The Enterprise and Economic Development Glossary a resource of the .network library

industry classification:

... a category of enterprising entities that exists within any one of the four sectors of an economy. Classification systems may be referred to as either business or industry. In the latter case, they may be referred to as industrial classification systems. Systems typically concern themselves with enterprises that provide goods and services within a supply chain.

Examples of classifications of business and industry operations can be found in the SIC system introduced in the U.S. in the 1930s. SIC stands for Standard Industrial Classification. Individual descriptions were assigned numbers and referred to as SIC codes.

Pointing out above the example does not imply that SIC codes were universally standard throughout various classification systems. In fact, the SEC system evolved and was later replaced by the North American Industry Classification System (NAICS).

Recognition of industrial development by some as a jobs creation effort led, in part, to a desire for systems to include all types of for-profits and non-profits as well as governmental and public-private partnership operations. Industrial development as a practice was later renamed economic development so as to be all inclusive. See About Industrial Development.

Additional examples of classification systems are the SITC (Standard International Trade Classification) and Global Industry Classification Standard developed by MSCI and Standard & Poor's. The .network resource center has a list of various business and industry classification systems and information about them with links. CLICK HERE for the list.

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