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Industry Information

NAICS (North American Industry Classification System)

"The North American Industry Classification System (NAICS, pronounced Nakes) was developed under the direction and guidance of the Office of Management and Budget (OMB) as the standard for use by Federal statistical agencies in classifying business establishments for the collection, tabulation, presentation, and analysis of statistical data describing the U.S. economy. Use of the standard provides uniformity and comparability in the presentation of these statistical data. NAICS is based on a production-oriented concept, meaning that it groups establishments into industries according to similarity in the processes used to produce goods or services. NAICS replaced the Standard Industrial Classification (SIC) system in 1997." (NAICS FAQs available.)

SIC (Standard Industrial Classification)

The Standard Industrial Classification system was established in 1937 and replaced by NAICS in 1997. However, SIC Codes are still used by many business databases, printed business publications, and government agencies..