The United States has a new industry classification system! The North American Industry Classification System
(NAICS) replaces the U.S. Standard
Industrial Classification (SIC) system.
NAICS is the first-ever North American
industry classification system.

The system was developed by the U.S., Canada, and Mexico to provide comparable statistics across the three countries. For the first time, government and business analysts will be able to compare directly industrial production statistics collected and published in the three North American Free Trade Agreement countries. NAICS also provides for increased comparability with the International Standard Industrial Classification System, developed and maintained by the United Nations.