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The
North American Industry Classification System (NAICS, pronounced
Nakes) was developed as the standard for use by Federal statistical
agencies in classifying business establishments for the collection,
analysis, and publication of statistical data related to the business
economy of the U.S.
NAICS was developed under the auspices of the Office of Management
and Budget (OMB), and adopted in 1997 to replace the old Standard
Industrial Classification (SIC) system. It was also developed in
cooperation with the statistical agencies of Canada and Mexico to
establish a 3-country standard that allows for a high level of
comparability in business statistics among the three countries. NAICS is
the first economic classification system to be constructed based on a
single economic concept.
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