Month: May 2021

Did You Know?…Navigating NAICS and Government Acronyms

• Jeff Eckhoff

NAICS is old news for a news email, as the system has been around for 23 years. But this topic comes up often with clients, so I thought it would be a nice refresher to emphasize the importance of NAICS and their ongoing relevancy. NAICS – Also known as North American Industrial Classification Codes, these codes are used in federal procurements and in small business size standards. The North American Industry Classification System, or NAICS (pronounced "Nakes"), was developed under the direction and guidance of the Office of Management and Budget (OMB) as the standard for use by federal statistical agencies in classifying business establishments for the collection, tabulation, presentation, and analysis of statistical data describing the U.S. economy.