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MoreFederal agencies are now using the North American Industry Classification System and the size standards attached to these codes.
Federal agencies are now using the North American Industry Classification System (NAICS) and the size standards attached to these codes by the Small Business Administration to determine whether you qualify as a small business. The system, effective Oct.1, 2000, replaces the previously used Standard Industrial Classification (SIC) codes.
Federal agencies are now using the North American Industry Classification System (NAICS) and the size standards attached to these codes by the Small Business Administration to determine whether you qualify as a small business. The system, effective Oct.1, 2000, replaces the previously used Standard Industrial Classification (SIC) codes.
The change's impact on the industry includes new small business opportunities. Construction management companies, all previously classified under SIC 8741, have been split into several different NAICS and will qualify as a small business if annual receipts are under $27.5 million, up from the previous $11.5 million.
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