Impact of Changes to the North American Industry Classification System
The North American Industry Classification System (NAICS), the primary classification system used to measure our evolving economy, was recently updated but this is the first year the U.S. Census Bureau’s economic surveys and programs are releasing data using the latest classifications. The 2022 Economic Census, Geographic Areas Statistics is set to be released in December, becoming the first major publication to feature detailed industry statistics using the latest 2022 NAICS. The Retail Trade sector now focuses on the types of products being sold instead of the method of selling them. The Census Bureau and other federal statistical agencies collect, tabulate, present and analyze data about the economy of the United States. The NAICS was developed as part of an agreement between the federal governments of Canada, Mexico and the United States, creating compatible business statistics across North America. It provides a standardized framework for classifying industries, ...