What is the difference between SIC and NAICS Code?
The North American Industry Classification System (NAICS) and the Standard Industrial Classification (SIC) system are the main industry classification systems used by most reference sources for organizing information. The Standard Industrial Classification (SIC) code used since the 1930s, was developed by the U.S. government. It identifies various industrial and product categories and assigns them a 4 digit classification number. It was developed to promote uniformity and comparability of data collected and published by federal and state government agencies, trade associations, and research organizations. In 1997, SIC Codes were replaced by the North American Industrial Classification System (NAICS) developed jointly by U.S., Canada, and Mexico to facilitate cross-comparison of business activities across North America. The North American Industry Classification System (NAICS) recognizes the changing and growing services-based economy of the United States and its North American neighbor
