North American Industry Classification System (NAICS)
Census.gov/NAICS is the section of the U.S. Census Bureau’s website dedicated to the North American Industry Classification System (NAICS). This system is used by businesses and governments to classify and measure economic activity in the United States, Canada, and Mexico.
NAICS was developed jointly by the U.S., Canada, and Mexico to provide new comparability in statistics about business activity across North America. It was first introduced in 1997 and is updated every five years to reflect changes in the economy.
- Standardized Classification: NAICS provides a consistent framework for classifying businesses by type of economic activity. This standardization facilitates the collection, tabulation, analysis, and dissemination of statistical data describing the U.S. economy.
- Business Application: Companies use NAICS codes to identify their primary business activities. This classification is crucial for regulatory, taxation, and reporting purposes. It is also used to determine eligibility for government contracts, which often specify certain preferences or requirements based on NAICS codes.
- Market Research: Understanding the NAICS codes helps businesses conduct market research and competitive analysis. It allows companies to understand the segments of the economy where they operate and benchmark against other businesses in the same or similar industries.
- Government and Policy Making: NAICS data aids government and policymakers in designing economic policies and programs that target specific types of businesses or industries.
- International Scope: For international companies, understanding and utilizing the appropriate NAICS codes can facilitate smoother entry into the U.S. market by aligning their business activities with recognized industry standards.
Connect directly with U.S. federal opportunities by visiting the North American Industry Classification System (NAICS): Census.gov/NAICS
Understand the North American Industry Classification System (NAICS)
For international companies planning to operate in the U.S., familiarizing themselves with NAICS at Census.gov/NAICS is essential. It ensures compliance with U.S. economic classifications and enhances the company’s ability to engage effectively in market analysis, regulatory reporting, and securing government contracts.
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Join the ranks of successful businesses by registering on Census.gov/NAICS. Explore a wealth of federal opportunities and position your company for growth in the U.S. market. Start your journey with Horta Management Consulting and gain a competitive edge.