NAICS 92214 - Correctional Institutions
This industry comprises government establishments primarily engaged in managing and operating correctional institutions. The facility is generally designed for the confinement, correction, and rehabilitation of adult and/or juvenile offenders sentenced by a court.
Industry trends:
The correctional institutions industry, classified under NAICS 92214, is experiencing several qualitative trends. One of the most notable trends is the increasing focus on rehabilitation and reintegration programs. Correctional facilities are adopting more educational and vocational training programs to reduce recidivism rates. Additionally, there is a growing emphasis on mental health and substance abuse treatment within these institutions, recognizing that addressing these issues is critical for successful reintegration into society.
Another significant trend is the shift towards privatization and outsourcing of correctional services. Many states and municipalities are contracting with private companies to manage and operate correctional facilities in an effort to reduce costs and improve efficiency. However, this trend is met with considerable scrutiny and debate over the ethical implications and effectiveness of privately run prisons.
In terms of technological advancements, correctional institutions are increasingly incorporating digital monitoring and management systems. These systems enhance security, streamline administrative processes, and provide better tracking of inmate behavior and progress. Moreover, the use of telemedicine is expanding within correctional facilities, allowing inmates to receive medical consultations without the need for external transportation, thereby improving healthcare access and reducing security risks.
Looking ahead, it is expected that these trends will continue to evolve. The emphasis on rehabilitation and mental health treatment is likely to grow, driven by increasing legislative and public support for criminal justice reform. The debate over privatization will persist, with potential shifts in policy based on political and social pressures. Technological innovation will further transform the operational dynamics of correctional facilities, enhancing both security and inmate welfare. Overall, the industry is poised for significant changes as it adapts to evolving societal expectations and technological advancements.
This industry is comprised of:
Correctional boot camps
Correctional institutions
Detention centers
Honor camps, correctional
Houses of correction
Jails (except private operation of)
Penitentiaries
Prison farms
Prisons
Reformatories
Explore related industries:
This report includes the ability to segment your Industry by:
- Region
- Employees
- Net Sales
- Company Age
- Total Assets
- Ownership Type
With iCFO You Get
What Is iCFO?
A review and comparison of financial performance of privately-help companies in specified SIC/NAICS industry segment, using industry standard benchmarks.
Sound Business Analysis
Answers come easily with iCFO. Review ROI, sales per employee, profit margins of the top 10%, top 25% and more, to identify areas of concern and opportunity. Examine what if scenarios and P&L impact of reducing costs or adding revenue.
Your Business’ Health In Minutes
It takes only five minutes to enter your data and produce a concise profile of your company’s fiscal state, including critical business ratios focusing on liquidity, profitability, asset efficiency, and growth.