Standard Industrial Classification System(SIC)

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The Standard Industrial Classification System, or SIC, is a numerical scheme used to classify businesses according to industry type. Companies in the same industry were assigned the same number or SIC code. For example, General Motors, Ford Motor Corporation, Honda, and Toyota were all assigned the SIC code of 3711.

The SIC system began in the 1930's and was last updated in 1987. Critics of the system in the early 1990's called for a newer system, because the SIC codes did not keep up with current industries. Therefore, the North American Industry Classification System(NAICS) was created in 1997.

While the NAICS system is more up-to-date than the SIC system, many databases and print resources still use SIC codes exclusively. Therefore, it is important to use both the NAICS codes and SIC codes when doing business research. To convert SIC codes to NAICS codes (or vice versa), take a look at the SIC and NAICS Correspondence Tables.