About: NAICS - North American Industry Classification System

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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.

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rdfs:label	NAICS - North American Industry Classification System
rdfs:comment	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.
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abstract	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. After 60 years of use, the outdated Standard Industrial Classification (SIC) system was retired and replaced by the new North American Industry Classification System (NAICS). NAICS is the product of a collaborative effort between the United States, Canada, and Mexico. Sharing a common classification system allows, for the first time ever, direct comparison of economic data across borders in North America. NAICS is a "clean slate" revision of the system we use to classify establishments by industry. Unlike previous SIC revisions, the NAICS changes are fundamental. They recognize hundreds of new businesses in our economy, largely in the fast-growing service sector. The notice making NAICS effective in the United States was issued in April 1997, and the first NAICS US manual was published in mid-1998. NAICS doubles the number of top-level groupings of industrial classification. The highest level of NAICS classification is called the sector, and corresponds roughly to the division in SIC. There are 20 broad sectors in NAICS, compared to only 10 divisions in SIC. There is increased detail in services, with new sectors such as Information; Professional, Scientific, and Technical Services; and Administrative and Support, Waste Management and Remediation Services. There is a new Accommodation and Food Service Sector. NAICS is a 2- through 6-digit hierarchical classification system, offering five levels of detail. Each digit in the code is part of a series of progressively narrower categories, and the more digits in the code signify greater classification detail. The first two digits designate the economic sector, the third digit designates the subsector, the fourth digit designates the industry group, the fifth digit designates the NAICS industry, and the sixth digit designates the national industry. The 5-digit NAICS code is the level at which there is comparability in code and definitions for most of the NAICS sectors across the three countries participating in NAICS (the United States, Canada, and Mexico). The 6-digit level allows for the United States, Canada, and Mexico each to have country-specific detail. A complete and valid NAICS code contains six digits.

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