NAICS Business Implications

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Presentation transcript:

NAICS Business Implications Frantz Price Managing Director, Industry Practices Atlanta Seminar April 29, 2003

Why NAICS? Replaces Old SIC System Developed in 1930’s Emphasis on Manufacturing Last Revised in 1987 Little Change in Original Structure 11/10/2018

Why NAICS? Reflects Economic Reality New and Emerging Industries New and Advanced Technologies Importance of Services and Information Comparability with Canada and Mexico Detailed Coverage to 6-Digit Level 2-Digit Compatibility with ISIC 11/10/2018

SIC-to-NAICS Four Basic Categories of Change New Industries Redefined Industries Industries with slightly different compositions Reclassified Industries 11/10/2018

Highlights Manufacturing Sector Reorganized New Computer/Semiconductor Sub-sector New Information Sector Publishing Broadcasting/Telecom Motion Picture/Sound Recording Information/Data Processing New Restaurants/Accommodations Sector Expanded Services Detail Professional, Technical, and Scientific Waste Management Healthcare Educational Wholesale/Retail Redefined Finance Industries Restructured Credit Card Issuing Investment Banking 11/10/2018

Goods-Producing Sectors Natural Resources and Mining Sector 11 (Agriculture, forestry, fishing and hunting) Sector 21 (Mining) Construction Sector 23 (Construction) Manufacturing Sector 31-33 (Manufacturing) 11/10/2018

Service-Producing Sectors Trade, Transportation, and Utilities Sector 42 (Wholesale trade) Sector 44-45 (Retail trade) Sector 48-49 (Transportation and warehousing) Sector 22 (Utilities) Information Sector 51 (Information) Financial and Related Sector 52 (Finance and insurance) Sector 53 (Real estate & rental and leasing) Professional and Business Sector 54 (Professional, scientific, and technical services) Sector 55 (Management of companies and enterprises) Sector 56 (Administrative and support and waste management and remediation services) Education and Healthcare Sector 61 (Education services) Sector 62 (Health care and social assistance) Leisure and Hospitality Sector 71 (Arts, entertainment, and recreation) Sector 72 (Accommodation and food services) Other Sector 81 (Other services, except public administration) Public Administration Sector 92 (Public administration) Unclassified Sector 99 (Unclassified) 11/10/2018

NAICS Implications: Strategic Planning/Market Sizing Sales Modeling/Forecasts Benchmarking Budgets/Long-Term Plans Portfolio/Lending Decisions NAICS Conversion Schedule for Relevant Indicators: Shipments, Orders, Inventories –2001 Industrial Production Indexes –December 2002 11/10/2018

NAICS Implications: Contract Management Forward Pricing Escalator Clauses Litigations NAICS Conversion Schedule for Relevant Indicators: Average Hourly Earnings –June 2003 Producer Price Indexes (SIC-based PPIs) –February 2004 11/10/2018

NAICS Implications: Purchasing/Supply Management Negotiation with Suppliers Cost Monitoring/Benchmarking Budgets/Long-Term Plans NAICS Conversion Schedule for Relevant Indicators: Average Hourly Earnings –June 2003 Producer Price Indexes (SIC-based PPIs) –February 2004 11/10/2018

How Can Global Insight Help? Identify Best NAICS Proxies Create Data History Re-Specify Company Models Staff Training 11/10/2018