North American Industry Classification System (NAICS)
Definition
Replaces the older Standard Industrial Classification (SIC) code. It groups industries into 20 broad sectors (as opposed to 10 sectors under SIC), identified by a 6-digit code (SIC had a 4-digit code) and increases the industry classifications to 1,170 (from the 1,004 under SIC) based on the type of the establishment, not the type of commodity. Coding for most manufactured goods is from 31 through 33. Developed jointly by NAFTA member countries (Canada, Mexico, and the US).
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