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※ 번역할 언어 선택

Richard W. Fisher

The Dog That Does Not Bark but Packs a Big Bite: Services in the U.S. Economy

Remarks before the U.S.–China Business Council, the Coalition of Service Industries and the American Council of Life Insurers
Washington, D.C.
May 14, 2007

Peter Ustinov, the great actor, used to chide the British foreign service by saying he was “convinced there is a small room in the attic of the Foreign Office where future diplomats are taught to stammer.” We do not stammer at the Fed, but we have been known to mumble on occasion. In most central banks, there has traditionally been a premium paid for being opaque.

Alas, obscurity is not our privilege in the reality show that is today’s financial world.

The conduct of monetary policy is inherently a forward-looking exercise: The Fed sets policy with the goal of holding future inflation at a reasonable minimum while helping economic activity and employment grow at maximum sustainable rates. To do so, the Fed must consider both current and expected inflation and growth. A certain degree of transparency and clarity helps increasingly sophisticated business and financial market operators manage risk. Mindful that our actions and deeds condition the expectations of risk takers, it makes sense for central bankers to provide context for our decisions.

This evening, I would like to give you a little perspective from my perch at the Dallas Fed. I would like to talk, hopefully with nary a mumble nor stammer, about the service sector and what I consider the consequences of having services, rather than manufacturing, as the driving force of our economy. These views are my own and, I hasten to add, do not necessarily reflect the views of my colleagues on the Federal Open Market Committee.

First, let me give you some facts to set the stage. America’s economy is a behemoth. In 2005, the Dallas district of the Federal Reserve System—all of Texas, 26 parishes in Louisiana and 18 counties in New Mexico—produced 25 percent more output than India in dollar terms. The Twelfth District, headquartered in San Francisco and overseen by my colleague Janet Yellen, produced more output than all of China. The 140 million workers in the United States produce over $13.2 trillion in economic output; 82 percent of those 140 million workers are employed in the service sector, producing 70 percent of our GDP.

Over the decades, the inexorable forces of capitalist evolution have shifted our economic base from agriculture to manufacturing and now to services. The iconic economist Joseph Schumpeter wrote that “stabilized capitalism is a contradiction in terms.” The transformation of the American economic landscape over time is testimony to our ability to harness our innovative, educated and entrepreneurial culture to master—rather than be victimized by—the instability that is inherent in capitalism. Since the first risk takers arrived on the shores of Virginia and at Plymouth Rock, it has been in our DNA to climb up the value-added ladder. A little history:

* Two hundred years ago, over 90 percent of the U.S. workforce was in agriculture. By the end of the first decade of the 20th century, that share had shrunk to 37 percent of the workforce. Today, less than 1.5 percent of America’s labor pool works on farms and ranches—yet we are producing an agricultural abundance.
* Two hundred years ago, 4 percent of our labor force worked in industry, which includes manufacturing, construction and mining. By 1900, the figure had grown to 28 percent, on its way to peaking at around 38 percent in the 1950s and ’60s. Today, traditional industry employs just 16 percent of our fellow workers—and we’re producing more goods than ever.
* Two hundred years ago, 4 percent of the workforce was in services. The percentage of service workers has steadily grown, reaching 26 percent in 1900, passing 50 percent in the 1950s and, as I mentioned earlier, employing 82 percent of our workforce today.

Let me put these numbers in perspective for you by contrasting them with China. Today, about 44 percent of China’s working population is still in agriculture, compared with America’s 2 percent. Employment in the Chinese industrial sector is 23 percent, compared with our 16 percent. China’s service sector employs a little bit more than 30 percent of China’s laborers, compared with our 82 percent. In other words, China’s labor distribution between agriculture, industry and services is about the same as ours was in 1900.

Since the demise of Mao, the Chinese have made great strides in improving their education system. They are producing graduates in prodigious quantities. And yet they are a long way from having the quality educational system needed to produce trained workers capable of rivaling ours. Around 15 percent of China’s population aged 25–65 has a high school degree, compared with 85 percent in the United States. One of every 20 Chinese in that age group has a college degree, compared with one in three in the U.S. In China, 700 people out of every million are R&D researchers. Here, that number is at least 6.5 times higher.

And in terms of wealth, it is interesting to note that China’s real GDP per capita is roughly 1/25th the size of ours, about the same level as what the U.S. achieved over a century ago.

Our per capita wealth has grown as we’ve moved up the value-added ladder. Generally speaking, our highest paying jobs are in services—engineers, scientists, computer systems analysts, stock brokers, professors, doctors, lawyers, dentists, CPAs, entertainers and other service providers, to say nothing of the mega-compensation paid to hedge fund managers and financial engineers.

Beginning in 1993, the average wage for private services employees surpassed base industry wages. By 1999, all nonretail services employees, even public service employees like government workers and teachers, were averaging more pay per hour than industrial workers.

The destructive side of the process of capitalism’s “creative destruction” is evident in the numbers as old professions give way to new, higher-paying ones. The number of U.S. farm laborers decreased 20 percent between 1992 and 2002. In the same 10-year time frame, employment of telephone operators decreased 45 percent. That of sewing machine operators decreased 50 percent between 1992 and 2002. This is not ancient history; this all occurred within a time frame that is fresh in the memory of everyone in this room.

Yet within that same time frame—between 1992 and 2002—the number of architects grew 44 percent, legal assistants 66 percent and financial services employees 78 percent. Today, there are nearly a million webmaster jobs, a category that didn’t even exist until the early 1990s. The creative side of creative destruction has replaced lost jobs in declining sectors with new ones in emerging sectors.

Since 1992, the goods-producing sector has seen its share of nonfarm payrolls fall by 3.9 percentage points. However, the losses have been more than offset by job gains in just three service sectors—professional and business services, health care, and leisure and hospitality.

Today, manufacturing employs one of 10 U.S. workers, about the same number as the leisure and hospitality sector. One in 20 works in construction—fewer than in financial services. Nearly the same number of people work in government as in the goods-producing sector as a whole. In the past year, the number of manufacturing jobs shrank by 1 percent. In contrast, employment grew by around 3 percent in education, health care, and leisure and hospitality and by over 5 percent in professional services.

Here is a statistic that about beats all: At the end of 2005, the U.S. auto and auto parts manufacturing industry employed about 1.1 million workers and added 0.8 percent of the value to our GDP. The legal services sector employed nearly the same number, but contributed 1.5 percent of the value added to GDP. I will resist the temptation to make a lawyer joke because this is no laughing matter to economists: The legal services industry provides as many jobs as auto manufacturers but contributes nearly twice the value-added to our economic output.

I think you get the point: The service sector, not autos and other forms of traditional manufacturing, drives our economy. And will continue doing so.

Looking forward, the Department of Commerce projects that the fastest growing jobs between now and 2014 will be among general managers, health care workers, postsecondary teachers, retail salespeople, customer service reps and other service providers. In contrast, among the jobs with the greatest projected decline will be textile plant workers, machine operators, farmers and ranchers, meter readers, computer and telephone operators, typists, couriers and, to the relief of all families who like to sit down to supper undisturbed, telemarketers and door-to-door salespeople.

The shift of jobs away from the goods and lower-value-added service sectors to higher-end services is not a new phenomenon. Indeed, it is part of a longer term trend of employment moving to sectors that produce for an increasingly wealthy country, meet the health care needs of our aging population, and provide U.S. employers with the highly trained and flexible workers they need in a broader, more accessible global economy brimming with unskilled labor.

As people get richer, they shift their spending toward relatively more services. Evidence can be found in the buying patterns of U.S. households, in the historical timeline of the U.S. economy and in nations around the world. For every dollar Americans spend on goods, we spend $1.70 on services—roughly a 60 percent mix in favor of services. In contrast, China spends 58 percent of its consumption on goods versus 42 percent on services. In even poorer India, services represent just 37 percent of spending—the reverse image of the U.S.

In 1979, I was a young member of the U.S. delegation President Carter sent to China to settle the claims left after Mao’s government seized the railroad rolling stock we had lent Chiang Kai-shek. President Nixon had normalized political relations in the early 1970s, but it fell to President Carter to normalize economic relations and finally raise the flag at the U.S. Embassy.

So that we could begin to trade with each other and get on with a normal relationship, Treasury Secretary Michael Blumenthal was dispatched to negotiate with Deng Xiaoping. I was Blumenthal’s assistant, so I accompanied him to all his meetings with the Chinese leader. I will never forget our first meeting with Deng. He was electrifying. You may remember he was a short fellow—barely 5 feet, if memory serves—but he was a giant of a man with big dreams. In our first meeting, he entered the room and cackled, “Where are these big American capitalists I am supposed to be so afraid of?”

He then laid out his vision of driving China down “the capitalist road,” a plan he did not proclaim publicly until later. Deng told us then that he would unleash the Chinese genius and focus it on development and modernization. To him, when it came to ideologies, it didn’t “matter whether it is a yellow cat or a black cat, as long as it catches mice.”

We all know the Chinese have caught economic mice in droves. Since 1979, China reports having grown at better than 9.6 percent a year, adding up to a better-than tenfold expansion of the economy to date. China’s factories produced 200 room air conditioners in 1978; today, they claim to make 79 million a year. Back in the dark old days of rigid central planning, the Chinese produced 679,000 tons of plastics; last year, they were up to 25 million tons—37 times as much. In 2003, China turned out 260 billion more square feet of cloth than it did in 1978. Today’s great building boom is occurring in China, where their government reported 38 billion square feet of floor space was under construction in 2005 for all kinds of structures, compared with 5.7 billion square feet in the United States.

As China grows—and clearly its manufacturing sector is fueling a very fast growth rate—we know its demand for services will increase even faster. This is good news for U.S. services businesses, because we are king of the global services providers, with an impressive array of sophisticated and high-quality products and services available for sale.

The size and wealth of our market and our tradition of consumer sovereignty have created the largest and most advanced service economy in the world, a fact reflected in our trade balance. We have consistently run a massive trade deficit—we have done so since the ’70s. Few, however, realize that we run a growing surplus in services trade. That surplus topped $70 billion in 2006, trimming down our overall trade deficit by over 8 percent. Perhaps more important, the positive services gap has been getting bigger.

The U.S. remains a major destination for international travelers, so it should come as no surprise that in the bookkeeping for our external account, travel is the largest private service we export. Lately, however, travel’s prominence in the statistics has been challenged by other higher-value-added services. Over the past decade, exports of travel, transportation and tourism have grown by 2.9 percent per year. By contrast, computer and information services and research and development have been growing at a double-digit pace. Similar stories abound. Our business services of accounting, auditing, management and consulting—along with insurance, finance and training—have increased mightily, thanks to technological advances that have made those services more tradable. With 16 percent of the world population plugged into the Internet and 41 percent using cell phones, many knowledge-based services can today be sold across the oceans through cyberspace at a fraction of traditional shipping costs.

America tends to export things that are high on the value-added ladder and import from lower down. In computer and information services, for example, we export $5.4 billion and import $2.2 billion. Dig deeper into the data and you will find that we largely export the services of systems architects and designers, while we import the services of basic programmers, who are the foot soldiers of the information economy. In services exports, as in manufacturing and agriculture, we are constantly moving up the value-added ladder.

We export twice as much intellectual property as we import. Our royalty and license fee income has been growing at 8 percent a year since 1992. Our exports of legal services have grown at 7 percent per year, and they now total nearly five times our imports. Exports of industrial engineering services have increased 18 percent per year since 1992, and we are now shipping out 13 times as much as we are receiving.

Our exports of film and TV rentals are 11 times greater than our imports. Of the 15 biggest-budget Hollywood movies made as of 2006, eight of them would have lost money if seen only in the U.S.—a total of $458 million in losses among them. However, when you include overseas sales, not only did all eight of them make money, but as a group they netted nearly $1.1 billion after production costs.

When I was deputy U.S. trade representative, the late, great Jack Valenti used to lobby me ferociously to negotiate the opening of foreign markets to U.S.-made films. His argument was as straight as Occam’s razor: Without the globalization of movies, studios would have had to scale back budgets, make smaller sets, use cruder animation, not-so-special effects and not-so-talented actors and actresses, and create otherwise less sophisticated and entertaining movies. Opening other countries’ markets to our movies would mean bigger and better movies for us to enjoy and more jobs created here at home. Jack was spot on. He would not have been the least bit surprised by the blockbuster revenues earned globally by Spiderman 3 over the past 10 days.

Here is the point: Be it in movies or industrial engineering design, in the service arena we are hotter than Scarlett Johansson. In high-value-added services, the United States holds a significant global competitive advantage.

The ubiquitous iPod tells the tale. Engraved on the back of my iPod are the words: “Designed by Apple in California. Assembled in China.” As we send our services out into the world, send our designs to Chinese or Vietnamese or Mexican factories—factories we played a role in designing, by the way—or educate foreigners in our universities, or build R&D centers in India or Estonia or Israel, we are planting apple seeds all over the world. As long as those seeds are allowed to germinate and sprout into economic growth, the world will demand more of our value-added services. And as long as we here at home foster good economic conditions—including well-administered monetary policy—that allow our entrepreneurs to continue creating and selling services demanded globally, we will continue to create American jobs and enhance our prosperity.

I mention “well-administered monetary policy” deliberately. Obviously, the women and men who create and build our high-end economy work best when they are undistracted by inflation or other forms of economic turbulence. They can do their job best when we do our job best by administering monetary policy that underwrites sustainable noninflationary growth.

The shift to a service economy, however, has made the conduct of monetary policy both more difficult and easier. Let me touch on the challenges it poses for monetary policymakers.

The service sector is hard to measure. Services are intangible. The data for measuring the impact of services are more squishy than the relatively straightforward accounting for output in agriculture and the manufactured goods sector. To assess services, we must rely on surveys and the good judgment of the statisticians who interpret them.

There are sophisticated techniques for conducting these surveys. Yet when it comes to services, we cannot easily discern differences between quality improvements and inflationary price increases. This is less of an issue with goods, where we can more readily identify quality changes such as improvements in durability or serviceability. For example, improvements in automobiles are measured through the introduction of seatbelts, airbags and crash-worthy bumpers; the increased durability of engine and suspension components; electronic enhancements that improve fuel efficiency; better sound systems; voice-activated navigation systems and so on.

But in services, quality improvements are less clear. If your barber raises the price of a haircut, is it because you are getting a better haircut, or is it because the shop is passing on its increasing costs, or is there some other factor at play? I’m sure you’ve seen $15 haircuts at a strip-mall barbershop, and you’ve at least heard of hundred-dollar stylings offered by salons along Wisconsin Avenue. Four-hundred-dollar haircuts have been reported—even on the heads of Democrats. Presumably, there is a quality difference between them, but we can’t measure it the way we can with a ’67 Mustang and Ford’s 2007 model, or between the computing power of an old IBM mainframe and a modern Dell laptop.

This isn’t rocket science—it’s more challenging than that. In rocket science, the objective is defined and the process involves applying established mathematics. The value of services is less quantifiable, less well defined, and requires considerable judgment to distinguish between price changes resulting from inflationary pressures versus differences in quality.

Take what I do for a living as another example. Government agencies that measure employment and economic activity classify central banking under a broad category called “financial services—other.” It is a service. We serve the public by distributing cash and coin, maintaining an efficient payments system, supervising banks and setting monetary policy—what many might consider important functions. If we perform our services well, the economy keeps on humming, creating jobs and building wealth. If we fail, or just mess up every now and then, our missteps send ripples through the economy. Cash does not arrive at banks or checks don’t clear, inflation gains momentum or employment grows at a suboptimal rate. Yet I can’t point to where our success shows up in GDP statistics. Nor can I tell you how much more or less productive I am versus my predecessors or counterparts.

Our inability to fully distinguish between quality improvements and inflation in services means that when we look at growth in nominal GDP, we can’t be entirely sure how much results from the gains in real output and how much is inflation.

That is one set of issues. And there are others. In accounting for a knowledge-based economy, for example, the very concept of investment should be broader than the traditional focus on equipment and structures. U.S. government statisticians have already expanded the definition of business investment to include software. Arguably, they should be looking at education spending—which is the very foundation of our knowledge economy—in the same way, instead of counting education costs as a consumption expense.

The point is that in our efforts to assess the speed limit and engine temperature of the economy, we have plenty of gauges on our dashboard that we can use for evaluating the manufacturing sector. Yet we are deprived of similarly reliable gauges for measuring capacity utilization and other dynamics of the service sector. We spend a terrific amount of time analyzing domestic manufacturing reports—think of the media attention given to the Philadelphia Fed’s manufacturing index or the Empire State Index or, if you are astute, the Dallas Fed’s manufacturing index for a district—forgive my Texas brag—that produces more manufactured products than the areas covered by either the Philadelphia or New York surveys. Manufacturing data is so refined that I can tell you whether the plastic we make is used for a bag, bottle, pipe, pillow or floor. Yet, as our economy becomes ever more services-oriented, relying on traditional, goods-focused indicators as predictors of economic activity or inflection points in the business cycle becomes more and more suspect. As comparative advantages are redistributed by globalization, the importance of foreign capacity measurements for manufacturing increases. And the need for a services capacity metric here at home becomes imperative. And yet we—and this is a collective “we,” encompassing the economics profession worldwide, not just the Fed—have perfected neither.

Herein lies an opportunity for enterprising analysts to rise to the challenge I’ve just presented and profit from the development of new data that can help alleviate the deficiencies in service-sector metrics. Many—including our co-host this afternoon, the Coalition of Service Industries—draw well-deserved attention to our services sector, measuring its size, growth, scope and composition to drive home the point that the U.S. economy is services driven. While we can slice and dice the data we have, we still don’t have enough of it available to help us monitor trends with the level of detail and timeliness we have for our goods-producing sectors.

I’ll conclude by calling your attention to another aspect of the growing importance of services in the U.S. economy, a subtle, behind-the-scenes contribution that services are making to the decoupling of the overall economy from the manufacturing sector.

Allow me to draw your attention to Arthur Conan Doyle’s mystery, “Silver Blaze.” In that story, a Scotland Yard inspector asks Sherlock Holmes, “Is there any point to which you would wish to draw my attention?” Holmes replies, “To the curious incident of the dog in the night-time.” Puzzled, the inspector notes, “The dog did nothing in the night-time.” “That was the curious incident,” Holmes says. The dog did not bark.

A “curious incident” happened in the U.S. economy during the 2001 downturn. Factory output fell by almost as much during that recession as in the 1981 recession 20 years earlier—7 percent in 2001 versus 8 percent in 1981. Yet, GDP declined by less than half a percentage point in the 2001 downturn versus 3 percent in 1981. The mystery is why the aggregate economy was so much less affected in 2001.

Undoubtedly, a significant part of the explanation is the sharply declining and relatively low real interest rates in the latter period, which helped sustain the construction industry. But it is also important to note the very different behavior of the goods component of GDP across the two episodes. In 1981, “total goods sector” output fell by the same amount as factory output. In 2001, it fell by only half the decline seen in manufacturing. To use the Holmes analogy, goods output “barked” loudly in 1981 in response to the collapse of manufacturing. In 2001, goods output merely whimpered.

This curious incident points to the solution to our mystery: What the Commerce Department calls “goods-sector output” in fact includes a growing retail and distribution services component that is relatively insensitive to fluctuations in factory production. This was the dog that did not bark. The merchandising services component of goods-sector output declined relatively little in 2001 and helped insulate the economy from the manufacturing collapse.

The service sector may not be as noisy or get as much analytical or political attention as the manufacturing sector, but it has a significant bite in terms of its impact on economic performance. That is the point to which I hope to have drawn your attention today. As we seek to conduct monetary policy, we will have to develop new methods for determining exactly how the service sector's bite affects the business cycle and economic behavior.

Enough said. Thank you for listening. Let’s stop there, and in the best interest of being transparent, I will do my best to mumble and stammer through responses to your questions.

About the Author

Richard W. Fisher is president and CEO of the Federal Reserve Bank of Dallas.

Note

The views expressed by the author do not necessarily reflect official positions of the Federal Reserve System.

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신임 법무장관에 민변 출신 이용철 '성남라인' [서울=뉴스핌] 박찬제 기자 = 이재명 대통령은 6일 새 법무부 장관에 이용철(66·순창) 현 방위사업청장, 국세청장에 안덕수(55·부산) 서울지방국세청장을 후보로 지명했다. 청와대 새 정무수석으로는 최인호(60·창녕) 더불어민주당 재선 의원 출신인 주택도시보증공사 사장을 임명했다. 임광현 대통령 비서실장은 이날 오후 청와대 춘추관에서 인사 발표 브리핑을 했다. 임 실장은 "국민의 목소리를 더 많이 듣고 소통하겠다는 의지이며 국민 삶 속에 정책 변화와 효능감이 체감될 수 있도록 하는 데 중점을 뒀다"고 이번 인사 방향을 설명했다. 임 실장은 이 법무장관 후보에 대해 "민주사회를 위한 변호사 모임 출신으로 인권 보호와 민주 가치 증진에 힘써 온 변호사"라며 "참여정부 민정수석실 민정2비서관과 법무비서관을 역임하며 반부패와 제도개혁을 주도한 바 있다"고 소개했다. 임 실장은 "법조인이면서도 구조개혁 등 다양한 행정 경험을 갖춘 만큼 새로운 형사사법 체계를 안착시키고 누구도 소외되거나 억울한 일을 겪지 않는 법무 행정을 할 것으로 기대된다"고 이번 인선 배경을 설명했다. 임 실장은 이 후보가 과거 대장동 사건에 연루됐다는 언론 질문에 "그 부분은 검증 때 감안됐고 자세한 건 국회 인사청문회 때 본인이 소명할 걸로 기대한다"며 "적임자를 뽑기 위해 다양한 많은 분에 대한 검증이 있었다"고 밝혔다.  안 국세청장 후보에 대해 임 실장은 "국세청 1조사국장과 징세법무국장, 납세자보호담당관 등 주요 보직을 두루 거친 세무 행정 전문가"라며 소개했다. 임 실장은 "성실하게 세금을 내는 국민이 손해 보지 않도록 악의적 탈세와 숨긴 재산은 끝까지 추적해 조세 정의를 실현할 것으로 기대한다"고 인선 이유를 설명했다. 최 정무수석 내정자에 대해 임 실장은 "부산 지역 재선 국회의원 출신으로 민주당 최고위원과 수석대변인을 역임하며 소통과 통합의 가치를 실천해 온 정치인"이라고 소개했다. 임 실장은 "우리 사회의 통합과 성장을 위해 더 낮은 자세로 여야, 국민과 소통하며 국민이 하나 되는 정치를 뒷받침할 것으로 기대한다"고 인선 배경을 설명했다.  임 실장은 "청와대 내부 인사는 검토가 되는 대로 업무의 연속성과 개혁 성과, 국민 체감을 위해서 필요한 경우에는 적당한 시점에 인사를 하도록 하겠다"고 밝혔다. pcjay@newspim.com 2026-11-06 15:53
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한진칼 최대주주 오른 호반건설…항공업 진출? [서울=뉴스핌] 송현도 기자 = 호반그룹이 조원태 한진그룹 회장 측을 0.11%p(포인트) 차로 제치고 한진칼 최대주주(지분율 20.69%)에 오르면서 호반건설의 지분 매입 의도에 관심이 집중되고 있다. 단순 투자라는 공식 입장과 달리, 건설업 불황 속 한진칼 지분이 그룹의 재무적 가치를 뒷받침하는 핵심 자산으로 자리 잡은 데다 과거 금호산업 인수전부터 이어진 항공업 진출 구상에도 다시 힘이 실릴 수 있기 때문이다. ◆ 분양 반토막·PF 대위변제 덮은 6152억 평가차익… 호반의 '손익 방어막' [AI그래픽=송현도 기자] 6일 건설업계 등에 따르면 호반건설이 주택·건설 경기 침체 속에서도 수천억원을 투입해 한진칼 지분을 확보한 배경에는 재무적 실익이 자리 잡고 있다는 분석이 나온다. 한진칼 주가 상승에 따른 대규모 평가이익이 건설업 불황으로 악화한 그룹의 실적을 보완하는 역할을 하고 있다는 것이다. 호반건설의 2025년 연결감사보고서에 따르면 지난해 연결 매출액은 1조2326억원, 영업이익은 1361억원으로 전년(매출 2조3706억원, 영업이익 2716억원) 대비 각각 절반 수준으로 줄었다. 주력 사업인 분양수익이 1조1476억원에서 2531억원으로 급감한 영향이 컸다. 영업활동 현금흐름도 4728억원 적자로 돌아섰다. 부동산 프로젝트파이낸싱(PF) 보증 의무에 따라 4395억원을 대위변제하면서 2381억원의 기타대손상각비를 인식하는 등 재무 부담도 커졌다. 올해 2월에는 대위변제에 따른 구상채권과 상계하는 방식으로 대구 황금동 주상복합 용지를 2750억원에 취득하기도 했다. 이 같은 본업 부진을 상쇄한 것은 한진칼 지분에서 발생한 평가이익이다. 취득원가가 6966억원인 한진칼 지분의 장부가액은 지난해 말 1조5544억원으로 늘었다. 호반건설은 이를 통해 한 해 동안 6152억원의 금융자산 평가이익을 인식했다. 영업이익이 큰 폭으로 감소했음에도 당기순이익은 4752억원으로 전년(2657억원)보다 78.8% 증가했다. 100% 자회사인 호반호텔앤리조트도 비슷한 구조다. 본업 영업이익은 182억원에 그쳤지만, 보유 중인 한진칼 주식(장부가액 5902억원)에서 2267억원의 평가이익이 발생하면서 당기순이익 1872억원을 기록했다. 호반호텔앤리조트는 이를 바탕으로 모회사 호반건설에 1000억원의 현금배당을 결의하며 자금 공급 역할도 했다. 결국 한진칼 지분은 호반그룹의 실적 방어와 현금 확보에 기여하는 핵심 자산으로 자리 잡았다. 향후 경영권 분쟁 가능성이 이어지면서 한진칼 주가가 추가 상승할 경우 평가이익 확대는 물론 그룹의 순이익과 배당 여력에도 긍정적인 영향을 미칠 수 있다.  ◆ '집중투표제' 무기 쥔 호반… 이사회 진입 시 한진 경영권 영향 호반이 내년 3월 정기주총에서 이사회 진입에 성공할 경우, 단순 주주를 넘어 한진그룹 지배구조 전반에 영향력을 행사하게 된다. 한진칼 반기보고서에 따르면 한진칼은 올해 3월 정기주총에서 상법 개정에 맞춰 정관 제30조의 '집중투표제 배제 조항'을 삭제했다. 집중투표제란 주주총회에서 2명 이상의 이사를 선임할 때, 주주가 1주당 선임할 이사의 수만큼 의결권을 부여받고 이를 특정 후보 1명에게 몰아주거나 나누어 투표할 수 있는 제도로, 내년 3월 주총이 한진칼에 집중투표제가 의무 적용되는 첫 무대가 된다. 내년 3월 20일 임기가 만료되는 사외이사는 배성례(ESG경영위원회·보상위원회 위원장), 송백훈(분리선출 감사위원 겸 감사위원장), 홍동표(감사위원 겸 독립이사후보추천위원장) 위원 등 3명이다. 특히나 분리선출 감사위원 표결에서는 최대주주와 특수관계인의 의결권을 합산 3%로 제한하는 강화된 '3% 룰'이 적용된다. 오는 12월 31일 주주명부 폐쇄일 기준 최대주주가 되는 쪽이 의결권에서 불리해지는 구조다. 조원태 회장이 예고대로 12월 중 지분 0.49%를 추가 매수해 최대주주를 탈환하면 조 회장 측 전체 의결권은 3%로 묶이는 반면, 2대 주주가 되는 호반 측은 계열사별로 나눠 총 6.32%를 행사할 수 있다. 호반 입장에서는 감사위원 표결의 실리를 챙기기 위해 연말까지 조 회장의 최대주주 복귀를 용인할 가능성도 거론된다. 일반 사외이사 선임에서도 호반이 주총 6주 전(내년 2월 중순)까지 보유 목적을 경영참여로 바꾼 뒤 집중투표제를 신청해 특정 후보에게 표를 몰아주면 이사회 진입 가능성이 높아진다. 호반 측 인사가 이사회와 감사위원회에 1석이라도 진입하면 상법상 회계장부 열람권과 주요 안건 의결권을 바탕으로 대한항공·아시아나항공 통합 자금 지원, 자회사 부동산 매각, 배당 정책 등에 관여할 수 있다. 나아가 호반호텔앤리조트(리솜리조트)와 한진칼 산하 호텔·관광 계열사(칼호텔네트워크, 한진트래블) 간의 사업 시너지나 자산 매각 협상을 요구할 기반도 확보하게 된다. 반면 한진칼은 지난해 8월 보유 자사주 44만44주(0.66%)를 사내근로복지기금에 전량 출연해 현재 방어에 쓸 수 있는 보통주 자사주가 3주뿐이다. 올해 1월 자회사 칼호텔네트워크가 그랜드하얏트인천 웨스트타워를 2100억원에 매각해 한진칼 본사 현금성자산(단기금융상품 포함 3201억원)은 늘어났지만, 회사 자금으로 자사주를 사들여 방어에 나설 수는 없어 조 회장 개인과 우호 세력의 자금 부담이 커지는 상황이다. ◆ 금호산업 인수전부터 이어진 항공업 진출 시도… 산은 지분 매각이 승부처 재계와 투자은행(IB) 업계에서는 호반의 목표가 단순 차익 실현을 넘어 한진그룹 경영권 인수에 맞춰져 있다는 시각이 나온다. 김상열 호반그룹 창업주는 지난 2015년 아시아나항공의 모회사였던 금호산업 인수전에 단독 응찰하며 항공업 진출을 시도한 바 있다. 당시 채권단과의 가격 이견으로 무산됐지만, 이후 리솜리조트와 퍼시픽랜드를 인수해 레저 사업을 확장했고 2022년 사모펀드 KCGI로부터 한진칼 지분을 사들이며 항공·레저 수직계열화를 추진했다. 주택 사업에 편중된 그룹의 포트폴리오를 바꿀 카드로 한진칼을 낙점했다는 평가다. 내년 3월 주총에서는 조 회장 측과 델타항공, 한국산업은행(10.58%) 등 우호 지분이 과반에 육박해 당장 경영권 확보가 쉽지 않다. 한진칼 시가총액이 적정 가치(3조3000억원 추산)를 웃도는 12조3000억원대까지 올라, 장내에서 지분 1%를 추가 확보하는 데 1230억원이 드는 점도 부담이다. 호반건설의 지난해 말 연결 현금 및 단기유동성 금융자산이 1조1916억원 수준이지만, 단기금융부채 역시 1년 새 679억원에서 5172억원으로 늘어 장내 매수를 지속하긴 어렵다. 결국 향후 승부처는 항공 산업 구조 개편이 끝난 뒤 시장에 나올 산업은행의 한진칼 지분 10.58%다. 대한항공은 올해 5월 아시아나항공 흡수합병을 결의한 데 이어 8월 12일 소규모합병 승인 이사회 결의를 완료하며 연말 통합 항공사 출범을 앞두고 있다. 내년 3월 저비용항공사(LCC) 3사 통합까지 마무리되면 산은이 지분을 보유할 정책적 명분은 사라지고 공적자금 회수 절차가 진행된다. 산은은 2020년 11월 체결한 투자합의서에 따라 의무 위반 시 5000억원의 위약벌을 부과할 담보로 조원태 회장의 한진칼 주식 385만8869주(약 5.78%)에 근질권을 설정해 두고 있으며, 유사시 조 회장 지분까지 묶어 제3자에게 팔 수 있는 동반매각요구권과 동반매도참여권을 보유하고 있다. 호반이 20%대 지분을 바탕으로 이사회에 진입해 경영에 관여하다가 향후 산은 지분 10.58% 인수전에 참여해 이를 확보할 경우, 지분율을 31% 이상으로 끌어올릴 수 있다. 건설업계 관계자는 "산은 지분 인수나 경영권 확보가 여의치 않더라도, 과거 대우건설·금호산업 사례에서 보듯 지분 가치를 높인 뒤 조 회장 측 우호 세력에게 경영권 프리미엄을 얹어 블록딜로 넘기는 출구 전략을 택할 수도 있다"고 설명했다. dosong@newspim.com 2026-11-06 15:07
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  • Caterpillar Inc. Industrials
    우크라이나 전쟁 장기화 시 건설 및 중장비 수요 불확실성 직접적. 글로벌 인프라 투자 지연으로 매출 성장 둔화 가능성 있음.
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