What are NAICS and SIC codes?
The United States has a new industry classification system, the North American Industry Classification System (NAICS), which replaced the U.S. Standard Industrial Classification (SIC) system. NAICS is the first-ever North American industry classification system. The system was developed by the U.S., Canada, and Mexico to provide comparable statistics across the three countries. For the first time, government and business analysts are able to directly compare industrial production statistics collected and published in the three North American Free Trade Agreement (NAFTA) countries.
