Conducting Industry Analysis Using NAICS codes

Step 1: Identify the NAICS Code 1. Determine the NAICS Code: Start by identifying the specific NAICS code for the industry you're interested in. NAICS codes are hierarchical and can be very specific. The NAICS website (naics.com) or the Census Bureau's search tool can help you find the right code. Step 2: Gather Historical Data 1. U.S. Census Bureau: • Annual and Quarterly Reports: Use the Census Bureau's "Annual Survey of Manufactures" or "Quarterly Financial Report" for financial and operational data. • Access: Visit census.gov and navigate to the specific surveys or search for data related to the identified NAICS code. 2. Bureau of Economic Analysis: • GDP by Industry: Access GDP data by industry to get insights into historical economic performance. • Access: Go to bea.gov and explore the "Industry" section for GDP data broken down by NAICS codes. Step 3: Analyze Current and Projected Trends 1. Bureau of Labor Statistics: • Employment Projections: Visit the BLS site to access employment projections that can provide insights into expected industry growth or decline. • Industry at a Glance: BLS also offers an "Industry at a Glance" page for each NAICS-coded industry, detailing current trends, employment data, and economic performance. • Access: Navigate to bls.gov, find the section on "Industries at a Glance" or search for employment projections by NAICS code. 2. IBISWorld and Other Commercial Databases: • Industry Reports: While not free, commercial databases like IBISWorld provide in-depth industry reports including historical data, growth projections, and analysis based on NAICS codes. • Access: Subscription required; visit the IBISWorld website or access through academic or business libraries. Step 4: Combine and Analyze Data • Data Analysis: Use the gathered data to perform your analysis. Look for trends in growth rates, revenue changes, and other economic indicators. • Software Tools: Utilize tools like Excel or more advanced statistical software to analyze trends and make projections. Step 5: Keep Updated • Regular Updates: Economic data can change frequently. Keep track of releases from these agencies and updates to databases like IBISWorld to stay informed about the latest trends in your industry of interest. Additional Considerations 1. Competitive Analysis: • Access data on major players in the industry: Look for market share, financial statements, and strategic information. This might involve accessing data through company websites, SEC filings (if dealing with public companies), or business news portals. 2. Market Trends and External Factors: • Consider economic indicators, technological changes, and consumer trends: These factors can significantly influence industry performance. Data sources might include economic reports, industry conferences, scholarly articles, and market research firms. 3. Regulatory Environment: • Understand the impact of government policies and regulations: Regulations can affect industry operations and profitability. Information can often be found on government websites, legal databases, or industry association publications. 4. International Perspective: • If applicable, consider global market conditions and international competitors: This involves looking at trade data, international market reports, and global economic indicators which can be accessed through trade organizations and international economic agencies like the World Trade Organization (WTO) or the International Monetary Fund (IMF). Additional Data Sources • Trade Associations and Industry Publications: These often provide specialized reports, forecasts, and analysis specific to an industry. • Academic Journals and Market Research Reports: For deeper insights and research-based analysis, these sources can be very informative. • Financial News and Media: Keeping up with industry news through financial newspapers, magazines, and websites can provide timely insights into industry dynamics and challenges.

the 6 Digit NAICS Codes allow for very specific targeting, especially for building lists. For industry info, you can try searching with the first 2 or 3 numbers and add more to reveal different results and details. The level of available info will also vary depending on your chosen industry. The construction industry will no doubt result in much more data than like Scientific Research.