WASHINGTON, Sept. 27, 2017 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration issued a final rule adopting the U.S. Office of Management and Budget's (OMB) North American Industry Classification System (NAICS) revision for 2017 (NAICS 2017) for its table of small business size standards. The final rule is published in the Federal Register at: https://www.gpo.gov/fdsys/pkg/FR-2017-09-27/pdf/2017-20705.pdf
NAICS 2017 created 21 new industries by reclassifying, combining, or splitting 29 existing industries under NAICS in 2012 (NAICS 2012). On April 18, 2017, SBA issued a proposed rule seeking comments on its proposed size standards for the 21 new industries. The agency received three comments which were outside of the scope of the proposed rule. Accordingly, SBA is adopting, without any change, the proposed size standards for the new industries.
The change results in an increase to size standards for six NAICS 2012 industries: (one in Sector 21, Mining, Quarrying, and Oil and Gas extraction; three in Sector 31-33, Manufacturing; and two in Sector 44-45, Retail Trade) and part of one industry in Sector 44-45, a decrease to size standards for two (one in Sector 21 and one in Sector 51, Information), a change in the size standard measure from average annual revenues to number of employees for one in Sector 51, and no change in size standards for twenty industries and part of one industry.
OMB published its fourth and latest revision, NAICS 2017, "Notice of NAICS 2017 final decisions" on August 8, 2016, stating that federal statistical establishment data published for reference years beginning on or after January 1, 2017, should be published using NAICS 2017. As with the previous NAICS revisions, SBA is adopting the NAICS 2017 revision October 1, 2017, beginning of fiscal year 2018 following the OMB's release of the NAICS revision.
Complete information on the relationship between NAICS 2012 and NAICS 2017 is available on the U.S. Bureau of the Census (Census Bureau) website at: http://www.census.gov/eos/www/naics/.
The website also provides detailed documentation on federal notices involving the replacement of SIC with NAICS, and all subsequent NAICS updates and revisions, including the August 8, 2016 "Notice of NAICS 2017 final decisions," as well as concordances (i.e., correspondence tables) between SIC and NAICS 1997 and NAICS 2002, and between subsequent NAICS revisions.
For more information on SBA's reviews of and revisions to its small business size standards, click on "What's New with Size Standards" on SBA's website at http://www.sba.gov/size.
Release Number: 17-59
SOURCE U.S. Small Business Administration