Monitor your business performance with NAICS

May 14, 2015 - Tags: Research and data

This guest blog post is provided by Statistics Canada who is responsible for producing statistics that help Canadians better understand their country — its population, resources, economy, society and culture.

It's time to join thousands of other entrepreneurs and decision-makers who have made the North American Industry Classification System (NAICS) their first-hand resource for information.

NAICS is a comprehensive industry classification standard for Canada, the United States and Mexico. It is organized by 928 industries in 20 economic sectors such as:

  • Construction
  • Manufacturing
  • Finance and insurance
  • And many more…

Where do you fit in? You need to know your code.
How do you find out the code?

Simply go to the NAICS page on the Statistics Canada website. You will notice that NAICS is a hierarchical system made up of five levels:

  • Level 1: sectors (two-digit codes)
  • Level 2: subsectors (three-digit codes)
  • Level 3: industry groups (four-digit codes)
  • Level 4: industries (five-digit codes)
  • Level 5: Canadian industries (six-digit codes)

What does the code mean? It describes your primary line of business based on production processes used to produce your goods and services.

Using the NAICS keyword search engine or the industry classification structure, determine which code is closest to your line of business.

In a rapidly changing economy, NAICS can help you monitor your business performance and enhance your professional productivity. It can be used to compare financial and economic statistics among the three NAFTA partners. Find your code and open the door to a wealth of invaluable information.

To find out more, have a look here.

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