Quick Answer: What Are SIC And Naics Codes And How Are They Used?

Where are SIC codes used?

Companies can identify the competition in their industry or region by searching for like companies via SIC codes.

The government can use SIC codes to organize and standardize data for various Federal and state agencies as well as private companies..

How are Naics codes used?

The North American Industry Classification System (NAICS) is the standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy.

Why are SIC codes used?

SIC Codes are Standard Industrial Classification Codes. They are used to classify industries by giving them a five digit code. … This practice (and system) was first developed in the United States in 1937 and is now used by government agencies in other countries in order to monitor what industry types are developing.

How important is Naics code?

NAICS Codes allow them to focus their Targeted Marketing Efforts on companies in similar or identical Industries. By Acquiring NAICS Information, one can gain a better understanding of their best customers and the industries that might best benefit from their products and services.

Are SIC codes still used?

However, SIC codes are still commonly used by companies that often add numbers to the end of the original codes to expand or update the original classifications.

How many SIC codes exist?

1,514 codesIn the official U.S. Government SIC Code system, there are a total of 1,514 codes (included in the 2-digit, 3-digit, and 4-digit levels).

What is the SIC code for online retailer?

SIC 47910E-Commerce (SIC 47910)

How do you find out what your Naics code is?

You can use the search feature at www.census.gov/naics. In the “2017 NAICS Search” box on the left side of that page, enter a keyword that describes your kind of business. A list of primary business activities containing that keyword and the corresponding NAICS codes will appear.

What does SIC stand for?

thusSic is a Latin term meaning “thus.” It is used to indicate that something incorrectly written is intentionally being left as it was in the original. Sic is usually italicized and always surrounded by brackets to indicate that it was not part of the original.

How do I find the right SIC code?

How to find your Standard Industrial Classification (SIC) codeUse the Find Company Information link on the home page. Type in your company name or registration number.Look through the list to find the 5 digit code against your type of business.Use the search facility for your type of business activity.

Do nonprofits have a Naics code?

NAICS Code 813219 – Other Grantmaking and Giving Services Definition of NAICS Code 813219: This U.S. industry comprises establishments (except voluntary health organizations) primarily engaged in raising funds for a wide range of social welfare activities, such as educational, scientific, cultural, and health.

What does Naics and SIC stand for and represent?

SIC: The Standard Industrial Classification (SIC) system was originally developed in the 1930’s to classify establishments by the type of activity in which they are primarily engaged. … NAICS: The North American Industry Classification System (NAICS) was established in 1997 to replace the no longer sufficient SIC system.

What is difference between SIC and Naics?

Both Standard Industrial Classification (SIC) and North American Industrial Classification System (NAICS) codes identify a firm’s primary business activity. For example a firm with SIC 571 primarily sells retail furniture. … SIC codes can be up to four digits and NAICS codes can be up to six digits.

How do I find my 6 digit Naics code?

Go to www.Census.gov and at the top highlight “Business” and click on “NAICS”. They have a section called “Ask Dr. NAICS” at that location. You can Call or E-mail them with your questions.

What does a Naics code mean?

North American Industry Classification SystemThe acronym NAICS is an abbreviation of the North American Industry Classification System. This system is the standard used by federal statistical agencies for classifying businesses for the purpose of collecting, analyzing, and publishing data related to the U.S. economy.