Because the Department has stopped assigning and updating SIC codes, the Department had to convert the QBR and its other databases to NAICS codes beginning with Quardata. In an effort to move in line with national standards, the Department stopped assigning SIC codes to firms in November 2004 and began only assigning NAICS codes. Additionally, NAICS provides for increased comparability with the International Standard Classification System (ISIC, Revision 3), developed and maintained by the United Nations Can I get SIC code data after 2004? Because both Canada and Mexico use NAICS for their industry classifications, government and business analysts are now able to compare directly industrial production statistics collected and published in the three North American Free Trade Agreement countries. federal government in cooperation with Canadian and Mexican statistical agencies. Unlike SIC codes, the NAICS codes were developed by the U.S. Industries under the SIC codes were grouped together based on either demand or production. For NAICS codes, establishments that use the same or similar processes to produce goods or services are grouped together. There are 358 new industries recognized in NAICS, 250 of which are services producing industries.Īdditionally, NAICS codes are based on a consistent, economic concept, while SIC codes are not. NAICS includes 1,170 industries and SIC includes 1,004 industries. NAICS codes provide a greater level of detail about a firm's activity than SIC codes. What is the difference between a SIC and a NAICS code? Because the national standard changed from the use of SIC codes to the use of NAICS codes, in November 2004 the Department stopped assigning SIC codes and now only assigns NAICS codes.įor a list of SIC codes click here. The Quarterly Business Review (QBR) and the other Create a Report functions use these codes to group firms together in order to create useful information. SIC codes can be up to four digits and NAICS codes can be up to six digits. In 1997, OMB adopted NAICS as its new industry classification system.Įvery registered Washington firm is assigned a SIC or NAICS code. Office of Management and Budget (OMB) as well as many other U.S. These codes were developed by the federal government and are used by the U.S. A firm with NAICS 311 is primarily engaged in food manufacturing. For example a firm with SIC 571 primarily sells retail furniture. When pulling data from our queries by NAICS, keep the following timeline in mind to account for classification shifts:Ģ022 NAICS: QuarCurrent W hat are SIC and NAICS codes?īoth Standard Industrial Classification (SIC) and North American Industry Classification System (NAICS) codes identify a firm's primary business activity. The US Census Bureau provides a detailed list of the NAICS updates. This may cause comparisons between prior and current periods to not reflect accurate representations of industry changes. With each update, NAICS classifications may be added, changed, or retired within industries. The department updates business accounts to the latest NAICS classifications to ensure the department’s data aligns with other industry, state, and federal data. The US Census Bureau reviews and publishes new NAICS classifications every five years. SIC and NAICS codes How often are NAICS classifications updated and how do the updates impact the data?
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