Industry classification codes are a hierarchical, numerical system used to classify businesses by industry to collect, compare, and analyze statistical information about those businesses. Government agencies, trade associations, and companies use these codes to provide data compatibility. Some ways that industry classification codes can be helpful to you include:
There are two primary industry classification code systems:
NAICS is the newer classification system of the two and was developed jointly by the U.S., Canada, and Mexico to provide compatibility in statistics about business activity across North America. It has largely replaced SIC.
Let's break down a NAICS code.
311824 Dry Pasta, Dough, and Flour Mixes Manufacturing from Purchased Flour
Though NAICS has mostly replaced SIC, some government agencies, notably the U.S. Securities and Exchange Commission (SEC), still use SIC, so it can be helpful to understand this system.
Let's break down a SIC code.
2032 Canned Specialties
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