The research team at ResoNova regularly needs to perform industry research for clients. In the process of performing industry research, we have often had to use the NAICS and SIC industry classification systems in order to find and explore very specific industry information. We quickly realized that it would be very useful to have this information in a single place, so we built the Industry Classifications Database.
This database facilitates two important tasks.
- It compiles all definitions of all industry codes from both SIC and NAICS into a single place.
- It performs a bi-directional conversion from SIC to NAICS and NAICS to SIC. This enables rapid processing of information regardless of which industry specification standards are being used by the data source being processed.
The following two sections present an overview of the SIC and NAICS standards.
Standard Industrial Classification (SIC/ISIC)
The Standard Industrial Classification is a system for classifying industries by a four-digit code. Established in the United States in 1937, it is used by government agencies to classify industry areas. The SIC system is also used by agencies in other countries, e.g., by the United Kingdom’s Companies House.
North American Industry Classification System (NAICS)
The North American Industry Classification System (NAICS) is the standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy.
NAICS was developed under the auspices of the Office of Management and Budget (OMB), and adopted in 1997 to replace the Standard Industrial Classification (SIC) system. It was developed jointly by the U.S. Economic Classification Policy Committee (ECPC), Statistics Canada, and Mexico’s Instituto Nacional de Estadistica y Geografia.
NAICS uses a hierarchical structure. A “hierarchy” is the relationship of one item to a particular category. The organization of NAICS is as follows:
Sector: 2-digit code
Subsector: 3-digit code
Industry Group: 4-digit code
NAICS Industry: 5-digit code
National Industry: 6-digit code
Three sectors are represented by a range of 2-digit codes. These include Manufacturing (31-33), Retail Trade (44-45) and Transportation and Warehousing (48-49).
Additional information about NAICS may be found on the US Census website at the following location:
Read the official 2017 NAICS Manual
Access the Industry Classifications Database
Explore the Industry Classifications database here: https://resonova.com/research/industries/
You can find additional research and resources at resonova.com
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