The Standard Industrial Classification, which was commonly abbreviated to SIC, was a system used for classification purposes by government officials. It is currently unused today and has been replaced by NAICS. However, those registered under the SIC system have still largely retained their SIC codes within databases. Administrators will need to be aware of the key differences between the systems if they're to interact with the codes on a regular basis.
The system was created in 1937 between industry leaders and the government of the United States in 1937. It is a multinational system that was used by other countries and are still recognized by some foreign countries, such as in the United Kingdom where SIC codes are managed by Companies House. Some government agencies within the United States still use SIC codes, such as the US Securities and Exchanges Commission, but private industries being registered today are using the longer NAICS code.
When these codes are encountered, they're grouped according to the industry that they represent. Its primary operating business will compromise the first three digits of the zip code. However, some industries are regarded as unclassifiable, which will be represented by the code 99. Each division of industry was represented by a SIC code that started from 0100 and continued until 9729.
While the majority of industries were represented, the SIC system failed to keep with the times and largely abandoned information technology sectors, which are now quite commonplace in the industrial world. This issue was addressed with the introduction of NAICS. This modernized system was developed by industry leaders and government officials in 1997 and is less rigid than the SIC system, which allows it to be updated as and when needed. The most recent revision of NAICS took place in 2012 to merge comparable industries into a more tight-knit system.
SIC Codes and NAICS Codes play an important role in zip codes and postal codes. You can get SIC and NAICS codes at www.zipcodedownload.com
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