NAICS and SIC codes help classify and measure industry activity. Knowing the code for your industry will help you find reports, articles, and other information on that industry. Created by the U.S. government these systems are used to group/classify similar companies into industries for the purposes of collecting, analyzing, and publishing statistical data related to the U.S. business economy.
The NAICS (North American Industry Classification System) is gradually replacing the Standard Industrial Classification (SIC) system.
Even though the codes are standardized, different resources will assign codes differently. Additionally, many companies can have multiple codes because of their various business segments. Be flexible and cautious when using codes to search, and always check multiple sources.
Background
Standard Industrial Classification (SIC) codes and North American Industry Classification System (NAICS) codes are numerical classification systems created by the United States government. These systems are used to group/classify similar companies into industries for the purposes of collecting, analyzing, and publishing statistical data related to the U.S. business economy.
What is the difference between SIC and NAICS?
The SIC system was originally developed in the 1930s and was last updated in 1987. The NAICS system was first released in 2002 and last updated in 2017. While NAICS has "officially" replaced SIC, many business directories and databases still use one or both of the systems. Therefore, it is important to know about both SIC and NAICS.
The meaning of the digits in a NAICS code is:
Digits 1-2: Economic sector
Digit 3: Economic subsector
Digit 4: Industry group
Digit 5: NAICS industry
Digit 6: National industry
From: https://www.census.gov/programs-surveys/economic-census/year/2022/guidance/understanding-naics.html
You can use these codes to find information about industries in business databases and directories. Use the codes to:
