Industry Definitions Matter

2007 sounds like a long way off, but it's not. That is when the NAICS (North American Industrial Classification System) will do another major update to its classifications.

Two sets of issues should interest economic developers in the 2007 NAICS update. The first is how new and emerging industry classifications will be handled, which will impact a host of areas including the life sciences. Secondly, this may be the timing for synchronization of the NAICS system with industry classification systems used by the United Nations and those used in Europe. The latter development will improve our ability to conduct better research on global industries and various other important issues.

You may want to visit the NAICS 2007 website and review some of the plans being considered. Website link.