Government statistical agencies, such as Statistics Canada and the U.S. Department of Labor, created industry codes. These codes are used to group competitors operating within the same industry and have hierarchical numbering schemes that create broad and niche industry categories.
Many of the business databases at York can be searched using industry codes. The most popular codes are NAICS codes and SIC codes, which this guide will describe in further detail.
The North American Industry Classification System (NAICS) is a very commonly used industrial classification system common to Canada, United States and Mexico. This industry code system was developed to replace SIC codes; however, some databases still allow you to search using SIC codes. There are some differences in the system of codes used by Canada and the United States, which is why it's important to understand if a database is categorizing companies using Canadian or U.S. NAICS codes.
NAICS 2012 - Statistics Canada
The Standard Industrial Classification (SIC) is a useful tool for identifying key companies within an industry and conceptualizing the industry as a whole. SIC codes group together companies based on the goods and services produced. In some cases, the SIC codes used in Canada differ from those used in the U.S.
SIC Codes - United States Department of Labor
Using industry codes to create company lists is an effective way of conducting competitor research. Refer to our Competitor Research guide, which breaks down how to use NAICS, SIC, and other codes to compile competitor lists.