© 2000 John Petroff
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© 2000 John Petroff |
2)- NAICS and SIC in the United States
Starting in 1997, the North American Industry Classification System (NAICS) has replaced the previous U.S. Standard Industrial Classification (SIC) system for the stated purpose of relevance, international comparability and adaptability. NAICS identifies hundreds of new, emerging, and advanced technology industries. NAICS reorganizes industries into more meaningful sectors - especially for services - producing segments of the economy. NAICS was developed in cooperation with Statistics Canada and Mexico's INEGI. NAICS provides comparable statistics among the three NAFTA trading partners. NAICS defined industries according to a consistent principle: businesses that use similar production processes are grouped together. NAICS will be reviewed every 5 years so that classifications and statistics keep up with our changing economy. For a complete listing of NAICS industry classes, definitions and explanations visit www.census.gov/epcd/www/naicstab.htm.
Prior to 1997, industry statistics were maintained on the basis of Standard Industry Classification system. The classification change is certainly justified, but it undermines comparison of industry performance with prior years.
See review questions Q-14A2.1 through Q-14A2.3.
See research assignment R-14A2.1.
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