The SIC (Standard Industry Classification) system is another industry code standard. Developed in the U.S. in 1937, it is slowly being supplanted by the NAICS code system, which was created in 1997 as a result of the NAFTA agreement. However, U.S. government agencies, such as the Securities and Exchange Commission (SEC), still use the SIC codes, as do many other countries.
SIC codes are always 4-digit codes. Like the NAICS code, they are used to classify industry areas. SIC codes are particularly useful if you are using the Library's Simply Map database, as these codes can provide much more granular data on the whereabouts of companies for mapping purposes. (As an aside, if you are interested in learning how to map out businesses, then see our Simply Map guide.)
The NAICS (North American Industry Classification System) is the standard used by both Canadian and U.S. statistical agencies in classifying business establishments for the purpose of collecting, analyzing and publishing statistical data related to the North American economy.
NAICS codes vary from 3-digits to 6-digits in length, and are assigned to industries. They form a numerical hierarchy for organizational purposes.
|445||Food and Beverage Store|
|4452||Specialty Food Store|
|445220||Fish and Seafood Markets|
As you can see, the longer the number, the more specific the industry. The shorter the number, the broader the industry.
NAICS codes are particularly useful if you are researching Canadian industries as both Statistics Canada and Industry Canada use this classification system. As well, many of the Library's business databases, like IBISWorld, Mergent Online, Business Source Premier, and ABI/Inform, all use the NAICS system.
You can search for NAICS codes using the Statistics Canada website.
Note: Sometimes you will have a very specific industry in mind, but there may not be a NAICS code for it. This is particularly true when it's a relatively new industry. In this case, you will need to use the broader industry code. If you can't find the NAICS code for the industry you're researching, contact a reference librarian for assitance.
The ISIC (International Standard Industrial Classification of All Economic Activities) is a system developed by the United Nations for classifying economic data.
It is particularly useful if you are using the Library's Passport GMID database, as the industry reports within that database are categorized using the ISIC code. The ISIC code is also good for comparing industries globally because it provides you with a standard that you can compare across countries.
Like the NAICS code, the ISIC code uses a hierarchical structure. The categories at the highest level are called sections. The first two digits of the code identify the division, the third digit identifies the group and the fourth digit identifies the class.
|Division||13||Manufacturing of textiles|
|Group||139||Manufacturing of other textiles|
|Class||1393||Manufacturing of carpets and rugs|