New classification system arrives: NAICS replaces SIC

From: Area Development Site and Facility Planning | Date: April 1, 1999| Author: | Copyright information

THE UNITED STATES is implementing a new industry classification system. According to the U. S. Census Bureau, on April 8, 1997, the Office of Management and Budget announced its decision to adopt the North American Industry Classification System (NAICS) as the system used by the statistical agencies of the United States. NAICS replaces the 1987 Standard Industrial Classification (SIC).

NAICS is a unique, all new system for classifying business establishments. It is the first economic classification system to be constructed based on a single economic concept. Economic units that use like ...

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