{
  "@context": "https://schema.org",
  "@type": "Dataset",
  "@id": "https://yourexitpath.com/buyer-demand#dataset",
  "name": "Main Street Buyer Demand Index",
  "description": "Composite 0-100 Buyer Demand Score for 150 (metro × industry) tuples across the top 25 U.S. metros and six Main Street industries. Weighted from four public-data components: Metro Vitality (Census PEP 2023 + HUD Building Permits Survey), PE / Investor Density (SBA SBIC + ACG), Industry Buyer Appetite (IBBA Market Pulse + BizBuySell Insight Report), and Local Industry Concentration (Census CBP 2022).",
  "url": "https://yourexitpath.com/buyer-demand",
  "version": "1.0.0",
  "datePublished": "2026-09-05",
  "dateModified": "2026-09-05",
  "isAccessibleForFree": true,
  "license": "https://creativecommons.org/licenses/by/4.0/",
  "keywords": [
    "buyer demand index",
    "main street M&A",
    "business valuation by city",
    "HVAC buyer demand",
    "plumbing buyer demand",
    "electrical buyer demand",
    "landscaping buyer demand",
    "auto repair buyer demand",
    "restaurant buyer demand",
    "PE roll-up activity",
    "SBIC licensee density",
    "MSA business demographics",
    "IBBA Market Pulse"
  ],
  "spatialCoverage": {
    "@type": "Place",
    "name": "United States (top 25 MSAs)"
  },
  "temporalCoverage": "2022-01-01/2026-09-30",
  "creator": {
    "@type": "Organization",
    "name": "Your Exit Path (yourexitpath.com)",
    "url": "https://yourexitpath.com/buyer-demand"
  },
  "publisher": {
    "@type": "Organization",
    "name": "Your Exit Path (yourexitpath.com)",
    "url": "https://yourexitpath.com/buyer-demand"
  },
  "methodology": "Composite 0-100 index across 150 (metro × industry) tuples. Metro Vitality (40%) blends Census PEP 2023 MSA population change with HUD Building Permits Survey residential intensity per 10K residents. PE / Investor Density (25%) blends SBA SBIC licensee count with ACG chapter density and public LMM deal-flow signal, aggregated to the state. Industry Buyer Appetite (25%) is a national score per industry sourced from IBBA Market Pulse + BizBuySell Insight Report + recent PE roll-up press. Local Industry Concentration (10%) uses Census CBP 2022 MSA establishment counts adjusted for well-known regional patterns.",
  "citation": "Main Street Buyer Demand Index (Your Exit Path, 2026). Retrieved from https://yourexitpath.com/buyer-demand. Licensed CC BY 4.0.",
  "weights": {
    "metroVitality": 0.4,
    "peDensity": 0.25,
    "industryAppetite": 0.25,
    "concentration": 0.1
  },
  "bucketThresholds": {
    "veryHot": 80,
    "hot": 70,
    "warm": 55,
    "cool": 40
  },
  "totals": {
    "rowCount": 150,
    "metroCount": 25,
    "industryCount": 6,
    "averageDemandScore": 61,
    "maxDemandScore": 90,
    "minDemandScore": 36,
    "bucketCounts": {
      "very-hot": 7,
      "hot": 33,
      "warm": 67,
      "cool": 42,
      "cold": 1
    },
    "veryHotShare": 5
  },
  "metros": [
    {
      "slug": "new-york-ny",
      "city": "New York",
      "state": "NY",
      "msaName": "New York-Newark-Jersey City, NY-NJ",
      "population2023": 19500000,
      "populationGrowthPct": -3.5,
      "housingPermitsPer10k": 18,
      "vitalityScore": 9
    },
    {
      "slug": "los-angeles-ca",
      "city": "Los Angeles",
      "state": "CA",
      "msaName": "Los Angeles-Long Beach-Anaheim, CA",
      "population2023": 12800000,
      "populationGrowthPct": -2.8,
      "housingPermitsPer10k": 17,
      "vitalityScore": 12
    },
    {
      "slug": "chicago-il",
      "city": "Chicago",
      "state": "IL",
      "msaName": "Chicago-Naperville-Elgin, IL-IN-WI",
      "population2023": 9260000,
      "populationGrowthPct": -1.6,
      "housingPermitsPer10k": 21,
      "vitalityScore": 18
    },
    {
      "slug": "dallas-tx",
      "city": "Dallas",
      "state": "TX",
      "msaName": "Dallas-Fort Worth-Arlington, TX",
      "population2023": 8100000,
      "populationGrowthPct": 4.9,
      "housingPermitsPer10k": 92,
      "vitalityScore": 74
    },
    {
      "slug": "houston-tx",
      "city": "Houston",
      "state": "TX",
      "msaName": "Houston-The Woodlands-Sugar Land, TX",
      "population2023": 7500000,
      "populationGrowthPct": 3.7,
      "housingPermitsPer10k": 88,
      "vitalityScore": 67
    },
    {
      "slug": "washington-dc",
      "city": "Washington",
      "state": "DC",
      "msaName": "Washington-Arlington-Alexandria, DC-VA-MD-WV",
      "population2023": 6400000,
      "populationGrowthPct": 0.9,
      "housingPermitsPer10k": 36,
      "vitalityScore": 35
    },
    {
      "slug": "miami-fl",
      "city": "Miami",
      "state": "FL",
      "msaName": "Miami-Fort Lauderdale-Pompano Beach, FL",
      "population2023": 6260000,
      "populationGrowthPct": 2.2,
      "housingPermitsPer10k": 44,
      "vitalityScore": 44
    },
    {
      "slug": "philadelphia-pa",
      "city": "Philadelphia",
      "state": "PA",
      "msaName": "Philadelphia-Camden-Wilmington, PA-NJ-DE-MD",
      "population2023": 6240000,
      "populationGrowthPct": -0.4,
      "housingPermitsPer10k": 22,
      "vitalityScore": 24
    },
    {
      "slug": "atlanta-ga",
      "city": "Atlanta",
      "state": "GA",
      "msaName": "Atlanta-Sandy Springs-Alpharetta, GA",
      "population2023": 6310000,
      "populationGrowthPct": 3.8,
      "housingPermitsPer10k": 75,
      "vitalityScore": 62
    },
    {
      "slug": "phoenix-az",
      "city": "Phoenix",
      "state": "AZ",
      "msaName": "Phoenix-Mesa-Chandler, AZ",
      "population2023": 5070000,
      "populationGrowthPct": 5.4,
      "housingPermitsPer10k": 96,
      "vitalityScore": 77
    },
    {
      "slug": "boston-ma",
      "city": "Boston",
      "state": "MA",
      "msaName": "Boston-Cambridge-Newton, MA-NH",
      "population2023": 4910000,
      "populationGrowthPct": 0.1,
      "housingPermitsPer10k": 25,
      "vitalityScore": 27
    },
    {
      "slug": "san-francisco-ca",
      "city": "San Francisco",
      "state": "CA",
      "msaName": "San Francisco-Oakland-Berkeley, CA",
      "population2023": 4570000,
      "populationGrowthPct": -3.2,
      "housingPermitsPer10k": 19,
      "vitalityScore": 11
    },
    {
      "slug": "riverside-ca",
      "city": "Riverside",
      "state": "CA",
      "msaName": "Riverside-San Bernardino-Ontario, CA",
      "population2023": 4680000,
      "populationGrowthPct": 2.1,
      "housingPermitsPer10k": 34,
      "vitalityScore": 40
    },
    {
      "slug": "detroit-mi",
      "city": "Detroit",
      "state": "MI",
      "msaName": "Detroit-Warren-Dearborn, MI",
      "population2023": 4340000,
      "populationGrowthPct": -1.1,
      "housingPermitsPer10k": 14,
      "vitalityScore": 18
    },
    {
      "slug": "seattle-wa",
      "city": "Seattle",
      "state": "WA",
      "msaName": "Seattle-Tacoma-Bellevue, WA",
      "population2023": 4060000,
      "populationGrowthPct": 1.5,
      "housingPermitsPer10k": 41,
      "vitalityScore": 40
    },
    {
      "slug": "minneapolis-mn",
      "city": "Minneapolis",
      "state": "MN",
      "msaName": "Minneapolis-St. Paul-Bloomington, MN-WI",
      "population2023": 3710000,
      "populationGrowthPct": 0.4,
      "housingPermitsPer10k": 32,
      "vitalityScore": 31
    },
    {
      "slug": "san-diego-ca",
      "city": "San Diego",
      "state": "CA",
      "msaName": "San Diego-Chula Vista-Carlsbad, CA",
      "population2023": 3290000,
      "populationGrowthPct": -0.6,
      "housingPermitsPer10k": 26,
      "vitalityScore": 25
    },
    {
      "slug": "tampa-fl",
      "city": "Tampa",
      "state": "FL",
      "msaName": "Tampa-St. Petersburg-Clearwater, FL",
      "population2023": 3290000,
      "populationGrowthPct": 4.9,
      "housingPermitsPer10k": 78,
      "vitalityScore": 68
    },
    {
      "slug": "denver-co",
      "city": "Denver",
      "state": "CO",
      "msaName": "Denver-Aurora-Lakewood, CO",
      "population2023": 3010000,
      "populationGrowthPct": 2,
      "housingPermitsPer10k": 55,
      "vitalityScore": 47
    },
    {
      "slug": "austin-tx",
      "city": "Austin",
      "state": "TX",
      "msaName": "Austin-Round Rock-Georgetown, TX",
      "population2023": 2470000,
      "populationGrowthPct": 7.6,
      "housingPermitsPer10k": 118,
      "vitalityScore": 95
    },
    {
      "slug": "baltimore-md",
      "city": "Baltimore",
      "state": "MD",
      "msaName": "Baltimore-Columbia-Towson, MD",
      "population2023": 2830000,
      "populationGrowthPct": -0.8,
      "housingPermitsPer10k": 20,
      "vitalityScore": 22
    },
    {
      "slug": "charlotte-nc",
      "city": "Charlotte",
      "state": "NC",
      "msaName": "Charlotte-Concord-Gastonia, NC-SC",
      "population2023": 2800000,
      "populationGrowthPct": 5.6,
      "housingPermitsPer10k": 92,
      "vitalityScore": 77
    },
    {
      "slug": "orlando-fl",
      "city": "Orlando",
      "state": "FL",
      "msaName": "Orlando-Kissimmee-Sanford, FL",
      "population2023": 2820000,
      "populationGrowthPct": 5.1,
      "housingPermitsPer10k": 84,
      "vitalityScore": 72
    },
    {
      "slug": "san-antonio-tx",
      "city": "San Antonio",
      "state": "TX",
      "msaName": "San Antonio-New Braunfels, TX",
      "population2023": 2650000,
      "populationGrowthPct": 4.2,
      "housingPermitsPer10k": 82,
      "vitalityScore": 67
    },
    {
      "slug": "portland-or",
      "city": "Portland",
      "state": "OR",
      "msaName": "Portland-Vancouver-Hillsboro, OR-WA",
      "population2023": 2510000,
      "populationGrowthPct": -0.3,
      "housingPermitsPer10k": 27,
      "vitalityScore": 26
    }
  ],
  "industries": [
    {
      "slug": "hvac",
      "name": "HVAC",
      "displayName": "HVAC & refrigeration services",
      "naicsPrefix": "23822",
      "nationalAppetiteScore": 92,
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "narrative": "HVAC has been the most-consolidated Main Street trade of the past three years. PE-backed platforms are actively bolting on regional operators, which pushes multiples up for well-run shops with recurring maintenance contracts and a real service manager."
    },
    {
      "slug": "plumbing",
      "name": "Plumbing",
      "displayName": "Plumbing services",
      "naicsPrefix": "23822",
      "nationalAppetiteScore": 88,
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "narrative": "Plumbing rides the same PE roll-up wave as HVAC, one step behind. Regional consolidators are especially active in fast-growing sunbelt metros where new-housing volume creates a steady service pipeline."
    },
    {
      "slug": "electrical",
      "name": "Electrical",
      "displayName": "Electrical contracting services",
      "naicsPrefix": "23821",
      "nationalAppetiteScore": 84,
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "narrative": "Electrical benefits from three tailwinds at once: HVAC/plumbing roll-up patterns, EV-charging installations, and residential solar tie-ins. Multiples for shops with recurring commercial-service revenue are running at the top of the Main Street trade range."
    },
    {
      "slug": "landscaping",
      "name": "Landscaping",
      "displayName": "Landscaping & lawn care services",
      "naicsPrefix": "56173",
      "nationalAppetiteScore": 74,
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "narrative": "Landscaping consolidation follows a two-track model: high-density suburban route businesses trade at solid multiples, while one-truck operations trade at low-2× SDE. Recurring commercial contracts add the most value."
    },
    {
      "slug": "auto-repair",
      "name": "Auto repair",
      "displayName": "Automotive repair & maintenance shops",
      "naicsPrefix": "8111",
      "nationalAppetiteScore": 68,
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "narrative": "Auto repair remains a solid individual-buyer market, with steady SBA financing and a large pool of technicians looking to own. PE interest is selective and clustered around multi-location groups with proven management."
    },
    {
      "slug": "restaurant",
      "name": "Restaurants",
      "displayName": "Restaurants & food service",
      "naicsPrefix": "7225",
      "nationalAppetiteScore": 42,
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "narrative": "Restaurants are the coolest bucket of the six — margin compression from labour and food-cost inflation has kept buyer appetite selective. Well-run, recipe-driven concepts in tourist metros still trade, but individual buyers dominate."
    }
  ],
  "statePE": [
    {
      "code": "NY",
      "sbicLicensees": 42,
      "peDensityScore": 95
    },
    {
      "code": "CA",
      "sbicLicensees": 38,
      "peDensityScore": 92
    },
    {
      "code": "MA",
      "sbicLicensees": 18,
      "peDensityScore": 88
    },
    {
      "code": "IL",
      "sbicLicensees": 16,
      "peDensityScore": 82
    },
    {
      "code": "TX",
      "sbicLicensees": 22,
      "peDensityScore": 80
    },
    {
      "code": "PA",
      "sbicLicensees": 10,
      "peDensityScore": 68
    },
    {
      "code": "GA",
      "sbicLicensees": 9,
      "peDensityScore": 66
    },
    {
      "code": "NC",
      "sbicLicensees": 7,
      "peDensityScore": 62
    },
    {
      "code": "FL",
      "sbicLicensees": 8,
      "peDensityScore": 61
    },
    {
      "code": "CO",
      "sbicLicensees": 6,
      "peDensityScore": 59
    },
    {
      "code": "MN",
      "sbicLicensees": 6,
      "peDensityScore": 58
    },
    {
      "code": "WA",
      "sbicLicensees": 6,
      "peDensityScore": 58
    },
    {
      "code": "MD",
      "sbicLicensees": 5,
      "peDensityScore": 55
    },
    {
      "code": "DC",
      "sbicLicensees": 4,
      "peDensityScore": 54
    },
    {
      "code": "OR",
      "sbicLicensees": 3,
      "peDensityScore": 47
    },
    {
      "code": "AZ",
      "sbicLicensees": 3,
      "peDensityScore": 46
    },
    {
      "code": "MI",
      "sbicLicensees": 4,
      "peDensityScore": 45
    }
  ],
  "sources": [
    {
      "key": "census-pep",
      "name": "Population Estimates Program (PEP), 2023 vintage",
      "publisher": "U.S. Census Bureau",
      "url": "https://www.census.gov/programs-surveys/popest.html",
      "release": "2023 estimates (published 2024)",
      "description": "Annual Metropolitan Statistical Area population estimates. Primary source for the 2020 → 2023 percent-change component of Metro Vitality."
    },
    {
      "key": "hud-bps",
      "name": "Building Permits Survey (BPS)",
      "publisher": "U.S. Department of Housing and Urban Development / U.S. Census Bureau",
      "url": "https://www.census.gov/construction/bps/",
      "release": "Rolling 12-month, current vintage",
      "description": "Residential unit permits by MSA, aggregated to per-10K-population intensity. Primary source for the housing permits component of Metro Vitality."
    },
    {
      "key": "census-cbp",
      "name": "County Business Patterns (CBP), 2022",
      "publisher": "U.S. Census Bureau",
      "url": "https://www.census.gov/programs-surveys/cbp.html",
      "release": "2022 reference year (published 2024)",
      "description": "Establishment counts by county + NAICS, aggregated to the MSA. Primary input into the Local Industry Concentration subscore."
    },
    {
      "key": "sba-sbic",
      "name": "SBIC Licensee Directory",
      "publisher": "U.S. Small Business Administration",
      "url": "https://www.sba.gov/partners/sbics/sbic-directory",
      "release": "Public licensee list, current",
      "description": "Complete list of Small Business Investment Companies licensed by the SBA. Primary count feeding the PE / Investor Density subscore."
    },
    {
      "key": "acg",
      "name": "Chapter Directory",
      "publisher": "Association for Corporate Growth (ACG)",
      "url": "https://www.acg.org/chapters",
      "release": "Current",
      "description": "ACG chapter density and reported DealMAX activity. Secondary input into PE / Investor Density."
    },
    {
      "key": "ibba",
      "name": "Market Pulse (quarterly)",
      "publisher": "International Business Brokers Association",
      "url": "https://www.ibba.org/resource-center/industry-research/",
      "release": "Quarterly, 2025–2026",
      "description": "Practitioner survey of transacted Main Street multiples and buyer types. Primary input into the Industry Buyer Appetite subscore and the per-industry SDE multiple range."
    },
    {
      "key": "bizbuysell",
      "name": "Insight Report (quarterly)",
      "publisher": "BizBuySell",
      "url": "https://www.bizbuysell.com/insight-report/",
      "release": "Quarterly, 2025–2026",
      "description": "Median sale price + revenue + cash flow across BizBuySell listings and closings. Cross-check for industry-level buyer-appetite direction."
    }
  ],
  "columns": [
    {
      "name": "metroSlug",
      "type": "string",
      "description": "URL slug for the metro (city-state, kebab-case)."
    },
    {
      "name": "industrySlug",
      "type": "string",
      "description": "URL slug for the Main Street industry."
    },
    {
      "name": "city",
      "type": "string",
      "description": "Primary city display name."
    },
    {
      "name": "state",
      "type": "string",
      "description": "USPS 2-letter state code."
    },
    {
      "name": "msaName",
      "type": "string",
      "description": "Full Census MSA name for citation."
    },
    {
      "name": "industryName",
      "type": "string",
      "description": "Short industry display name."
    },
    {
      "name": "metroVitalityScore",
      "type": "number",
      "description": "Subscore 0-100. Blends Census PEP population change 2020-2023 with HUD BPS housing permits per 10K residents."
    },
    {
      "name": "peDensityScore",
      "type": "number",
      "description": "Subscore 0-100. State-level composite of SBA SBIC licensees + ACG chapter density + LMM deal-flow signal."
    },
    {
      "name": "industryAppetiteScore",
      "type": "number",
      "description": "Subscore 0-100. National industry buyer appetite from IBBA Market Pulse + BizBuySell + PE roll-up press."
    },
    {
      "name": "concentrationScore",
      "type": "number",
      "description": "Subscore 0-100. Local establishment concentration for the industry, Census CBP 2022 adjusted for regional patterns."
    },
    {
      "name": "demandScore",
      "type": "integer",
      "description": "Final composite 0-100. Formula: 0.40*vitality + 0.25*peDensity + 0.25*industryAppetite + 0.10*concentration."
    },
    {
      "name": "bucket",
      "type": "string",
      "description": "Categorical bucket: very-hot (≥80), hot (70-79), warm (55-69), cool (40-54), cold (<40)."
    },
    {
      "name": "sdeMultipleLow",
      "type": "number",
      "description": "Typical Main Street SDE multiple P25 for the industry."
    },
    {
      "name": "sdeMultipleHigh",
      "type": "number",
      "description": "Typical Main Street SDE multiple P75 for the industry."
    },
    {
      "name": "primaryBuyer",
      "type": "string",
      "description": "Dominant buyer profile for well-run businesses in the vertical."
    },
    {
      "name": "sources",
      "type": "string[]",
      "description": "Primary source keys covering this row. Cross-reference `sources` at the top of the payload."
    }
  ],
  "distribution": [
    {
      "@type": "DataDownload",
      "encodingFormat": "text/csv",
      "contentUrl": "https://yourexitpath.com/buyer-demand/data.csv"
    },
    {
      "@type": "DataDownload",
      "encodingFormat": "application/json",
      "contentUrl": "https://yourexitpath.com/buyer-demand/data.json"
    },
    {
      "@type": "DataDownload",
      "encodingFormat": "image/svg+xml",
      "contentUrl": "https://yourexitpath.com/buyer-demand/index.svg"
    }
  ],
  "recordCount": 150,
  "data": [
    {
      "metroSlug": "new-york-ny",
      "industrySlug": "hvac",
      "city": "New York",
      "state": "NY",
      "msaName": "New York-Newark-Jersey City, NY-NJ",
      "industryName": "HVAC",
      "metroVitalityScore": 9,
      "peDensityScore": 95,
      "industryAppetiteScore": 92,
      "concentrationScore": 78,
      "demandScore": 58,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "new-york-ny",
      "industrySlug": "plumbing",
      "city": "New York",
      "state": "NY",
      "msaName": "New York-Newark-Jersey City, NY-NJ",
      "industryName": "Plumbing",
      "metroVitalityScore": 9,
      "peDensityScore": 95,
      "industryAppetiteScore": 88,
      "concentrationScore": 88,
      "demandScore": 58,
      "bucket": "warm",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "new-york-ny",
      "industrySlug": "electrical",
      "city": "New York",
      "state": "NY",
      "msaName": "New York-Newark-Jersey City, NY-NJ",
      "industryName": "Electrical",
      "metroVitalityScore": 9,
      "peDensityScore": 95,
      "industryAppetiteScore": 84,
      "concentrationScore": 82,
      "demandScore": 57,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "new-york-ny",
      "industrySlug": "landscaping",
      "city": "New York",
      "state": "NY",
      "msaName": "New York-Newark-Jersey City, NY-NJ",
      "industryName": "Landscaping",
      "metroVitalityScore": 9,
      "peDensityScore": 95,
      "industryAppetiteScore": 74,
      "concentrationScore": 60,
      "demandScore": 52,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "new-york-ny",
      "industrySlug": "auto-repair",
      "city": "New York",
      "state": "NY",
      "msaName": "New York-Newark-Jersey City, NY-NJ",
      "industryName": "Auto repair",
      "metroVitalityScore": 9,
      "peDensityScore": 95,
      "industryAppetiteScore": 68,
      "concentrationScore": 68,
      "demandScore": 51,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "new-york-ny",
      "industrySlug": "restaurant",
      "city": "New York",
      "state": "NY",
      "msaName": "New York-Newark-Jersey City, NY-NJ",
      "industryName": "Restaurants",
      "metroVitalityScore": 9,
      "peDensityScore": 95,
      "industryAppetiteScore": 42,
      "concentrationScore": 96,
      "demandScore": 47,
      "bucket": "cool",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "los-angeles-ca",
      "industrySlug": "hvac",
      "city": "Los Angeles",
      "state": "CA",
      "msaName": "Los Angeles-Long Beach-Anaheim, CA",
      "industryName": "HVAC",
      "metroVitalityScore": 12,
      "peDensityScore": 92,
      "industryAppetiteScore": 92,
      "concentrationScore": 74,
      "demandScore": 58,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "los-angeles-ca",
      "industrySlug": "plumbing",
      "city": "Los Angeles",
      "state": "CA",
      "msaName": "Los Angeles-Long Beach-Anaheim, CA",
      "industryName": "Plumbing",
      "metroVitalityScore": 12,
      "peDensityScore": 92,
      "industryAppetiteScore": 88,
      "concentrationScore": 76,
      "demandScore": 57,
      "bucket": "warm",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "los-angeles-ca",
      "industrySlug": "electrical",
      "city": "Los Angeles",
      "state": "CA",
      "msaName": "Los Angeles-Long Beach-Anaheim, CA",
      "industryName": "Electrical",
      "metroVitalityScore": 12,
      "peDensityScore": 92,
      "industryAppetiteScore": 84,
      "concentrationScore": 78,
      "demandScore": 57,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "los-angeles-ca",
      "industrySlug": "landscaping",
      "city": "Los Angeles",
      "state": "CA",
      "msaName": "Los Angeles-Long Beach-Anaheim, CA",
      "industryName": "Landscaping",
      "metroVitalityScore": 12,
      "peDensityScore": 92,
      "industryAppetiteScore": 74,
      "concentrationScore": 84,
      "demandScore": 55,
      "bucket": "warm",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "los-angeles-ca",
      "industrySlug": "auto-repair",
      "city": "Los Angeles",
      "state": "CA",
      "msaName": "Los Angeles-Long Beach-Anaheim, CA",
      "industryName": "Auto repair",
      "metroVitalityScore": 12,
      "peDensityScore": 92,
      "industryAppetiteScore": 68,
      "concentrationScore": 92,
      "demandScore": 54,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "los-angeles-ca",
      "industrySlug": "restaurant",
      "city": "Los Angeles",
      "state": "CA",
      "msaName": "Los Angeles-Long Beach-Anaheim, CA",
      "industryName": "Restaurants",
      "metroVitalityScore": 12,
      "peDensityScore": 92,
      "industryAppetiteScore": 42,
      "concentrationScore": 90,
      "demandScore": 47,
      "bucket": "cool",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "chicago-il",
      "industrySlug": "hvac",
      "city": "Chicago",
      "state": "IL",
      "msaName": "Chicago-Naperville-Elgin, IL-IN-WI",
      "industryName": "HVAC",
      "metroVitalityScore": 18,
      "peDensityScore": 82,
      "industryAppetiteScore": 92,
      "concentrationScore": 82,
      "demandScore": 59,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "chicago-il",
      "industrySlug": "plumbing",
      "city": "Chicago",
      "state": "IL",
      "msaName": "Chicago-Naperville-Elgin, IL-IN-WI",
      "industryName": "Plumbing",
      "metroVitalityScore": 18,
      "peDensityScore": 82,
      "industryAppetiteScore": 88,
      "concentrationScore": 82,
      "demandScore": 58,
      "bucket": "warm",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "chicago-il",
      "industrySlug": "electrical",
      "city": "Chicago",
      "state": "IL",
      "msaName": "Chicago-Naperville-Elgin, IL-IN-WI",
      "industryName": "Electrical",
      "metroVitalityScore": 18,
      "peDensityScore": 82,
      "industryAppetiteScore": 84,
      "concentrationScore": 78,
      "demandScore": 57,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "chicago-il",
      "industrySlug": "landscaping",
      "city": "Chicago",
      "state": "IL",
      "msaName": "Chicago-Naperville-Elgin, IL-IN-WI",
      "industryName": "Landscaping",
      "metroVitalityScore": 18,
      "peDensityScore": 82,
      "industryAppetiteScore": 74,
      "concentrationScore": 66,
      "demandScore": 53,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "chicago-il",
      "industrySlug": "auto-repair",
      "city": "Chicago",
      "state": "IL",
      "msaName": "Chicago-Naperville-Elgin, IL-IN-WI",
      "industryName": "Auto repair",
      "metroVitalityScore": 18,
      "peDensityScore": 82,
      "industryAppetiteScore": 68,
      "concentrationScore": 74,
      "demandScore": 52,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "chicago-il",
      "industrySlug": "restaurant",
      "city": "Chicago",
      "state": "IL",
      "msaName": "Chicago-Naperville-Elgin, IL-IN-WI",
      "industryName": "Restaurants",
      "metroVitalityScore": 18,
      "peDensityScore": 82,
      "industryAppetiteScore": 42,
      "concentrationScore": 84,
      "demandScore": 47,
      "bucket": "cool",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "dallas-tx",
      "industrySlug": "hvac",
      "city": "Dallas",
      "state": "TX",
      "msaName": "Dallas-Fort Worth-Arlington, TX",
      "industryName": "HVAC",
      "metroVitalityScore": 74,
      "peDensityScore": 80,
      "industryAppetiteScore": 92,
      "concentrationScore": 92,
      "demandScore": 82,
      "bucket": "very-hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "dallas-tx",
      "industrySlug": "plumbing",
      "city": "Dallas",
      "state": "TX",
      "msaName": "Dallas-Fort Worth-Arlington, TX",
      "industryName": "Plumbing",
      "metroVitalityScore": 74,
      "peDensityScore": 80,
      "industryAppetiteScore": 88,
      "concentrationScore": 86,
      "demandScore": 80,
      "bucket": "very-hot",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "dallas-tx",
      "industrySlug": "electrical",
      "city": "Dallas",
      "state": "TX",
      "msaName": "Dallas-Fort Worth-Arlington, TX",
      "industryName": "Electrical",
      "metroVitalityScore": 74,
      "peDensityScore": 80,
      "industryAppetiteScore": 84,
      "concentrationScore": 82,
      "demandScore": 79,
      "bucket": "hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "dallas-tx",
      "industrySlug": "landscaping",
      "city": "Dallas",
      "state": "TX",
      "msaName": "Dallas-Fort Worth-Arlington, TX",
      "industryName": "Landscaping",
      "metroVitalityScore": 74,
      "peDensityScore": 80,
      "industryAppetiteScore": 74,
      "concentrationScore": 78,
      "demandScore": 76,
      "bucket": "hot",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "dallas-tx",
      "industrySlug": "auto-repair",
      "city": "Dallas",
      "state": "TX",
      "msaName": "Dallas-Fort Worth-Arlington, TX",
      "industryName": "Auto repair",
      "metroVitalityScore": 74,
      "peDensityScore": 80,
      "industryAppetiteScore": 68,
      "concentrationScore": 82,
      "demandScore": 75,
      "bucket": "hot",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "dallas-tx",
      "industrySlug": "restaurant",
      "city": "Dallas",
      "state": "TX",
      "msaName": "Dallas-Fort Worth-Arlington, TX",
      "industryName": "Restaurants",
      "metroVitalityScore": 74,
      "peDensityScore": 80,
      "industryAppetiteScore": 42,
      "concentrationScore": 76,
      "demandScore": 68,
      "bucket": "warm",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "houston-tx",
      "industrySlug": "hvac",
      "city": "Houston",
      "state": "TX",
      "msaName": "Houston-The Woodlands-Sugar Land, TX",
      "industryName": "HVAC",
      "metroVitalityScore": 67,
      "peDensityScore": 80,
      "industryAppetiteScore": 92,
      "concentrationScore": 94,
      "demandScore": 79,
      "bucket": "hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "houston-tx",
      "industrySlug": "plumbing",
      "city": "Houston",
      "state": "TX",
      "msaName": "Houston-The Woodlands-Sugar Land, TX",
      "industryName": "Plumbing",
      "metroVitalityScore": 67,
      "peDensityScore": 80,
      "industryAppetiteScore": 88,
      "concentrationScore": 88,
      "demandScore": 78,
      "bucket": "hot",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "houston-tx",
      "industrySlug": "electrical",
      "city": "Houston",
      "state": "TX",
      "msaName": "Houston-The Woodlands-Sugar Land, TX",
      "industryName": "Electrical",
      "metroVitalityScore": 67,
      "peDensityScore": 80,
      "industryAppetiteScore": 84,
      "concentrationScore": 84,
      "demandScore": 76,
      "bucket": "hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "houston-tx",
      "industrySlug": "landscaping",
      "city": "Houston",
      "state": "TX",
      "msaName": "Houston-The Woodlands-Sugar Land, TX",
      "industryName": "Landscaping",
      "metroVitalityScore": 67,
      "peDensityScore": 80,
      "industryAppetiteScore": 74,
      "concentrationScore": 76,
      "demandScore": 73,
      "bucket": "hot",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "houston-tx",
      "industrySlug": "auto-repair",
      "city": "Houston",
      "state": "TX",
      "msaName": "Houston-The Woodlands-Sugar Land, TX",
      "industryName": "Auto repair",
      "metroVitalityScore": 67,
      "peDensityScore": 80,
      "industryAppetiteScore": 68,
      "concentrationScore": 82,
      "demandScore": 72,
      "bucket": "hot",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "houston-tx",
      "industrySlug": "restaurant",
      "city": "Houston",
      "state": "TX",
      "msaName": "Houston-The Woodlands-Sugar Land, TX",
      "industryName": "Restaurants",
      "metroVitalityScore": 67,
      "peDensityScore": 80,
      "industryAppetiteScore": 42,
      "concentrationScore": 74,
      "demandScore": 65,
      "bucket": "warm",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "washington-dc",
      "industrySlug": "hvac",
      "city": "Washington",
      "state": "DC",
      "msaName": "Washington-Arlington-Alexandria, DC-VA-MD-WV",
      "industryName": "HVAC",
      "metroVitalityScore": 35,
      "peDensityScore": 54,
      "industryAppetiteScore": 92,
      "concentrationScore": 78,
      "demandScore": 58,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "washington-dc",
      "industrySlug": "plumbing",
      "city": "Washington",
      "state": "DC",
      "msaName": "Washington-Arlington-Alexandria, DC-VA-MD-WV",
      "industryName": "Plumbing",
      "metroVitalityScore": 35,
      "peDensityScore": 54,
      "industryAppetiteScore": 88,
      "concentrationScore": 82,
      "demandScore": 58,
      "bucket": "warm",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "washington-dc",
      "industrySlug": "electrical",
      "city": "Washington",
      "state": "DC",
      "msaName": "Washington-Arlington-Alexandria, DC-VA-MD-WV",
      "industryName": "Electrical",
      "metroVitalityScore": 35,
      "peDensityScore": 54,
      "industryAppetiteScore": 84,
      "concentrationScore": 78,
      "demandScore": 56,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "washington-dc",
      "industrySlug": "landscaping",
      "city": "Washington",
      "state": "DC",
      "msaName": "Washington-Arlington-Alexandria, DC-VA-MD-WV",
      "industryName": "Landscaping",
      "metroVitalityScore": 35,
      "peDensityScore": 54,
      "industryAppetiteScore": 74,
      "concentrationScore": 74,
      "demandScore": 53,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "washington-dc",
      "industrySlug": "auto-repair",
      "city": "Washington",
      "state": "DC",
      "msaName": "Washington-Arlington-Alexandria, DC-VA-MD-WV",
      "industryName": "Auto repair",
      "metroVitalityScore": 35,
      "peDensityScore": 54,
      "industryAppetiteScore": 68,
      "concentrationScore": 68,
      "demandScore": 51,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "washington-dc",
      "industrySlug": "restaurant",
      "city": "Washington",
      "state": "DC",
      "msaName": "Washington-Arlington-Alexandria, DC-VA-MD-WV",
      "industryName": "Restaurants",
      "metroVitalityScore": 35,
      "peDensityScore": 54,
      "industryAppetiteScore": 42,
      "concentrationScore": 80,
      "demandScore": 46,
      "bucket": "cool",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "miami-fl",
      "industrySlug": "hvac",
      "city": "Miami",
      "state": "FL",
      "msaName": "Miami-Fort Lauderdale-Pompano Beach, FL",
      "industryName": "HVAC",
      "metroVitalityScore": 44,
      "peDensityScore": 61,
      "industryAppetiteScore": 92,
      "concentrationScore": 96,
      "demandScore": 65,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "miami-fl",
      "industrySlug": "plumbing",
      "city": "Miami",
      "state": "FL",
      "msaName": "Miami-Fort Lauderdale-Pompano Beach, FL",
      "industryName": "Plumbing",
      "metroVitalityScore": 44,
      "peDensityScore": 61,
      "industryAppetiteScore": 88,
      "concentrationScore": 78,
      "demandScore": 63,
      "bucket": "warm",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "miami-fl",
      "industrySlug": "electrical",
      "city": "Miami",
      "state": "FL",
      "msaName": "Miami-Fort Lauderdale-Pompano Beach, FL",
      "industryName": "Electrical",
      "metroVitalityScore": 44,
      "peDensityScore": 61,
      "industryAppetiteScore": 84,
      "concentrationScore": 74,
      "demandScore": 61,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "miami-fl",
      "industrySlug": "landscaping",
      "city": "Miami",
      "state": "FL",
      "msaName": "Miami-Fort Lauderdale-Pompano Beach, FL",
      "industryName": "Landscaping",
      "metroVitalityScore": 44,
      "peDensityScore": 61,
      "industryAppetiteScore": 74,
      "concentrationScore": 82,
      "demandScore": 60,
      "bucket": "warm",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "miami-fl",
      "industrySlug": "auto-repair",
      "city": "Miami",
      "state": "FL",
      "msaName": "Miami-Fort Lauderdale-Pompano Beach, FL",
      "industryName": "Auto repair",
      "metroVitalityScore": 44,
      "peDensityScore": 61,
      "industryAppetiteScore": 68,
      "concentrationScore": 74,
      "demandScore": 57,
      "bucket": "warm",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "miami-fl",
      "industrySlug": "restaurant",
      "city": "Miami",
      "state": "FL",
      "msaName": "Miami-Fort Lauderdale-Pompano Beach, FL",
      "industryName": "Restaurants",
      "metroVitalityScore": 44,
      "peDensityScore": 61,
      "industryAppetiteScore": 42,
      "concentrationScore": 92,
      "demandScore": 53,
      "bucket": "cool",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "philadelphia-pa",
      "industrySlug": "hvac",
      "city": "Philadelphia",
      "state": "PA",
      "msaName": "Philadelphia-Camden-Wilmington, PA-NJ-DE-MD",
      "industryName": "HVAC",
      "metroVitalityScore": 24,
      "peDensityScore": 68,
      "industryAppetiteScore": 92,
      "concentrationScore": 76,
      "demandScore": 57,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "philadelphia-pa",
      "industrySlug": "plumbing",
      "city": "Philadelphia",
      "state": "PA",
      "msaName": "Philadelphia-Camden-Wilmington, PA-NJ-DE-MD",
      "industryName": "Plumbing",
      "metroVitalityScore": 24,
      "peDensityScore": 68,
      "industryAppetiteScore": 88,
      "concentrationScore": 86,
      "demandScore": 57,
      "bucket": "warm",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "philadelphia-pa",
      "industrySlug": "electrical",
      "city": "Philadelphia",
      "state": "PA",
      "msaName": "Philadelphia-Camden-Wilmington, PA-NJ-DE-MD",
      "industryName": "Electrical",
      "metroVitalityScore": 24,
      "peDensityScore": 68,
      "industryAppetiteScore": 84,
      "concentrationScore": 80,
      "demandScore": 56,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "philadelphia-pa",
      "industrySlug": "landscaping",
      "city": "Philadelphia",
      "state": "PA",
      "msaName": "Philadelphia-Camden-Wilmington, PA-NJ-DE-MD",
      "industryName": "Landscaping",
      "metroVitalityScore": 24,
      "peDensityScore": 68,
      "industryAppetiteScore": 74,
      "concentrationScore": 68,
      "demandScore": 52,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "philadelphia-pa",
      "industrySlug": "auto-repair",
      "city": "Philadelphia",
      "state": "PA",
      "msaName": "Philadelphia-Camden-Wilmington, PA-NJ-DE-MD",
      "industryName": "Auto repair",
      "metroVitalityScore": 24,
      "peDensityScore": 68,
      "industryAppetiteScore": 68,
      "concentrationScore": 72,
      "demandScore": 51,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "philadelphia-pa",
      "industrySlug": "restaurant",
      "city": "Philadelphia",
      "state": "PA",
      "msaName": "Philadelphia-Camden-Wilmington, PA-NJ-DE-MD",
      "industryName": "Restaurants",
      "metroVitalityScore": 24,
      "peDensityScore": 68,
      "industryAppetiteScore": 42,
      "concentrationScore": 78,
      "demandScore": 45,
      "bucket": "cool",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "atlanta-ga",
      "industrySlug": "hvac",
      "city": "Atlanta",
      "state": "GA",
      "msaName": "Atlanta-Sandy Springs-Alpharetta, GA",
      "industryName": "HVAC",
      "metroVitalityScore": 62,
      "peDensityScore": 66,
      "industryAppetiteScore": 92,
      "concentrationScore": 90,
      "demandScore": 73,
      "bucket": "hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "atlanta-ga",
      "industrySlug": "plumbing",
      "city": "Atlanta",
      "state": "GA",
      "msaName": "Atlanta-Sandy Springs-Alpharetta, GA",
      "industryName": "Plumbing",
      "metroVitalityScore": 62,
      "peDensityScore": 66,
      "industryAppetiteScore": 88,
      "concentrationScore": 82,
      "demandScore": 72,
      "bucket": "hot",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "atlanta-ga",
      "industrySlug": "electrical",
      "city": "Atlanta",
      "state": "GA",
      "msaName": "Atlanta-Sandy Springs-Alpharetta, GA",
      "industryName": "Electrical",
      "metroVitalityScore": 62,
      "peDensityScore": 66,
      "industryAppetiteScore": 84,
      "concentrationScore": 82,
      "demandScore": 71,
      "bucket": "hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "atlanta-ga",
      "industrySlug": "landscaping",
      "city": "Atlanta",
      "state": "GA",
      "msaName": "Atlanta-Sandy Springs-Alpharetta, GA",
      "industryName": "Landscaping",
      "metroVitalityScore": 62,
      "peDensityScore": 66,
      "industryAppetiteScore": 74,
      "concentrationScore": 88,
      "demandScore": 69,
      "bucket": "warm",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "atlanta-ga",
      "industrySlug": "auto-repair",
      "city": "Atlanta",
      "state": "GA",
      "msaName": "Atlanta-Sandy Springs-Alpharetta, GA",
      "industryName": "Auto repair",
      "metroVitalityScore": 62,
      "peDensityScore": 66,
      "industryAppetiteScore": 68,
      "concentrationScore": 78,
      "demandScore": 66,
      "bucket": "warm",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "atlanta-ga",
      "industrySlug": "restaurant",
      "city": "Atlanta",
      "state": "GA",
      "msaName": "Atlanta-Sandy Springs-Alpharetta, GA",
      "industryName": "Restaurants",
      "metroVitalityScore": 62,
      "peDensityScore": 66,
      "industryAppetiteScore": 42,
      "concentrationScore": 78,
      "demandScore": 60,
      "bucket": "warm",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "phoenix-az",
      "industrySlug": "hvac",
      "city": "Phoenix",
      "state": "AZ",
      "msaName": "Phoenix-Mesa-Chandler, AZ",
      "industryName": "HVAC",
      "metroVitalityScore": 77,
      "peDensityScore": 46,
      "industryAppetiteScore": 92,
      "concentrationScore": 98,
      "demandScore": 75,
      "bucket": "hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "phoenix-az",
      "industrySlug": "plumbing",
      "city": "Phoenix",
      "state": "AZ",
      "msaName": "Phoenix-Mesa-Chandler, AZ",
      "industryName": "Plumbing",
      "metroVitalityScore": 77,
      "peDensityScore": 46,
      "industryAppetiteScore": 88,
      "concentrationScore": 76,
      "demandScore": 72,
      "bucket": "hot",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "phoenix-az",
      "industrySlug": "electrical",
      "city": "Phoenix",
      "state": "AZ",
      "msaName": "Phoenix-Mesa-Chandler, AZ",
      "industryName": "Electrical",
      "metroVitalityScore": 77,
      "peDensityScore": 46,
      "industryAppetiteScore": 84,
      "concentrationScore": 78,
      "demandScore": 71,
      "bucket": "hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "phoenix-az",
      "industrySlug": "landscaping",
      "city": "Phoenix",
      "state": "AZ",
      "msaName": "Phoenix-Mesa-Chandler, AZ",
      "industryName": "Landscaping",
      "metroVitalityScore": 77,
      "peDensityScore": 46,
      "industryAppetiteScore": 74,
      "concentrationScore": 74,
      "demandScore": 68,
      "bucket": "warm",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "phoenix-az",
      "industrySlug": "auto-repair",
      "city": "Phoenix",
      "state": "AZ",
      "msaName": "Phoenix-Mesa-Chandler, AZ",
      "industryName": "Auto repair",
      "metroVitalityScore": 77,
      "peDensityScore": 46,
      "industryAppetiteScore": 68,
      "concentrationScore": 82,
      "demandScore": 68,
      "bucket": "warm",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "phoenix-az",
      "industrySlug": "restaurant",
      "city": "Phoenix",
      "state": "AZ",
      "msaName": "Phoenix-Mesa-Chandler, AZ",
      "industryName": "Restaurants",
      "metroVitalityScore": 77,
      "peDensityScore": 46,
      "industryAppetiteScore": 42,
      "concentrationScore": 72,
      "demandScore": 60,
      "bucket": "warm",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "boston-ma",
      "industrySlug": "hvac",
      "city": "Boston",
      "state": "MA",
      "msaName": "Boston-Cambridge-Newton, MA-NH",
      "industryName": "HVAC",
      "metroVitalityScore": 27,
      "peDensityScore": 88,
      "industryAppetiteScore": 92,
      "concentrationScore": 74,
      "demandScore": 63,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "boston-ma",
      "industrySlug": "plumbing",
      "city": "Boston",
      "state": "MA",
      "msaName": "Boston-Cambridge-Newton, MA-NH",
      "industryName": "Plumbing",
      "metroVitalityScore": 27,
      "peDensityScore": 88,
      "industryAppetiteScore": 88,
      "concentrationScore": 88,
      "demandScore": 64,
      "bucket": "warm",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "boston-ma",
      "industrySlug": "electrical",
      "city": "Boston",
      "state": "MA",
      "msaName": "Boston-Cambridge-Newton, MA-NH",
      "industryName": "Electrical",
      "metroVitalityScore": 27,
      "peDensityScore": 88,
      "industryAppetiteScore": 84,
      "concentrationScore": 82,
      "demandScore": 62,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "boston-ma",
      "industrySlug": "landscaping",
      "city": "Boston",
      "state": "MA",
      "msaName": "Boston-Cambridge-Newton, MA-NH",
      "industryName": "Landscaping",
      "metroVitalityScore": 27,
      "peDensityScore": 88,
      "industryAppetiteScore": 74,
      "concentrationScore": 66,
      "demandScore": 58,
      "bucket": "warm",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "boston-ma",
      "industrySlug": "auto-repair",
      "city": "Boston",
      "state": "MA",
      "msaName": "Boston-Cambridge-Newton, MA-NH",
      "industryName": "Auto repair",
      "metroVitalityScore": 27,
      "peDensityScore": 88,
      "industryAppetiteScore": 68,
      "concentrationScore": 70,
      "demandScore": 57,
      "bucket": "warm",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "boston-ma",
      "industrySlug": "restaurant",
      "city": "Boston",
      "state": "MA",
      "msaName": "Boston-Cambridge-Newton, MA-NH",
      "industryName": "Restaurants",
      "metroVitalityScore": 27,
      "peDensityScore": 88,
      "industryAppetiteScore": 42,
      "concentrationScore": 82,
      "demandScore": 52,
      "bucket": "cool",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-francisco-ca",
      "industrySlug": "hvac",
      "city": "San Francisco",
      "state": "CA",
      "msaName": "San Francisco-Oakland-Berkeley, CA",
      "industryName": "HVAC",
      "metroVitalityScore": 11,
      "peDensityScore": 92,
      "industryAppetiteScore": 92,
      "concentrationScore": 62,
      "demandScore": 57,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-francisco-ca",
      "industrySlug": "plumbing",
      "city": "San Francisco",
      "state": "CA",
      "msaName": "San Francisco-Oakland-Berkeley, CA",
      "industryName": "Plumbing",
      "metroVitalityScore": 11,
      "peDensityScore": 92,
      "industryAppetiteScore": 88,
      "concentrationScore": 76,
      "demandScore": 57,
      "bucket": "warm",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-francisco-ca",
      "industrySlug": "electrical",
      "city": "San Francisco",
      "state": "CA",
      "msaName": "San Francisco-Oakland-Berkeley, CA",
      "industryName": "Electrical",
      "metroVitalityScore": 11,
      "peDensityScore": 92,
      "industryAppetiteScore": 84,
      "concentrationScore": 78,
      "demandScore": 56,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-francisco-ca",
      "industrySlug": "landscaping",
      "city": "San Francisco",
      "state": "CA",
      "msaName": "San Francisco-Oakland-Berkeley, CA",
      "industryName": "Landscaping",
      "metroVitalityScore": 11,
      "peDensityScore": 92,
      "industryAppetiteScore": 74,
      "concentrationScore": 66,
      "demandScore": 53,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-francisco-ca",
      "industrySlug": "auto-repair",
      "city": "San Francisco",
      "state": "CA",
      "msaName": "San Francisco-Oakland-Berkeley, CA",
      "industryName": "Auto repair",
      "metroVitalityScore": 11,
      "peDensityScore": 92,
      "industryAppetiteScore": 68,
      "concentrationScore": 72,
      "demandScore": 52,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-francisco-ca",
      "industrySlug": "restaurant",
      "city": "San Francisco",
      "state": "CA",
      "msaName": "San Francisco-Oakland-Berkeley, CA",
      "industryName": "Restaurants",
      "metroVitalityScore": 11,
      "peDensityScore": 92,
      "industryAppetiteScore": 42,
      "concentrationScore": 90,
      "demandScore": 47,
      "bucket": "cool",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "riverside-ca",
      "industrySlug": "hvac",
      "city": "Riverside",
      "state": "CA",
      "msaName": "Riverside-San Bernardino-Ontario, CA",
      "industryName": "HVAC",
      "metroVitalityScore": 40,
      "peDensityScore": 92,
      "industryAppetiteScore": 92,
      "concentrationScore": 88,
      "demandScore": 71,
      "bucket": "hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "riverside-ca",
      "industrySlug": "plumbing",
      "city": "Riverside",
      "state": "CA",
      "msaName": "Riverside-San Bernardino-Ontario, CA",
      "industryName": "Plumbing",
      "metroVitalityScore": 40,
      "peDensityScore": 92,
      "industryAppetiteScore": 88,
      "concentrationScore": 74,
      "demandScore": 68,
      "bucket": "warm",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "riverside-ca",
      "industrySlug": "electrical",
      "city": "Riverside",
      "state": "CA",
      "msaName": "Riverside-San Bernardino-Ontario, CA",
      "industryName": "Electrical",
      "metroVitalityScore": 40,
      "peDensityScore": 92,
      "industryAppetiteScore": 84,
      "concentrationScore": 74,
      "demandScore": 67,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "riverside-ca",
      "industrySlug": "landscaping",
      "city": "Riverside",
      "state": "CA",
      "msaName": "Riverside-San Bernardino-Ontario, CA",
      "industryName": "Landscaping",
      "metroVitalityScore": 40,
      "peDensityScore": 92,
      "industryAppetiteScore": 74,
      "concentrationScore": 76,
      "demandScore": 65,
      "bucket": "warm",
      "sdeMultipleLow": 2,
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      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "riverside-ca",
      "industrySlug": "auto-repair",
      "city": "Riverside",
      "state": "CA",
      "msaName": "Riverside-San Bernardino-Ontario, CA",
      "industryName": "Auto repair",
      "metroVitalityScore": 40,
      "peDensityScore": 92,
      "industryAppetiteScore": 68,
      "concentrationScore": 84,
      "demandScore": 64,
      "bucket": "warm",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "riverside-ca",
      "industrySlug": "restaurant",
      "city": "Riverside",
      "state": "CA",
      "msaName": "Riverside-San Bernardino-Ontario, CA",
      "industryName": "Restaurants",
      "metroVitalityScore": 40,
      "peDensityScore": 92,
      "industryAppetiteScore": 42,
      "concentrationScore": 66,
      "demandScore": 56,
      "bucket": "warm",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "detroit-mi",
      "industrySlug": "hvac",
      "city": "Detroit",
      "state": "MI",
      "msaName": "Detroit-Warren-Dearborn, MI",
      "industryName": "HVAC",
      "metroVitalityScore": 18,
      "peDensityScore": 45,
      "industryAppetiteScore": 92,
      "concentrationScore": 78,
      "demandScore": 49,
      "bucket": "cool",
      "sdeMultipleLow": 2.5,
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      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "detroit-mi",
      "industrySlug": "plumbing",
      "city": "Detroit",
      "state": "MI",
      "msaName": "Detroit-Warren-Dearborn, MI",
      "industryName": "Plumbing",
      "metroVitalityScore": 18,
      "peDensityScore": 45,
      "industryAppetiteScore": 88,
      "concentrationScore": 78,
      "demandScore": 48,
      "bucket": "cool",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "detroit-mi",
      "industrySlug": "electrical",
      "city": "Detroit",
      "state": "MI",
      "msaName": "Detroit-Warren-Dearborn, MI",
      "industryName": "Electrical",
      "metroVitalityScore": 18,
      "peDensityScore": 45,
      "industryAppetiteScore": 84,
      "concentrationScore": 74,
      "demandScore": 47,
      "bucket": "cool",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "detroit-mi",
      "industrySlug": "landscaping",
      "city": "Detroit",
      "state": "MI",
      "msaName": "Detroit-Warren-Dearborn, MI",
      "industryName": "Landscaping",
      "metroVitalityScore": 18,
      "peDensityScore": 45,
      "industryAppetiteScore": 74,
      "concentrationScore": 62,
      "demandScore": 43,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "detroit-mi",
      "industrySlug": "auto-repair",
      "city": "Detroit",
      "state": "MI",
      "msaName": "Detroit-Warren-Dearborn, MI",
      "industryName": "Auto repair",
      "metroVitalityScore": 18,
      "peDensityScore": 45,
      "industryAppetiteScore": 68,
      "concentrationScore": 92,
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      "bucket": "cool",
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      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "detroit-mi",
      "industrySlug": "restaurant",
      "city": "Detroit",
      "state": "MI",
      "msaName": "Detroit-Warren-Dearborn, MI",
      "industryName": "Restaurants",
      "metroVitalityScore": 18,
      "peDensityScore": 45,
      "industryAppetiteScore": 42,
      "concentrationScore": 68,
      "demandScore": 36,
      "bucket": "cold",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "seattle-wa",
      "industrySlug": "hvac",
      "city": "Seattle",
      "state": "WA",
      "msaName": "Seattle-Tacoma-Bellevue, WA",
      "industryName": "HVAC",
      "metroVitalityScore": 40,
      "peDensityScore": 58,
      "industryAppetiteScore": 92,
      "concentrationScore": 62,
      "demandScore": 60,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "seattle-wa",
      "industrySlug": "plumbing",
      "city": "Seattle",
      "state": "WA",
      "msaName": "Seattle-Tacoma-Bellevue, WA",
      "industryName": "Plumbing",
      "metroVitalityScore": 40,
      "peDensityScore": 58,
      "industryAppetiteScore": 88,
      "concentrationScore": 82,
      "demandScore": 61,
      "bucket": "warm",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "seattle-wa",
      "industrySlug": "electrical",
      "city": "Seattle",
      "state": "WA",
      "msaName": "Seattle-Tacoma-Bellevue, WA",
      "industryName": "Electrical",
      "metroVitalityScore": 40,
      "peDensityScore": 58,
      "industryAppetiteScore": 84,
      "concentrationScore": 80,
      "demandScore": 60,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "seattle-wa",
      "industrySlug": "landscaping",
      "city": "Seattle",
      "state": "WA",
      "msaName": "Seattle-Tacoma-Bellevue, WA",
      "industryName": "Landscaping",
      "metroVitalityScore": 40,
      "peDensityScore": 58,
      "industryAppetiteScore": 74,
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      "demandScore": 57,
      "bucket": "warm",
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      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "seattle-wa",
      "industrySlug": "auto-repair",
      "city": "Seattle",
      "state": "WA",
      "msaName": "Seattle-Tacoma-Bellevue, WA",
      "industryName": "Auto repair",
      "metroVitalityScore": 40,
      "peDensityScore": 58,
      "industryAppetiteScore": 68,
      "concentrationScore": 70,
      "demandScore": 55,
      "bucket": "warm",
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      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "seattle-wa",
      "industrySlug": "restaurant",
      "city": "Seattle",
      "state": "WA",
      "msaName": "Seattle-Tacoma-Bellevue, WA",
      "industryName": "Restaurants",
      "metroVitalityScore": 40,
      "peDensityScore": 58,
      "industryAppetiteScore": 42,
      "concentrationScore": 82,
      "demandScore": 49,
      "bucket": "cool",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "minneapolis-mn",
      "industrySlug": "hvac",
      "city": "Minneapolis",
      "state": "MN",
      "msaName": "Minneapolis-St. Paul-Bloomington, MN-WI",
      "industryName": "HVAC",
      "metroVitalityScore": 31,
      "peDensityScore": 58,
      "industryAppetiteScore": 92,
      "concentrationScore": 84,
      "demandScore": 58,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "minneapolis-mn",
      "industrySlug": "plumbing",
      "city": "Minneapolis",
      "state": "MN",
      "msaName": "Minneapolis-St. Paul-Bloomington, MN-WI",
      "industryName": "Plumbing",
      "metroVitalityScore": 31,
      "peDensityScore": 58,
      "industryAppetiteScore": 88,
      "concentrationScore": 80,
      "demandScore": 57,
      "bucket": "warm",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "minneapolis-mn",
      "industrySlug": "electrical",
      "city": "Minneapolis",
      "state": "MN",
      "msaName": "Minneapolis-St. Paul-Bloomington, MN-WI",
      "industryName": "Electrical",
      "metroVitalityScore": 31,
      "peDensityScore": 58,
      "industryAppetiteScore": 84,
      "concentrationScore": 76,
      "demandScore": 56,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "minneapolis-mn",
      "industrySlug": "landscaping",
      "city": "Minneapolis",
      "state": "MN",
      "msaName": "Minneapolis-St. Paul-Bloomington, MN-WI",
      "industryName": "Landscaping",
      "metroVitalityScore": 31,
      "peDensityScore": 58,
      "industryAppetiteScore": 74,
      "concentrationScore": 68,
      "demandScore": 52,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "minneapolis-mn",
      "industrySlug": "auto-repair",
      "city": "Minneapolis",
      "state": "MN",
      "msaName": "Minneapolis-St. Paul-Bloomington, MN-WI",
      "industryName": "Auto repair",
      "metroVitalityScore": 31,
      "peDensityScore": 58,
      "industryAppetiteScore": 68,
      "concentrationScore": 72,
      "demandScore": 51,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "minneapolis-mn",
      "industrySlug": "restaurant",
      "city": "Minneapolis",
      "state": "MN",
      "msaName": "Minneapolis-St. Paul-Bloomington, MN-WI",
      "industryName": "Restaurants",
      "metroVitalityScore": 31,
      "peDensityScore": 58,
      "industryAppetiteScore": 42,
      "concentrationScore": 72,
      "demandScore": 45,
      "bucket": "cool",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-diego-ca",
      "industrySlug": "hvac",
      "city": "San Diego",
      "state": "CA",
      "msaName": "San Diego-Chula Vista-Carlsbad, CA",
      "industryName": "HVAC",
      "metroVitalityScore": 25,
      "peDensityScore": 92,
      "industryAppetiteScore": 92,
      "concentrationScore": 72,
      "demandScore": 63,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-diego-ca",
      "industrySlug": "plumbing",
      "city": "San Diego",
      "state": "CA",
      "msaName": "San Diego-Chula Vista-Carlsbad, CA",
      "industryName": "Plumbing",
      "metroVitalityScore": 25,
      "peDensityScore": 92,
      "industryAppetiteScore": 88,
      "concentrationScore": 72,
      "demandScore": 62,
      "bucket": "warm",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-diego-ca",
      "industrySlug": "electrical",
      "city": "San Diego",
      "state": "CA",
      "msaName": "San Diego-Chula Vista-Carlsbad, CA",
      "industryName": "Electrical",
      "metroVitalityScore": 25,
      "peDensityScore": 92,
      "industryAppetiteScore": 84,
      "concentrationScore": 74,
      "demandScore": 61,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-diego-ca",
      "industrySlug": "landscaping",
      "city": "San Diego",
      "state": "CA",
      "msaName": "San Diego-Chula Vista-Carlsbad, CA",
      "industryName": "Landscaping",
      "metroVitalityScore": 25,
      "peDensityScore": 92,
      "industryAppetiteScore": 74,
      "concentrationScore": 76,
      "demandScore": 59,
      "bucket": "warm",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-diego-ca",
      "industrySlug": "auto-repair",
      "city": "San Diego",
      "state": "CA",
      "msaName": "San Diego-Chula Vista-Carlsbad, CA",
      "industryName": "Auto repair",
      "metroVitalityScore": 25,
      "peDensityScore": 92,
      "industryAppetiteScore": 68,
      "concentrationScore": 78,
      "demandScore": 58,
      "bucket": "warm",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-diego-ca",
      "industrySlug": "restaurant",
      "city": "San Diego",
      "state": "CA",
      "msaName": "San Diego-Chula Vista-Carlsbad, CA",
      "industryName": "Restaurants",
      "metroVitalityScore": 25,
      "peDensityScore": 92,
      "industryAppetiteScore": 42,
      "concentrationScore": 84,
      "demandScore": 52,
      "bucket": "cool",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "tampa-fl",
      "industrySlug": "hvac",
      "city": "Tampa",
      "state": "FL",
      "msaName": "Tampa-St. Petersburg-Clearwater, FL",
      "industryName": "HVAC",
      "metroVitalityScore": 68,
      "peDensityScore": 61,
      "industryAppetiteScore": 92,
      "concentrationScore": 94,
      "demandScore": 75,
      "bucket": "hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "tampa-fl",
      "industrySlug": "plumbing",
      "city": "Tampa",
      "state": "FL",
      "msaName": "Tampa-St. Petersburg-Clearwater, FL",
      "industryName": "Plumbing",
      "metroVitalityScore": 68,
      "peDensityScore": 61,
      "industryAppetiteScore": 88,
      "concentrationScore": 74,
      "demandScore": 72,
      "bucket": "hot",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "tampa-fl",
      "industrySlug": "electrical",
      "city": "Tampa",
      "state": "FL",
      "msaName": "Tampa-St. Petersburg-Clearwater, FL",
      "industryName": "Electrical",
      "metroVitalityScore": 68,
      "peDensityScore": 61,
      "industryAppetiteScore": 84,
      "concentrationScore": 74,
      "demandScore": 71,
      "bucket": "hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "tampa-fl",
      "industrySlug": "landscaping",
      "city": "Tampa",
      "state": "FL",
      "msaName": "Tampa-St. Petersburg-Clearwater, FL",
      "industryName": "Landscaping",
      "metroVitalityScore": 68,
      "peDensityScore": 61,
      "industryAppetiteScore": 74,
      "concentrationScore": 82,
      "demandScore": 69,
      "bucket": "warm",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "tampa-fl",
      "industrySlug": "auto-repair",
      "city": "Tampa",
      "state": "FL",
      "msaName": "Tampa-St. Petersburg-Clearwater, FL",
      "industryName": "Auto repair",
      "metroVitalityScore": 68,
      "peDensityScore": 61,
      "industryAppetiteScore": 68,
      "concentrationScore": 76,
      "demandScore": 67,
      "bucket": "warm",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "tampa-fl",
      "industrySlug": "restaurant",
      "city": "Tampa",
      "state": "FL",
      "msaName": "Tampa-St. Petersburg-Clearwater, FL",
      "industryName": "Restaurants",
      "metroVitalityScore": 68,
      "peDensityScore": 61,
      "industryAppetiteScore": 42,
      "concentrationScore": 82,
      "demandScore": 61,
      "bucket": "warm",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "denver-co",
      "industrySlug": "hvac",
      "city": "Denver",
      "state": "CO",
      "msaName": "Denver-Aurora-Lakewood, CO",
      "industryName": "HVAC",
      "metroVitalityScore": 47,
      "peDensityScore": 59,
      "industryAppetiteScore": 92,
      "concentrationScore": 80,
      "demandScore": 65,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "denver-co",
      "industrySlug": "plumbing",
      "city": "Denver",
      "state": "CO",
      "msaName": "Denver-Aurora-Lakewood, CO",
      "industryName": "Plumbing",
      "metroVitalityScore": 47,
      "peDensityScore": 59,
      "industryAppetiteScore": 88,
      "concentrationScore": 78,
      "demandScore": 63,
      "bucket": "warm",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "denver-co",
      "industrySlug": "electrical",
      "city": "Denver",
      "state": "CO",
      "msaName": "Denver-Aurora-Lakewood, CO",
      "industryName": "Electrical",
      "metroVitalityScore": 47,
      "peDensityScore": 59,
      "industryAppetiteScore": 84,
      "concentrationScore": 76,
      "demandScore": 62,
      "bucket": "warm",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "denver-co",
      "industrySlug": "landscaping",
      "city": "Denver",
      "state": "CO",
      "msaName": "Denver-Aurora-Lakewood, CO",
      "industryName": "Landscaping",
      "metroVitalityScore": 47,
      "peDensityScore": 59,
      "industryAppetiteScore": 74,
      "concentrationScore": 74,
      "demandScore": 59,
      "bucket": "warm",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "denver-co",
      "industrySlug": "auto-repair",
      "city": "Denver",
      "state": "CO",
      "msaName": "Denver-Aurora-Lakewood, CO",
      "industryName": "Auto repair",
      "metroVitalityScore": 47,
      "peDensityScore": 59,
      "industryAppetiteScore": 68,
      "concentrationScore": 74,
      "demandScore": 58,
      "bucket": "warm",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "denver-co",
      "industrySlug": "restaurant",
      "city": "Denver",
      "state": "CO",
      "msaName": "Denver-Aurora-Lakewood, CO",
      "industryName": "Restaurants",
      "metroVitalityScore": 47,
      "peDensityScore": 59,
      "industryAppetiteScore": 42,
      "concentrationScore": 76,
      "demandScore": 52,
      "bucket": "cool",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "austin-tx",
      "industrySlug": "hvac",
      "city": "Austin",
      "state": "TX",
      "msaName": "Austin-Round Rock-Georgetown, TX",
      "industryName": "HVAC",
      "metroVitalityScore": 95,
      "peDensityScore": 80,
      "industryAppetiteScore": 92,
      "concentrationScore": 90,
      "demandScore": 90,
      "bucket": "very-hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "austin-tx",
      "industrySlug": "plumbing",
      "city": "Austin",
      "state": "TX",
      "msaName": "Austin-Round Rock-Georgetown, TX",
      "industryName": "Plumbing",
      "metroVitalityScore": 95,
      "peDensityScore": 80,
      "industryAppetiteScore": 88,
      "concentrationScore": 82,
      "demandScore": 88,
      "bucket": "very-hot",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "austin-tx",
      "industrySlug": "electrical",
      "city": "Austin",
      "state": "TX",
      "msaName": "Austin-Round Rock-Georgetown, TX",
      "industryName": "Electrical",
      "metroVitalityScore": 95,
      "peDensityScore": 80,
      "industryAppetiteScore": 84,
      "concentrationScore": 84,
      "demandScore": 87,
      "bucket": "very-hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "austin-tx",
      "industrySlug": "landscaping",
      "city": "Austin",
      "state": "TX",
      "msaName": "Austin-Round Rock-Georgetown, TX",
      "industryName": "Landscaping",
      "metroVitalityScore": 95,
      "peDensityScore": 80,
      "industryAppetiteScore": 74,
      "concentrationScore": 80,
      "demandScore": 85,
      "bucket": "very-hot",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "austin-tx",
      "industrySlug": "auto-repair",
      "city": "Austin",
      "state": "TX",
      "msaName": "Austin-Round Rock-Georgetown, TX",
      "industryName": "Auto repair",
      "metroVitalityScore": 95,
      "peDensityScore": 80,
      "industryAppetiteScore": 68,
      "concentrationScore": 74,
      "demandScore": 82,
      "bucket": "very-hot",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "austin-tx",
      "industrySlug": "restaurant",
      "city": "Austin",
      "state": "TX",
      "msaName": "Austin-Round Rock-Georgetown, TX",
      "industryName": "Restaurants",
      "metroVitalityScore": 95,
      "peDensityScore": 80,
      "industryAppetiteScore": 42,
      "concentrationScore": 82,
      "demandScore": 77,
      "bucket": "hot",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "baltimore-md",
      "industrySlug": "hvac",
      "city": "Baltimore",
      "state": "MD",
      "msaName": "Baltimore-Columbia-Towson, MD",
      "industryName": "HVAC",
      "metroVitalityScore": 22,
      "peDensityScore": 55,
      "industryAppetiteScore": 92,
      "concentrationScore": 76,
      "demandScore": 53,
      "bucket": "cool",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "baltimore-md",
      "industrySlug": "plumbing",
      "city": "Baltimore",
      "state": "MD",
      "msaName": "Baltimore-Columbia-Towson, MD",
      "industryName": "Plumbing",
      "metroVitalityScore": 22,
      "peDensityScore": 55,
      "industryAppetiteScore": 88,
      "concentrationScore": 84,
      "demandScore": 53,
      "bucket": "cool",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "baltimore-md",
      "industrySlug": "electrical",
      "city": "Baltimore",
      "state": "MD",
      "msaName": "Baltimore-Columbia-Towson, MD",
      "industryName": "Electrical",
      "metroVitalityScore": 22,
      "peDensityScore": 55,
      "industryAppetiteScore": 84,
      "concentrationScore": 78,
      "demandScore": 51,
      "bucket": "cool",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "baltimore-md",
      "industrySlug": "landscaping",
      "city": "Baltimore",
      "state": "MD",
      "msaName": "Baltimore-Columbia-Towson, MD",
      "industryName": "Landscaping",
      "metroVitalityScore": 22,
      "peDensityScore": 55,
      "industryAppetiteScore": 74,
      "concentrationScore": 68,
      "demandScore": 48,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "baltimore-md",
      "industrySlug": "auto-repair",
      "city": "Baltimore",
      "state": "MD",
      "msaName": "Baltimore-Columbia-Towson, MD",
      "industryName": "Auto repair",
      "metroVitalityScore": 22,
      "peDensityScore": 55,
      "industryAppetiteScore": 68,
      "concentrationScore": 72,
      "demandScore": 47,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "baltimore-md",
      "industrySlug": "restaurant",
      "city": "Baltimore",
      "state": "MD",
      "msaName": "Baltimore-Columbia-Towson, MD",
      "industryName": "Restaurants",
      "metroVitalityScore": 22,
      "peDensityScore": 55,
      "industryAppetiteScore": 42,
      "concentrationScore": 72,
      "demandScore": 40,
      "bucket": "cool",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "charlotte-nc",
      "industrySlug": "hvac",
      "city": "Charlotte",
      "state": "NC",
      "msaName": "Charlotte-Concord-Gastonia, NC-SC",
      "industryName": "HVAC",
      "metroVitalityScore": 77,
      "peDensityScore": 62,
      "industryAppetiteScore": 92,
      "concentrationScore": 86,
      "demandScore": 78,
      "bucket": "hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "charlotte-nc",
      "industrySlug": "plumbing",
      "city": "Charlotte",
      "state": "NC",
      "msaName": "Charlotte-Concord-Gastonia, NC-SC",
      "industryName": "Plumbing",
      "metroVitalityScore": 77,
      "peDensityScore": 62,
      "industryAppetiteScore": 88,
      "concentrationScore": 78,
      "demandScore": 76,
      "bucket": "hot",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "charlotte-nc",
      "industrySlug": "electrical",
      "city": "Charlotte",
      "state": "NC",
      "msaName": "Charlotte-Concord-Gastonia, NC-SC",
      "industryName": "Electrical",
      "metroVitalityScore": 77,
      "peDensityScore": 62,
      "industryAppetiteScore": 84,
      "concentrationScore": 80,
      "demandScore": 75,
      "bucket": "hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "charlotte-nc",
      "industrySlug": "landscaping",
      "city": "Charlotte",
      "state": "NC",
      "msaName": "Charlotte-Concord-Gastonia, NC-SC",
      "industryName": "Landscaping",
      "metroVitalityScore": 77,
      "peDensityScore": 62,
      "industryAppetiteScore": 74,
      "concentrationScore": 84,
      "demandScore": 73,
      "bucket": "hot",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "charlotte-nc",
      "industrySlug": "auto-repair",
      "city": "Charlotte",
      "state": "NC",
      "msaName": "Charlotte-Concord-Gastonia, NC-SC",
      "industryName": "Auto repair",
      "metroVitalityScore": 77,
      "peDensityScore": 62,
      "industryAppetiteScore": 68,
      "concentrationScore": 74,
      "demandScore": 71,
      "bucket": "hot",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "charlotte-nc",
      "industrySlug": "restaurant",
      "city": "Charlotte",
      "state": "NC",
      "msaName": "Charlotte-Concord-Gastonia, NC-SC",
      "industryName": "Restaurants",
      "metroVitalityScore": 77,
      "peDensityScore": 62,
      "industryAppetiteScore": 42,
      "concentrationScore": 72,
      "demandScore": 64,
      "bucket": "warm",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "orlando-fl",
      "industrySlug": "hvac",
      "city": "Orlando",
      "state": "FL",
      "msaName": "Orlando-Kissimmee-Sanford, FL",
      "industryName": "HVAC",
      "metroVitalityScore": 72,
      "peDensityScore": 61,
      "industryAppetiteScore": 92,
      "concentrationScore": 94,
      "demandScore": 76,
      "bucket": "hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "orlando-fl",
      "industrySlug": "plumbing",
      "city": "Orlando",
      "state": "FL",
      "msaName": "Orlando-Kissimmee-Sanford, FL",
      "industryName": "Plumbing",
      "metroVitalityScore": 72,
      "peDensityScore": 61,
      "industryAppetiteScore": 88,
      "concentrationScore": 74,
      "demandScore": 73,
      "bucket": "hot",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "orlando-fl",
      "industrySlug": "electrical",
      "city": "Orlando",
      "state": "FL",
      "msaName": "Orlando-Kissimmee-Sanford, FL",
      "industryName": "Electrical",
      "metroVitalityScore": 72,
      "peDensityScore": 61,
      "industryAppetiteScore": 84,
      "concentrationScore": 72,
      "demandScore": 72,
      "bucket": "hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "orlando-fl",
      "industrySlug": "landscaping",
      "city": "Orlando",
      "state": "FL",
      "msaName": "Orlando-Kissimmee-Sanford, FL",
      "industryName": "Landscaping",
      "metroVitalityScore": 72,
      "peDensityScore": 61,
      "industryAppetiteScore": 74,
      "concentrationScore": 82,
      "demandScore": 71,
      "bucket": "hot",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "orlando-fl",
      "industrySlug": "auto-repair",
      "city": "Orlando",
      "state": "FL",
      "msaName": "Orlando-Kissimmee-Sanford, FL",
      "industryName": "Auto repair",
      "metroVitalityScore": 72,
      "peDensityScore": 61,
      "industryAppetiteScore": 68,
      "concentrationScore": 72,
      "demandScore": 68,
      "bucket": "warm",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "orlando-fl",
      "industrySlug": "restaurant",
      "city": "Orlando",
      "state": "FL",
      "msaName": "Orlando-Kissimmee-Sanford, FL",
      "industryName": "Restaurants",
      "metroVitalityScore": 72,
      "peDensityScore": 61,
      "industryAppetiteScore": 42,
      "concentrationScore": 88,
      "demandScore": 63,
      "bucket": "warm",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-antonio-tx",
      "industrySlug": "hvac",
      "city": "San Antonio",
      "state": "TX",
      "msaName": "San Antonio-New Braunfels, TX",
      "industryName": "HVAC",
      "metroVitalityScore": 67,
      "peDensityScore": 80,
      "industryAppetiteScore": 92,
      "concentrationScore": 92,
      "demandScore": 79,
      "bucket": "hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-antonio-tx",
      "industrySlug": "plumbing",
      "city": "San Antonio",
      "state": "TX",
      "msaName": "San Antonio-New Braunfels, TX",
      "industryName": "Plumbing",
      "metroVitalityScore": 67,
      "peDensityScore": 80,
      "industryAppetiteScore": 88,
      "concentrationScore": 82,
      "demandScore": 77,
      "bucket": "hot",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-antonio-tx",
      "industrySlug": "electrical",
      "city": "San Antonio",
      "state": "TX",
      "msaName": "San Antonio-New Braunfels, TX",
      "industryName": "Electrical",
      "metroVitalityScore": 67,
      "peDensityScore": 80,
      "industryAppetiteScore": 84,
      "concentrationScore": 80,
      "demandScore": 76,
      "bucket": "hot",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-antonio-tx",
      "industrySlug": "landscaping",
      "city": "San Antonio",
      "state": "TX",
      "msaName": "San Antonio-New Braunfels, TX",
      "industryName": "Landscaping",
      "metroVitalityScore": 67,
      "peDensityScore": 80,
      "industryAppetiteScore": 74,
      "concentrationScore": 78,
      "demandScore": 73,
      "bucket": "hot",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-antonio-tx",
      "industrySlug": "auto-repair",
      "city": "San Antonio",
      "state": "TX",
      "msaName": "San Antonio-New Braunfels, TX",
      "industryName": "Auto repair",
      "metroVitalityScore": 67,
      "peDensityScore": 80,
      "industryAppetiteScore": 68,
      "concentrationScore": 78,
      "demandScore": 72,
      "bucket": "hot",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "san-antonio-tx",
      "industrySlug": "restaurant",
      "city": "San Antonio",
      "state": "TX",
      "msaName": "San Antonio-New Braunfels, TX",
      "industryName": "Restaurants",
      "metroVitalityScore": 67,
      "peDensityScore": 80,
      "industryAppetiteScore": 42,
      "concentrationScore": 76,
      "demandScore": 65,
      "bucket": "warm",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "portland-or",
      "industrySlug": "hvac",
      "city": "Portland",
      "state": "OR",
      "msaName": "Portland-Vancouver-Hillsboro, OR-WA",
      "industryName": "HVAC",
      "metroVitalityScore": 26,
      "peDensityScore": 47,
      "industryAppetiteScore": 92,
      "concentrationScore": 60,
      "demandScore": 51,
      "bucket": "cool",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE-backed platform roll-ups",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "portland-or",
      "industrySlug": "plumbing",
      "city": "Portland",
      "state": "OR",
      "msaName": "Portland-Vancouver-Hillsboro, OR-WA",
      "industryName": "Plumbing",
      "metroVitalityScore": 26,
      "peDensityScore": 47,
      "industryAppetiteScore": 88,
      "concentrationScore": 78,
      "demandScore": 52,
      "bucket": "cool",
      "sdeMultipleLow": 2.4,
      "sdeMultipleHigh": 4.2,
      "primaryBuyer": "PE-backed platform roll-ups + strategic acquirers",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "portland-or",
      "industrySlug": "electrical",
      "city": "Portland",
      "state": "OR",
      "msaName": "Portland-Vancouver-Hillsboro, OR-WA",
      "industryName": "Electrical",
      "metroVitalityScore": 26,
      "peDensityScore": 47,
      "industryAppetiteScore": 84,
      "concentrationScore": 76,
      "demandScore": 51,
      "bucket": "cool",
      "sdeMultipleLow": 2.5,
      "sdeMultipleHigh": 4.5,
      "primaryBuyer": "PE platforms + strategic acquirers (utility-adjacent)",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "portland-or",
      "industrySlug": "landscaping",
      "city": "Portland",
      "state": "OR",
      "msaName": "Portland-Vancouver-Hillsboro, OR-WA",
      "industryName": "Landscaping",
      "metroVitalityScore": 26,
      "peDensityScore": 47,
      "industryAppetiteScore": 74,
      "concentrationScore": 78,
      "demandScore": 48,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.5,
      "primaryBuyer": "PE consolidators + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "portland-or",
      "industrySlug": "auto-repair",
      "city": "Portland",
      "state": "OR",
      "msaName": "Portland-Vancouver-Hillsboro, OR-WA",
      "industryName": "Auto repair",
      "metroVitalityScore": 26,
      "peDensityScore": 47,
      "industryAppetiteScore": 68,
      "concentrationScore": 68,
      "demandScore": 46,
      "bucket": "cool",
      "sdeMultipleLow": 2,
      "sdeMultipleHigh": 3.2,
      "primaryBuyer": "Individual buyers + regional strategics",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    },
    {
      "metroSlug": "portland-or",
      "industrySlug": "restaurant",
      "city": "Portland",
      "state": "OR",
      "msaName": "Portland-Vancouver-Hillsboro, OR-WA",
      "industryName": "Restaurants",
      "metroVitalityScore": 26,
      "peDensityScore": 47,
      "industryAppetiteScore": 42,
      "concentrationScore": 78,
      "demandScore": 40,
      "bucket": "cool",
      "sdeMultipleLow": 1.5,
      "sdeMultipleHigh": 2.6,
      "primaryBuyer": "Individual buyers + franchise operators",
      "sources": [
        "census-pep",
        "hud-bps",
        "census-cbp",
        "sba-sbic",
        "acg",
        "ibba",
        "bizbuysell"
      ]
    }
  ]
}