What is the North American Industry Classification System (NAICS)?
The 2002 Economic Census of Puerto Rico will use for the first time the North American Industry Classification System (NAICS). NAICS is the system that replaces the old Standard Industrial Classification (SIC) system used in 1997 and earlier censuses. NAICS identifies more industries that contribute to the economy, specifically services. It groups businesses with similar production processes. NAICS is updated every 5 years. If you would like more information about NAICS, visit us at www.census.gov/epcd/www/naics.html.
NAICS is the North American Industry Classification System. It replaced the Standard Industrial Classification (SIC) system, which had been the classification standard for the various American industries for decades. Regardless of what you do, there is an NAICS number for your business. Federal Government agencies that collect establishment-based statistics are now required to use NAICS instead of SIC. One of the useful ways a small business can use this system is to compare its financial performance against other businesses within the same NAICS category and size. Such financial examples are available from the publishers of financial information, like Commerce Clearing House and Robert Morris Associates.
The way in which the U.S. government collects economic statistics on industry changed January 1, 1997 under the new North American Industry Classification System (NAICS). The NAICS, which replaced the current Standard Industrial Classification (SIC), will facilitate the collection, tabulation, presentation and analysis of data regarding industrial statistics. It also promotes the uniformity and comparability of statistics in the United States, Mexico and Canada, as well as the latest revision of the United Nations’ International Standard Industrial Classification. Starting in 2002, government statistics will be presented using NAICS rather than SIC. The SIC, which had been largely unchanged since its inauguration in 1945, was widely viewed as outdated and not reflective of changes in industry, technology and services in recent decades. The NAICS seeks to take into consideration business advancements in recent years and the view that international economies are becoming increasingly int
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- What is the North American Industry Classification System (NAICS)?
