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Conducting Industry Research: 1. Identify your Industry

Identify Your Industry

It is important early in the research process to identify industry classification codes for your chosen industry because information about companies and industries is organized around those codes.  Business information is published using North American Industry Classification System (NAICS) codes and/or Standard Industrial Classification (SIC) codes. 

The SIC System groups businesses by the type of activity, whereas NAICS groups businesses according to similar production processes.  These codes will assist you in finding major establishments in your industry field, where they are located, and what the trends are for that industry. 
 
These codes also make it easy to locate and compare data about your industry.  You will most likely need both sets of codes.  Although government data has been using NAICS since 1997, some publishers of business information still use SIC codes.
  • Find your industry's NAICS code
  • Find your industry's SIC code

NOTE: Establishments can operate in more than one category, especially when they provide a variety of goods and services.  You may find a primary code with a number of secondary codes in connection with one business.

You may also see discrepancies among primary and secondary codes, depending on the publisher.  A SIC or NAICS code that an establishment might choose, or otherwise appear on an economic census form, may be entirely different from what a publisher of business information may have selected to identify that business.

Continue on to Step 2 to find industry overviews.

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