The Trade Economy Index · 2026 Edition

Data & downloads

The index's original analysis, scores, and compilation are open under CC BY 4.0. If you just want to read the data, start with the trade pages. Analysts and AI assistants can use the machine-readable JSON below. Cited third-party material retains its original rights; aggregates never identify an individual company.

Just want to read it?

No download needed. Every trade has a plain-English page with the wages, margins, and benchmarks laid out in tables.

Browse the trades →

Benchmarks at a glance

The Level CFO operating benchmarks in the dataset, on screen. Each row is a real distribution across the blended contractor pool (n disclosed), not a single average. Full sources are in level-benchmarks.json.

Benchmarkp10p25Medianp75p90n
Service agreement gross margin-30.4%20.5%37.9%53.5%70.3%259
Annual service agreement pull-through0.3%1.5%8.7%29.6%93.4%386
Annual service agreement revenue per employee5.9%11.4%28.5%64.1%150.5%217
Collection rate38.8%70.7%85.1%92.7%96%464
Billing speed (days from work complete to invoice)n/an/a1n/a30733
Billing capture rate (hours invoiced / hours logged on jobs)66.9%89.2%97.1%100%102%963
Quote conversion rate (on decided quotes)47.1%61%73.9%83.2%90%794
Average billed labor rate by company39%55%79%116%148%1,770
Quote conversion rate (all quotes issued)n/a28%38.1%47.7%n/a794
Days to convert (winning quotes)n/an/a2n/an/a794
Days to loss (lost quotes)n/an/a29n/a165794
Revenue from largest single customern/a18.5%31%54.6%82.4%959
Job-level gross margin10.8%28.4%44.3%60.2%75.1%1,791
Labor hours: actual as % of budgetedn/a70.1%99.4%131.1%n/a1,391
Labor share of quoted revenuen/a16.7%29.1%42.2%n/a
Job closeout lag (days)n/an/a1.79.635.8
Revenue concentration in top 3 monthsn/a38.3%47.4%66.1%91.1%217
Quote-line gross margin by cost typen/an/an/an/an/a
Bill rate by role (rate-card field)n/an/an/an/an/a

Machine-readable files

For analysts and AI assistants. Plain JSON, versioned with the 2026 edition.

Public-company prices, market caps, returns, margins, and valuation multiples are a historical reference dated 2026-07-23, not live quotes or current valuation comparisons. All 69 company records remain available with their fundamentals periods, while current_comparison_eligible: false keeps crawlers and analysts from treating them as current.

Building-stock provenance

The building-stock file aggregates public state and county tax-assessor and property records. Level analyzed an aggregated compilation of those public records and does not claim that it downloaded every record directly from each government website. The source was a stacked weekly snapshot history, deduplicated to one record per parcel before aggregation.

The file covers 50 states plus the District of Columbia by construction-era band and commercial or industrial use group. Its properties are assessor parcels, not individual buildings, and 39.4% have unknown construction era. It is therefore separate from Level CFO's FEMA/ORNL structure-footprint dataset, which counts physical serviceable buildings inside state and metro polygons.

Core files

FileWhat it contains
index.jsonIndex summary: name, trade count, comp count, file manifest.
trades.jsonAll trades with scores, quadrant, reputation and firmographic summary fields.
methodology.jsonFull scoring model: axes, weighted sub-scores, quadrants, provenance.
comps.jsonPublic-company validators: returns, margins, EV/EBITDA, market cap.
reputation.jsonPer-trade reputation & professionalization aggregates from public review listings.
firmographics.jsonPer-trade company size, revenue, age, and employer-rating distributions.
building-stock.jsonCommercial & industrial building-stock age and size by state (the physical demand base for the trades).
valuation-multiples.jsonAcquisition EV/EBITDA multiples by trade, ranked, with the scale ladder from owner-operator tuck-in to national platform, market fragmentation, and named acquirers.
level-benchmarks.jsonLevel CFO aggregate operating benchmarks (margin, collections, quote conversion, billing speed).

Per-trade files

One full data object per trade: scores, sub-scores, ~40 research topics (labor, market structure, unit economics, cash cycle, AI exposure, channel, lock-in, entry barriers, M&A, demand) with citations, research-pass counts, and confidence tiers, geography (all 50 states + top-50 metros), market structure, unit economics by revenue band (under $1M / $1M to $5M / $5M to $20M / over $20M), reputation, firmographics, Level CFO benchmarks, and public-company comps. Path pattern: /data/trades/<slug>.json

TradeFile
HVAC & Refrigerationtrades/hvac.json
Plumbingtrades/plumbing.json
Electricaltrades/electrical.json
Roofingtrades/roofing.json
Glass & Glazingtrades/glass-glazing.json
Doors & Accesstrades/doors-access.json
Landscaping & Groundstrades/landscaping.json
Commercial Cleaning & Janitorialtrades/commercial-cleaning.json
Painting & Wall Finishingtrades/painting.json
Concrete & Masonrytrades/concrete-masonry.json
Fire & Life Safetytrades/fire-life-safety.json
Low-Voltage & Securitytrades/low-voltage-security.json
Restoration & Remediationtrades/restoration.json

Open data & license

Trade Economy Index original analysis, scores, and compilation are published under CC BY 4.0. Cited third-party material remains subject to its original source's rights and terms. Aggregates never identify an individual company.

Required attribution:

Source: TradesIndex by Level

When republishing the index's original analysis or compilation online, include the source line above with a clickable link to https://tradesindex.org. Quoting specific wording is not required.

Cite this dataset:

Yang, S. (2026). The Trade Economy Index, 2026 Edition [Data set]. Level CFO. https://doi.org/10.5281/zenodo.21762674. Trade AI Score (TAS) = composite of AI-Resilience and AI-Leverage.

The dataset carries a permanent DOI, 10.5281/zenodo.21762674, and the same tables are mirrored one row per observation on Hugging Face and GitHub (CSV and JSON, with citations, research-pass counts, and confidence metadata retained where available). The mirrors carry the same tables and version. Cite the DOI if you need a reference that survives a move.

Level CFO aggregate operating benchmarks are published under CC BY 4.0 (last updated 2026-Q3). Public-source figures retain their source citation; some citations are text-only rather than clickable URLs. Machine agents: see /llms.txt for a structured guide.

Machine agents: see /llms.txt for a structured guide to this dataset.