A few examples of North American Industry Classification System codes are 111199, 522110, 621310 and 722515. NAICS codes are six-digit codes used to classify businesses for the purpose of data collection and publication, according to the U.S. Census Bureau.Continue Reading
The North American Industry Classification System was developed by the Office of Management and Budget in 1997, as stated by the U.S. Census Bureau. The system was developed as a joint venture between the U.S. Economic Classification Policy Committee, Statistics Canada and Instituto Nacional de Estadistica y Geografia in Mexico. The cooperation between the three countries was important in accomplishing the goal of comparing business statistics across the North American countries.
The six-digit codes help define business sectors down to the most detailed level. The first two digits designate the largest business sector, the third represents the subsector, the fourth indicates the industry group, the fifth covers the NAICS industries, and the sixth designates the national industries, according to the NAICS Association. For example, the first two numbers of 44 indicate a business in the retail trade sector. The third and fourth numbers of 3 and 1 narrow it down to electronics and appliance stores. A fifth number of 1 indicates appliance, television and other electronics stores, and a final 1 as the sixth number designates the business as a household appliance stores. The full NAICS code for this example is 443111.Learn more about Insurance