Industry classification schemes are important because they facilitate the comparison of economic statistics and the grouping of like enterprises. These codes are used in many online databases as one means of searching their content. Thus, in each industry sector found in this Guide, the NAICS and SIC codes are included.
NAICS (North American Industrial Classification System) Codes
In 1987 the North American Industry Classification System was adopted by Canada, Mexico, and the U.S. It provides industry classifications that facilitate economic analyses of the economies of the three North American Countries. The statistical agencies in these three countries produce information on inputs and outputs, industrial performance, productivity, unit labor costs, and employment.
SIC (Standard Industrial Classification) Codes
The Standard Industrial Classifications (SIC) was originally developed in the 1930's to classify establishments by the type of activity in which they are primarly engaged and to promote the comparability of establishment data describing various facets of the U.S. Economy.
The SIC covers the entire field of economic activities by defining industries in accordance with the composition and structure of the economy. Over the years, it was revised periodically to reflect the economy's changing industry composition and organization. The Office of Management and Budget (OMB) last updated the SIC in 1987.