Security Industry Economic Impact Report

EIR

About the Report

The security industry represents a wide range of companies providing innovative solutions to protecting both people and assets. Its significant economic footprint extends throughout the American economy.

The 2024 Economic Impact of the Security Industry Report, conducted by John Dunham & Associates, measures the combined impact of the security industry across four categories of activity: manufacturing, business to business activity, services and security personnel. The security industry contributes $431.38 billion in total to the U.S. economy, or 1.51% of gross domestic product, while supporting 2.1 million jobs. Through its production and business to business sales linkages, it impacts firms across 523 of the total 545 sectors within the U.S. economy.

Security industry firms directly employ nearly 723,000 Americans in production, sales, manufacturing, services and business to business sales, with a direct economic impact of $130.4 billion. Other firms are related to the security industry as suppliers. These firms produce and sell a broad range of items including parts, equipment, packaging materials, machinery and other items. In addition, supplier firms provide a broad range of services, including personnel services, financial services, advertising services, consulting services and transportation services. The security industry supports over 656,000 supplier jobs, generating $147.8 billion in economic activity. Spending by employees of the industry and those of supplier firms whose jobs are directly dependent on security sales and production in turn supports jobs and economic activity in other industries, known in economic analysis as “induced” effects. In this way the security industry supports an additional 722,000 jobs and $153 billion in induced economic activity.

INFO_Preview_V5

Behind the Numbers in this Report – Key Terminology:

  • Economic Impact: Measured mostly in terms of output, comparable to sales.
  • Direct: Jobs and economic output attributable solely to the security industry.
  • Indirect: Jobs and economic output attributable to suppliers to the security industry, and that are induced.
  • Induced: Jobs and economic output from respending income received by payments made to security industry employees and business owners and their suppliers.
  • Wages: Total wages received by both direct and indirect employees.
  • Average Wage Per Employee: The average of total wages across direct and indirect employees, which includes both the wide variety of jobs within the security industry (such as security guards) and supplier jobs that are not directly part of the industry.
  • Tax Contribution: Combined federal, state and local taxes.

How does the security industry compare to other industries in the U.S.?

In comparison to other industries identified as similarly sized in the report, the security industry directly employs more people than software publishers (nearly 659,000) and a similar number to the commercial sports industry (749,000). Its output is similar to the aircraft manufacturing industry ($127 billion) or to all of the gas stations in the U.S. ($146 billion).

The map below provides detailed information about the economic contributions generated by the U.S. security industry. To see how the industry creates jobs in your state or congressional district, use the dropdown boxes below to generate your local economic impact!

DOWNLOAD STUDY METHODOLOGY

If you are interested in learning more about the Economic Impact Report, contact SIA's senior director of government relations, Jake Parker, at jparker@securityindustry.org.

Any use of the data and information contained herein must cite the Security Industry Association. Use of the data and information without citation is strictly prohibited.