Federal Government Updates Small Business Size Standards for 2017

Federal Government Updates Small Business Size Standards for 2017


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The U.S. Small Business Administration is adopting a new set of size standards for small businesses in several industries.

The changes are part of the U.S. Office of Management and Budget’s latest North American Industry Classification System (NAICS) updates for 2017.

The size standards are important because they define which companies officially are and aren’t small businesses. And that determines whether those companies qualify for federal programs that assist small businesses, such as contracting initiatives.

As part of this year’s updates, the size standards will increase for six industries:

  • Three in Sector 31-33 (Manufacturing)
  • Two in Sector 44-45 (Retail Trade) and part of another
  • One in Sector 21 (Mining, Quarrying and Oil and Gas Extraction)

Size standards will decrease for two industries:

  • One in Sector 21 (Mining, Quarrying and Oil and Gas Extraction)
  • One in Sector 51 (Information)

Additionally, one industry in Sector 51 (Information) will see its size standard change from average annual revenues to number of employees.

As part of the update, 21 new industry categories are being created. Officials did so by combining, dividing or reclassifying 29 industries.

More information about the changes is available at this website.

Categories: News Updates

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