What are SIC & NAICS?
The SIC and NAICS are numerical classification systems created by the United States government. These systems are used to group/classify similar companies into industries for the purposes of collecting, analyzing, and publishing statistical data related to the U.S. business economy. The SIC system was originally developed in the 1930s and was last updated in 1987. The NAICS system was first released in 1997, updated every 5 years since and last updated in 2017.
While NAICS has "officially" replaced SIC, many business directories and databases still use one or both of the systems. Therefore, it is important to know about both SIC and NAICS.