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Jul 28, 2024 · Standard Industrial Classification (SIC) codes are four-digit numerical codes used to categorize U.S. companies by the industries in which they operate. Companies are required to use them in...
- Elvis Picardo
Mar 20, 2017 · While the NAICS system utilizes a purely production-oriented structure identifying businesses only by their primary economic activity, the SIC system moves from production-oriented logic to market-oriented logic throughout its structure.
SIC stands for Standard Industrial Classification and NAICS stands for North American Industry Classification System. These are commonly used industry codes in the US, Canada, and Mexico. These universal numbering methods help identify the industry affiliation of a company.
Differences Between SIC and NAICS Codes. SIC Codes and NAICS: Have entirely different numbering systems, which affects how industries are classified and searched. SIC Codes typically consist of four digits, but they also have extended versions that can include 6, 7, or even 8 digits for more detailed classifications.
Sic CodeDescription871101Naval Architects871102Acoustical Consultants871103Engineers-Agricultural871105Contractors-Engineering GeneralNov 15, 2023 · What Is an SIC Code? Aside from adding structure and clarity to an otherwise vast and multifaceted economy, SIC codes can function in the following ways: Allow for tracking for government statistical purposes by federal or state agencies. Segment markets for professional use or to identify key competitors in both public and private markets.
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Mar 13, 2019 · The SIC Code (Standard Industry Classification) is the original code system used by the U.S. government to classify businesses. This code was developed in the 1930s and it hasn't been updated since 1987, so many of the codes are out of date, or they don't reflect new types of businesses.
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SIC codes are four-digit numerical representations of major businesses and industries. SIC codes are assigned based on common characteristics shared in the products, services, production and delivery system of a business.
