SIC Code - Standard Industrial Classification

It is a 4-digit system created by the USA in 1937 to keep track of economic activities in different industries.

The USA, Canada, and Mexico, the stakeholders of North American Trade, renewed this system for themselves in 1997 and replaced it with the 6-digit NAICS (North American Industry Classification System) due to its limits.

SIC Code structure;

• It has a hierarchical structure

• The first 2 digits indicate the 10 main sectors. Digits 3 and 4 indicate subgroups

- For example; 3672 (Ref: https://en.wikipedia.org/wiki/Standard_Industrial_Classification)

36 => Electronic and Other Equipment

7 => Electronic, Component, and Accessories

2 => Printed Circuit Boards

Usage areas;

1. Banks; To determine the sectors of the companies to which they will lend and the regulations and risks in these sectors.

2. Companies; To determine tax regulations

3. Marketing teams; To identify the commercial target audience

4. Companies;

5. To identify competitors operating in the same field

6. To check tax regulations on a sectoral basis

7. State; To determine the regulations on a sectoral basis

SIC Code Search Screen: https://www.osha.gov/pls/imis/sicsearch.html

SIC Code List: https://www.osha.gov/pls/imis/sic_manual.html

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References

• Investopedia

• Wikipedia

• Library of Congress

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