CVSuite recently synced our data with Lightcast’s data version 2024.1. Along with the standard data update, we also updated the North American Industry Classification System (NAICS) from the 2017 definition to 2022. Read on to learn how this affects your use of CVSuite.
Changes to NAICS Codes
Every five years the Census Bureau reviews, updates, and adjusts industry code definitions to ensure the codes remain relevant and accurately represent the modern economy.
With the new 2022 definitions, CVSuite now offers 96 NAICs codes. Some codes have been removed, merged, or added to our list of codes. See the visual representation below.
View a text-friendly table here detailing the added, changed, or removed code
Changes to Code Groupings
The changes to the NAICS codes impact the saved code groups in Data Settings. We have automatically updated existing code groups by replacing and removing no longer supported codes. All code groups affected will be highlighted in orange and new codes will be labeled “New.” The table below outlines the automatic changes:
We recommend that you review all your code groups. If you have questions regarding your previous code groups, contact the CVSuite team.
Analyzing Data Prior to 2021
With the new 2022 NAICS definitions, we are unable to provide historical industry sales data prior to 2021. You will still be able to access the historical data for Industry Earnings. The following codes will not be available for years 2020 and prior:
- 458310 Jewelry Retailers
- 459130 Sewing, Needlework, and Piece Goods Retailers
- 459140 Musical Instrument and Supplies Retailers
- 459210 Book Retailers and News Dealers*
- 459310 Florists
- 459510 Used Merchandise Retailers
- 459920 Art Dealers
- 519290 Web Search Portals and All Other Information Services
- 445240 Meat Retailers
- 445250 Fish and Seafood Retailer
- 449210 Electronics and Appliance Retailers
For any data that is not available, you will see an alert that notes the data is not available for that data year.
Creative Vitality ™ Index (CVI) Methodology
We modified the CVI methodology to use the 2022 NAICS industry definitions. This methodology update was made for the 2021 and 2022 data years only. Any CVI values for 2011-2020 data years will use our older methodology.
Since the CVI includes a 5-year trend, you will see CVI values that use both the older and newer methodologies. Learn more about our methodology calculations here.If you have any questions or concerns related to the 2024.1 data update and/or NAICS definitions, contact the CVSuite team.
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