Real Estate's Survival Gap Is Thailand's Widest by Sector 2026
In short
Real estate shows Thailand's widest survival rate spread of any industry section, with one 5-digit code holding a 99.4 percent survival rate and another sitting at just 4.8 percent. The gap produces a standard deviation of 26.5 percentage points across real estate's own codes, the highest of the 19 sections with enough codes to measure. Electricity and gas comes second at 26.4. Grouping every real estate business under one section label hides two very different fortunes living inside it.
Which Thai industry section has the widest survival rate gap?
Real estate wins this comparison among Thailand's 21 industry sections. Split into its 5-digit TSIC codes, code 68104 survives at a 99.4 percent clip while code 68000 survives at just 4.8 percent, once codes with fewer than 15 registered companies are stripped out to remove tiny-sample noise. That gap produces a standard deviation of 26.5 percentage points across real estate's 7 qualifying codes, the highest of any section with enough codes to measure. Electricity and gas comes closest at 26.4, and financial and insurance follows at 25.0. Arts and entertainment actually posts a wider raw range, 97.7 points between its extremes, but its codes cluster more tightly overall, so its standard deviation lands lower at 24.4. Two sections, public administration and extraterritorial organizations, have no 5-digit code with 15 or more companies and are excluded from the ranking entirely.
Survival rate standard deviation by industry section
- Real estate27
- Electricity and gas26
- Financial and insurance25
- Arts and entertainment24
- Other service activities24
- Administrative and support22
- Transportation and storage21
- Information and communication21
Figures in percentage points.
Measured across 5-digit TSIC codes with at least 15 registered companies in each section, as of 17 Jul 2026.
Real estate's 5-digit codes ranked by survival rate
| TSIC code | Companies | Active | Survival rate | Net margin |
|---|---|---|---|---|
| 68104 | 16,435 | 16,329 | 99.4% | 20.3% |
| 68202 | 5,016 | 3,574 | 71.3% | -2.4% |
| 68103 | 26,155 | 17,435 | 66.7% | 2.8% |
| 68201 | 16,679 | 11,063 | 66.3% | 11.8% |
| 68101 | 26,207 | 16,007 | 61.1% | -0.6% |
| 68102 | 59,095 | 28,980 | 49.0% | 5.7% |
| 68000 | 21 | 1 | 4.8% | -329.4% |
Company count, active count and survival rate by TSIC code within real estate, as of 17 Jul 2026, limited to codes with 15 or more companies.
Why the real estate label hides two different businesses
A single section code tells a lender or investor almost nothing about which real estate business they are underwriting. Code 68104 carries 16,435 companies and a 99.4 percent survival rate, the kind of profile a bank treats as low risk. Code 68000 carries only 21 companies and a 4.8 percent survival rate, with an aggregate net margin of negative 329 percent, the kind of profile that should never be treated the same way. Thailand's condominium market has been running through a well documented oversupply since 2024, with Bangkok alone sitting on roughly 235,000 unsold condo units heading into 2025, according to Krungsri Research. That pressure does not land evenly across the sector. It concentrates in the smaller, thinner codes where a handful of closures can swing the survival rate by tens of points, while the largest code keeps compounding. Anyone reading a real estate statistic at the section level is averaging a boom and a bust into one number.
Definitions
- TSIC code
- Thailand's 5-digit industry classification code, based on the international ISIC system, assigned to every registered company.
- Industry section
- One of 21 broad letter-coded groupings of TSIC codes, such as real estate or manufacturing, that sit above the 5-digit code level.
- Survival rate
- The share of registered companies in a TSIC code that are currently active rather than dissolved or inactive, as recorded in the registry.
- Standard deviation
- A measure of how spread out a set of values is around their average. A higher standard deviation means the survival rates of individual codes within a section differ more widely from each other.
- Aggregate net margin
- Total net profit for a group of companies divided by their total revenue, rather than the average of each company's own margin.
Assumptions
- Survival rate reflects a company's current registration status in the DBD registry, not a longitudinal cohort survival study that tracks a specific founding year forward.
- Only TSIC codes with 15 or more registered companies are counted, so a code with a handful of companies cannot swing a section's spread purely on small-sample noise.
- Public administration and extraterritorial organizations have no TSIC code reaching that 15-company floor and are excluded from the section comparison entirely.
- TSIC classification reflects a company's registered business activity, which can lag or differ from its actual current operations.
- Standard deviation, not the raw high-low range, is used as the primary ranking measure because it accounts for every qualifying code in a section rather than only its two extremes.
Methodology
For each of Thailand's 21 industry sections, we took every 5-digit TSIC code with at least 15 registered companies in the DBD registry as of 17 July 2026, then measured how far survival rates spread across those codes within the section, using the population standard deviation and the plain gap between the highest and lowest code. The 15-company floor removes the noise of tiny codes where one or two closures can push a rate to zero or one hundred percent. Real estate ranked first on the standard deviation measure. Public administration and extraterritorial organizations had no code that cleared the 15-company floor, so both are left out of the ranking. Survival rate is active companies divided by total registered companies for that code, not a time-based cohort survival curve.
How we verified this
- Real estate's range was recomputed as 99.35503 minus 4.76190 equals 94.59313 percentage points, rounded to 99.4 and 4.8 percent in the text.
- Real estate's population standard deviation across its 7 qualifying codes was computed as 26.5439, rounded to 26.5, and confirmed as the maximum across all 19 sections with qualifying codes.
- Electricity and gas was confirmed as the second-highest standard deviation at 26.4149, rounded to 26.4, ahead of financial and insurance at 24.9585, rounded to 25.0.
- Arts and entertainment's raw range of 99.60159 minus 1.85185 equals 97.74974 percentage points was checked and confirmed wider than real estate's range, while its standard deviation of 24.3746 was confirmed lower than real estate's, supporting the standard deviation as the ranking measure.
- Real estate's overall survival rate across its 7 qualifying codes was recomputed as 93,389 active companies divided by 149,608 total companies, equal to 62.42 percent, confirming no single code's extreme value drives the section total.
- Counted 19 sections with at least one TSIC code reaching the 15-company floor, out of 21 total sections, with public administration and extraterritorial organizations excluded.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Krungsri Research. (2025). Industry outlook 2025 to 2027, housing in the Bangkok Metropolitan Region. Bank of Ayudhya. https://www.krungsri.com/en/research/industry/industry-outlook/real-estate/housing-in-bmr/io/housing-in-bmr-2025-2027
Frequently asked questions
Which Thai industry section has the widest survival rate gap among its own codes?
Real estate, with a standard deviation of 26.5 percentage points across its 5-digit codes, the highest of the 19 sections with enough codes to measure, as of 17 Jul 2026.
What are the highest and lowest surviving real estate codes?
Code 68104 survives at 99.4 percent with 16,435 companies, while code 68000 survives at just 4.8 percent with 21 companies.
Why are two industry sections left out of this comparison?
Public administration and extraterritorial organizations have no 5-digit TSIC code with 15 or more registered companies, so neither section has enough data to measure a spread.
How is survival rate defined here?
Active companies divided by total registered companies for a given TSIC code, as recorded in the DBD registry as of 17 Jul 2026, not a time-based cohort study.
Cite this page
Chatpong L. (2026). Real Estate's Survival Gap Is Thailand's Widest by Sector 2026. Max Data Insights. https://maxdatathailand.com/insights/widest-survival-rate-gap-inside-a-thai-industry-section-2026
Data & corrections
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Written by
Chatpong L.Founder, Max Data, Max Solutions Co., Ltd.
Chatpong L. leads Max Data, a company-intelligence platform built on Thailand's official business registry. He writes about the structure of the Thai economy using primary registry data. His work covers company formation, industry concentration, and regional business activity.
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This page reports company-level and aggregate statistics only. It names no individuals and makes no claims about any person. Figures are provided for information and may be revised as source data updates.