NAICS is scheduled to be reviewed every 5 years for potential revisions, so that the classification system can keep pace with the changing economy. This is the only time that new NAICS codes can be considered.
The Office of Management and Budget (OMB), through its Economic Classification Policy Committee (ECPC), will solicit public comments regarding changes to NAICS through a notice published in the Federal Register.
The notice will provide details of the format in which comments should be submitted, how and to whom they should be submitted, and the deadline for submission.
Generally, the comment period will close 90 days after publication of the notice. During that time, suggestions for new and emerging industries can be submitted to the ECPC.
This committee will review each comment submitted to determine its feasibility and adherence to the underlying principles of NAICS, consult with the NAICS counterparts in Canada and Mexico to determine if they can accept the proposed changes that would impact 3-country comparability, and then make final recommendations to OMB for additions and changes to the NAICS Manual.
This process is now completed for the 2017 revision to NAICS. The next scheduled review of NAICS will be for a potential 2022 revision. It is expected that the OMB will publish a Federal Register notice soliciting comments for that revision in late 2021 or early 2022.