrument and related equipment
Manufacturing	528	Motor vehicles
Manufacturing	529	Other transport. equip.
Manufacturing	5210	Misc. manufacturing
Manufacturing	531	Food & kindred products
Manufacturing	532	Tobacco products
Manufacturing	533	Textile mill products
Manufacturing	534	Apparel & textile
Manufacturing	535	Paper products
Manufacturing	536	Printing & publishing
Manufacturing	537	Chemicals
Manufacturing	538	Petroleum products
Manufacturing	539	Rubber & plastics
Manufacturing	5310	Leather products
Transportation	611	Railroad transportation
Transportation	612	Local & interurban
Transportation	613	Trucking and warehousing
Transportation	614	Water transportation
Transportation	615	Transportation by air
Transportation	616	Pipelines, ex. nat. gas
Transportation	617	Transportation services
Transportation	62	Communications
Transportation	63	Electric, gas, & sanitary
Wholesale trade	7	Wholesale trade
Retail trade	8	Retail trade
F.I.R.E.	91	Banking
F.I.R.E.	92	Security brokers
F.I.R.E.	93	Insurance carriers
F.I.R.E.	94	Insurance agents
F.I.R.E.	95	Real estate
F.I.R.E.	96	Holding and investment
Services	101	Hotels & lodging
Services	102	Personal services
Services	103	Business and Other Services
Services	104	Auto repair & parking
Services	105	Misc. repair services
Services	106	Motion pictures
Services	107	Amusement and recreation
Services	108	Health services
Services	109	Legal services
Services	1010	Educational services
Note: industry 37 (Banking) includes “Federal Reserve Banks, Other depository institutions and Nondepository institutions. Variable 1-digit industry corresponds to 1-digit SIC industry name. Variable code is an arbitrary number closely related to the 2-digit SIC, of which name is reported by variable 2-digit industry.