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Colorado Department of Revenue
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2020 Individual Statistics of Income
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Table 14. Business Income by Industry
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This table summarizes sole proprietorship business income by industry as reported by full-year resident taxpayers on federal Schedule C forms.
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I. Number of Returns, Number of Schedule Cs, and Aggregate Dollar Amounts
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NAICS Code ¹Industry ¹Number
of Returns ²		Number of Schedule Cs ³Gross Income
from Business		Net Profit or Loss
from Business
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11Agriculture, Forestry, Fishing and Hunting 5,522 5,681 $171,229,377 $15,104,439
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21Mining, Quarrying, and Oil and Gas Extraction 2,925 3,298 $127,313,952 $8,652,183
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22Utilities 278 281 $7,008,181 $2,540,116
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23Construction 50,525 51,435 $3,480,353,769 $968,309,905
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31-33Manufacturing 6,394 6,508 $281,426,610 $53,104,652
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42Wholesale Trade 5,098 5,220 $234,970,061 $63,066,902
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441Motor Vehicle and Parts Dealers 1,452 1,474 $89,515,906 $13,890,819
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442Furniture and Home Furnishings Stores 366 369 $16,434,234 $2,797,438
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443Electronics and Appliance Stores 157 159 $8,471,826 $1,443,232
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444Building Material and Garden Equipment and Supplies Dealers 386 396 $33,888,863 $8,443,564
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445Food and Beverage Stores 1,139 1,169 $95,723,183 $11,594,480
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446Health and Personal Care Stores 2,562 2,616 $51,378,732 $8,738,736
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447Gasoline Stations 91 96 $19,375,015 $3,577,001
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448Clothing and Clothing Accessories Stores 2,146 2,173 $49,924,672 $2,512,297
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451Sporting Goods, Hobby, Musical Instrument, and Book Stores 1,639 1,667 $48,967,125 $5,599,063
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452General Merchandise Stores 581 590 $18,186,126 $2,010,458
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453Miscellaneous Store Retailers 4,489 4,550 $140,344,645 $20,491,190
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454Nonstore Retailers 21,540 22,298 $311,558,065 $67,903,721
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48-49Transportation and Warehousing 44,367 47,662 $1,376,010,836 $190,979,715
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51Information 7,177 7,351 $161,539,010 $63,775,052
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52Finance and Insurance 11,486 12,379 $1,175,525,597 $390,473,780
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53Real Estate and Rental and Leasing 28,626 29,940 $1,823,250,795 $793,465,564
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54Professional, Scientific, and Technical Services 77,259 80,935 $3,185,418,380 $1,821,209,485
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56Administrative and Support and Waste Management and Remediation Services 30,314 31,105 $920,285,907 $331,887,783
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61Educational Services 13,692 14,153 $193,029,974 $93,612,842
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62Health Care and Social Assistance 30,391 31,418 $1,359,155,394 $576,300,097
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71Arts, Entertainment, and Recreation 28,531 29,753 $443,017,164 $125,190,577
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721Accommodation 1,461 1,546 $74,786,777 ($6,611,721)
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722Food Services and Drinking Places 7,479 7,805 $402,169,883 $3,290,749
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55; 81Management of Companies and Enterprises; Other Services (except Public Administration) 54,940 57,070 $1,472,343,450 $437,659,458
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92Public Administration 22 23 $832,452 $223,528
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NABlank or Invalid NAICS 86,821 92,239 $1,970,166,052 $723,390,196
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Total 479,918 553,359 $19,743,602,013 $6,804,627,301
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Source: Federal and Colorado individual income tax returns (full-year residents only)
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¹ These industries are defined in the North American Industry Classification System (NAICS). NAICS codes are reported by the taxpayer on their federal Schedule C forms.
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² An individual may file more than one Schedule C if they have more than one business, and each of their businesses may have a different NAICS code. Every Schedule C is summarized separately in this table. Therefore, one return may show up in more than one industry category. The total number of returns represents the number of returns with at least one Schedule C that has gross income or net profit or loss from a sole proprietorship business; it is not a sum of the returns within each industry category.
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³ The number of Schedule Cs reported in the SOI might be understated. When four or more Schedule Cs are filed with a return, the IRS combines the excess Schedule Cs into one or more of the three Schedule Cs summarized in this report.
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Prepared by: Office of Research and Analysis, Colorado Department of Revenue | dor_ora@state.co.us
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Data extracted: August 25, 2022
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Publish date: September 2024
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