The County of Newell Economic Development department has adopted the North American Industry Classification System or NAICS as its primary tool for development and analysis. NAICS was created for the North American Free Trade Agreement and is designed to provide common definitions of the industrial structure of the three countries and a common statistical framework to facilitate analysis.
NAICS is a comprehensive system encompassing all economic activities. It has a hierarchical structure. At the highest level, it divides the economy into 20 sectors. At lower levels, it further distinguishes the different economic activities in which businesses are engaged. NAICS is designed for the compilation of production statistics and, therefore, for the classification of data relating to business establishments.
NAICS Canada has been designed for statistical purposes. Government departments and agencies and other users that use it for administrative, legislative and other non-statistical purposes are responsible for interpreting the classification for the purpose or purposes for which they use it. Finally, the Classification Structure displays the codes and titles of the sectors, subsectors, industry groups, industry, and national industries of NAICS Canada.
This comprehensive system has become the standard for the development in the Economic Development department and will continue to be for the foreseeable future.