Top 10 Industry NAICS codes in 2019
If you’re a small business owner and you’re wondering why you don’t see federal opportunities for your company, maybe we can help.
Opportunities, oftentimes, don’t come to you, it’s you who finds them. When searching for opportunities, you need to use specific criteria to filter your search, this is where the NAICS codes come in.
Do you know yours? Many businesses use NAICS codes to find upstream suppliers and downstream markets. Government agencies even post-contract bids and offer tax incentives within a given NAICS code.
Before you go out there and start finding business opportunities, get to know first the federal market and the industries that have been successful in winning contracts. If they can do it, you can too!
With this in mind, here’s the Top 10 Industry NAICS codes that prospered in 2019.
This industry code is on top of the list with a cumulative government spending of almost $50 billion in 2019. This comprises establishments involving aircraft manufacturing.
They are those who manufacture or assemble complete aircraft. They also develop aircraft prototypes and do aircraft conversions, such as major modifications to systems and complete aircraft overhaul and rebuilding.
Coming in at second place, establishments in this industry provide engineering services. They apply physical laws and principles of engineering in the design, development, and utilization of their machines and systems.
Businesses under this code may offer the provision of advice, preparation of feasibility studies, and preparation of preliminary and final plans and designs.
Services offered by this industry are often overlooked but are necessary for us to function. They are the establishments that offer facilities support services. These businesses provide operating staff to carry out a combination of support activities; but are not involved with or responsible for the core business or activities of the client.
The mentioned combination of services include janitorial, maintenance, trash disposal, guard and security, mail routing, reception, laundry, and related services to support operations within facilities.
This code is for businesses offering computer system design services engaged in planning and designing computer systems that integrate computer hardware, software, and communication technologies. In 2019, this industry is worth about $24 billion in the federal market.
At the top five, we have the ship building and repairing industry. They are the people who operate a shipyard, which are fixed facilities with drydocks and fabrication equipment for building ships.
Activities of shipyards include the construction of ships, their repair, conversion, and alteration, the production of prefabricated ship and barge sections, and specialized services, such as ship scaling.
Under this code are people responsible for the construction of commercial and institutional buildings and related structures, such as stadiums, grain elevators, and indoor swimming facilities.
General contractors, commercial and institutional building for-sale builders, commercial and institutional building design-build firms, and commercial and institutional building project construction management firms are included in this industry.
This is for establishments that involve research and experimental development (except nanotechnology and biotechnology research and experimental development) in physical, engineering, and life sciences.
Businesses under this code conduct research and experimental developments in the field of science and mathematics, all essential for economic growth, which is probably why the government invested around $20 billion in this industry.
Similar to NAICS code 541715, this code is also for establishments in the research and development in the physical, engineering, and life sciences engineering and life sciences (except Biotechnology) industry. This code covers a wide spectrum of fields, from biology to chemistry to veterinary.
Note: The NAICS Code 541712, however, is no longer valid. The NAICS Code that should be used instead is 541715. Unless the requirement is dealing with nanotechnology, in that case, code 541713 should be used.
This code is for the guided missile and space industry, which manufactures complete guided missiles and space vehicles and/or develops and makes prototypes of guided missiles or space vehicles.
Although it is second to the last, the government spending on this industry is worth about $19 billion, which is still a huge amount.
Last but not the least, with a cumulative government spending of almost $17 billion, we have the industry that provides other computer related services.
The services offered are all computer related services except those that were provided for by NAICS code 541512 (computer systems designs services).
The ranking from this article was taken from usaspending.gov, wherein Industry NAICS codes in 2019 were ranked from highest to lowest, according to the cumulative amount obligated by the government to each respective industry.
To learn more about all things NAICS, you can check out the website here.