New York SBDC Research Network

The U.S. Small Business Administration issued a final rule adopting the U.S. Office of Management and Budget’s (OMB) North American Industry Classification System (NAICS) revision for 2017 (NAICS 2017) for its table of small business size standards.  The final rule is published in the Federal Register at  https://www.gpo.gov/fdsys/pkg/FR-2017-09-27/pdf/2017-20705.pdf NAICS 2017 created 21 new industries by reclassifying, combining, or splitting 29 existing industries under  NAICS in 2012 (NAICS 2012).  On April 18, 2017, SBA issued a proposed rule seeking comments on its proposed size standards for the 21 new industries.  The agency received three comments which were outside of the scope of the proposed rule.  Accordingly, SBA is adopting, without any change, the proposed size standards for the new industries. The change results in an increase to size standards for six NAICS 2012 industries: (one in Sector 21, Mining, Quarryin...

From MarketingProfs : For over 60 years, the Standard Industrial Classification (SIC) system has served as a widely accepted structure for the analysis of businesses participating in the US economy. Marketers have long looked to the SIC system and its predecessor—the North American Industry Classification System (NAICS)—to simplify the processes behind identifying, segmenting, and targeting potential customers and prospects. But what if you don't have a lot of marketing experience in an industry? Perhaps you are just starting out and need to quickly understand the makeup of your potential customers and prospects, and profile them. Understanding SIC and NAICS can seem like a daunting task, but having a cursory comprehension of these systems can help you support various marketing activities. The US Census Bureau assigns one code to each establishment based on its primary activity (generally the activity that generates the most revenue). Classification codes are typically deri...

Several 2007 NAICS industries have been realigned into new 2012 industries . The 2012 NAICS also includes a comprehensive review of the manufacturing sector. This has resulted in the consolidation of over 20% of the total number of manufacturing industries from 2007. For specific examples of this change as well as other changes for 2012, see the 2012 to 2007 NAICS Concordance on the NAICS website. Alternative energy has been expanded (2012 first, then 2007) 221114 Solar Electric Power Generation 221119 Other Electric Power Generation - solar electric power generation 221115 Wind Electric Power Generation 221119 Other Electric Power Generation - wind electric power generation 221116 Geothermal Electric Power Generation 221119 Other Electric Power Generation - geothermal electric power generation 221117 Biomass Electric Power Generation 221119 Other Electric Power Generation - biomass electric power generation 221118 Other Electric Power Generation 221119 Other Electric Power Ge...

Occasionally, we've gotten questions about "technology" or "high tech". While we can get reports, there is no one business code that encompasses such a broad category. The AeA, formerly the American Electronics Association, "uses 45 SIC codes to define the high-technology industry." The organization recognizes that " these 45 SIC codes do not comprehensively cover the entire high-tech industry as the structure of the SIC system is limited. In an effort to produce solid statistics, AeA's definition consists of SIC codes that fall into three broad categories -- high-tech manufacturing, communications services, and software and computer-related services. It does not include broad categories if the high-tech portion does not represent a clear majority. Also, AeA's definition does not include many 'related' industries, such as biotechnology, engineering services, and research and testing services." Likewise, "the 49 NAICS cod...

The Library of Congress Business Reference Services has Frequently Asked Business Questions dealing with these topics: 1. Can you tell me if my old stock certificate has any value? 2. What is the cost of living today compared with X years ago? 3. How can I get a sample business plan? 4. How can I get information on foreign exchange rates? 5. Where can I find the history of a company? 6. Where can I find standard industry ratios so I can compare the performance of company X to others in the industry? 7. What are NAICS and SIC codes? 8. Where can I find information on starting a small business? I'm particularly interested in government loans and grants. 9. I am planning to start a new company and want to be sure the name I choose will be unique and protected nationwide.

The state Tax Department has recently made available a new easy-to-use online NAICS Code Lookup service to locate North American Industry Classification System (NAICS) code for sales tax registration. "An accurate NAICS code will help us provide you with the sales tax returns, schedules, and other sales tax information specific to your type of business." It can also be useful for SBDC advisors who are entering records into various electronic databases.

Publication 910 (10/07). I have a peculiar interest in the fact that while some codes are well-delineated, others are cut off at the three-digit level.