What are NAICS Codes?
Business data like:
- selected revenue/expense items
- balance sheet
- financial ratios
- and profitable vs. non-profitable business
can be found using a combination of the North American Industry Classification System (NAICS) which:
- Covers the economies of the US, Canada, and Mexico
- Allows for the creation, classification, and analysis of industry statistics
and Industry Canada databases. Businesses listed in NAICS are assigned a NAICS code.
When Do the Codes Change?
NAICS codes can change every 5 years. We are currently using the 2017 version, with the next version scheduled for 2022.
Where Can I find Them?
NAICS codes are free to search through many websites, or through databases like IBISWorld.
How Does the NAICS System Work?
- Economy is split into 20 sectors (2 digit level)
- Subsector (3 digit level)
- Industry group (4 digit level)
- NAICS industry (5 digit level)
- National industry (6 digit)
- The longer the NAICS code, the more specific it is
Example

Why Would I Use a NAICS Code?
- Places your existing business or idea within a national economy
- Allows for the use of essential statistics and accurate industry research
- Make informed decisions and statements in your assignments
Other Notes
- It can be hard to find a perfect and specific NAICS code, especially for new business ideas
- A business or idea may fall within multiple NAICS codes
- Once you have a NAICS code, you can use it to research at Assiniboine in databases like IBISWorld and EBSCOhost
References
U.S. Census Bureau. (2017, December 13). NAICS [Video]. YouTube. www.youtube.com/watch?v=GbJTu-p8bkw