Some of the most common Standard Industrial Classification, or SIC, codes include 2015 - Sausages and Other Prepared Meat Products and 2064 - Candy and Other Confectionery Products. Other SIC codes include 5411 - Grocery Stores and 6021 - National Commercial Banks.Continue Reading
The Standard Industrial Classification codes use a system of hierarchies to group public and private sector organizations according to their economic activity. The SIC system was created in 1937, but did not take its current form until the late 1980s. After its implementation in the United States, the SIC system gained popularity and was eventually implemented by the United Kingdom's Companies House.
For several years, however, organizations such as the Office of Management and Budget working alongside Statistics Canada and the Mexican Instituto Nacional de Estadistica y Geografia began developing a new coding system to eventually replace the SIC. In 1997, the North American Industry Classification System, or NAICS, was released.
The NAICS system uses a similar tiered system as its predecessor. The NAICS system utilizes a six-digit code, where the first two digits indicate the business sector, the third digit indicates the subsector, the fourth digit marks the industry group, the fifth digit closes down on the different NAICS industries, and the last digit narrows down to the national designation of that particular industry. While the NAICS system has, for the most part, replaced the SIC system, some governmental entities continue to use the SIC codes.Learn more about Business Resources