[Federal Register Volume 71, Number 94 (Tuesday, May 16, 2006)]
[Notices]
[Pages 28532-28533]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-7414]
[[Page 28531]]
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Part V
Office of Management and Budget
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North American Industry Classification System--Revision for 2007;
Notice
Federal Register / Vol. 71, No. 94 / Tuesday, March 16, 2006 /
Notices
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OFFICE OF MANAGEMENT AND BUDGET
North American Industry Classification System--Revision for 2007
AGENCY: Executive Office of the President, Office of Management and
Budget.
ACTION: Notice of final decisions.
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SUMMARY: Under 44 U.S.C. 3504(e), the Office of Management and Budget
(OMB) is announcing its final decisions for adoption of the North
American Industry Classification System (NAICS) revisions for 2007 as
recommended by the Economic Classification Policy Committee (ECPC) in
OMB's notice for solicitation of comments published in Part IV of the
March 11, 2005, Federal Register (70 FR 12390-12399). In addition,
responding to comments received on the ECPC recommendations, OMB is
adopting a classification change for Real Estate Investment Trusts
(REITs) that was not part of the ECPC's recommendations. After
additional consultation with the National Association of Real Estate
Investment Trusts, the agencies participating in the ECPC, and other
interested agencies, NAICS 525390, Real Estate Investment Trusts, will
be deleted from the classification and portions will be reclassified as
follows: (1) Equity REITs will be classified in the Real Estate
Subsector in NAICS Industry Group 5311, Lessors of Real Estate, under
individual national industries based on the content of the portfolio of
real estate operated by a particular REIT; and (2) Mortgage REITs will
remain classified in the Finance Sector but will be moved from NAICS
525930 to NAICS 525990, Other Financial Vehicles. More details of this
decision are presented in the SUPPLEMENTARY INFORMATION section below.
In addition to this change, the title of NAICS industry 561422,
``Telemarketing Bureaus'', is changed to ``Telemarketing Bureaus and
Other Contact Centers'' to more accurately reflect the content of the
industry. There is no content change; the title is simply revised to
reflect the actual activities undertaken and the various technologies
used.
In the March 11, 2005, notice, OMB's Economic Classification Policy
Committee recommended a revision of the industry classification system
to modify the structure and detail for telecommunications industries
based on changes that have occurred and are anticipated to occur in the
future. The ECPC also recommended the creation of a new national
industry for biotechnology research and development to reflect the
growing importance of this activity in the economy. Additional changes
were recommended to more adequately align the activities of producers
in agriculture; manufacturing; and professional, technical, and
scientific services.
DATES: Effective Date: Federal statistical establishment data published
for reference years beginning on or after January 1, 2007, should be
published using the 2007 NAICS United States Codes. Publication of a
2007 NAICS United States Manual or supplement is planned for January
2007.
ADDRESSES: You should send correspondence about the adoption and
implementation of the 2007 NAICS as shown in the March 11, 2005,
Federal Register notice, and modified by Attachments 1 and 2 of this
notice, to: Katherine K. Wallman, Chief Statistician, Office of
Management and Budget, 10201 New Executive Office Building, Washington,
DC 20503, telephone number: (202) 395-3093, fax number: (202) 395-7245.
All comments submitted in response to this notice will be made
available to the public, including by posting them on OMB's Web site.
For this reason, please do not include in your comments information of
a confidential nature, such as sensitive personal information or
proprietary information. You may send comments via e-mail to
[email protected] with subject NAICS07. Because of delays in the
receipt of regular mail related to security screening, respondents are
encouraged to use electronic communications.
You should address inquiries about the content of industries or
requests for electronic copies of the 2007 NAICS tables to: John
Murphy, Assistant Division Chief for Classification Activities, Service
Sector Statistics Division, Bureau of the Census, Room 2641-3,
Washington, DC 20233, telephone number: (301) 763-5172, fax number:
(301) 457-1343, or by e-mail: [email protected].
Electronic Availability and Comments
This document and the March 11, 2005, Federal Register notice are
available on the Internet from the Census Bureau's Web site via WWW
browser at http://www.census.gov/naics. This WWW page also contains
previous NAICS Federal Register notices and related documents.
FOR FURTHER INFORMATION CONTACT: Paul Bugg, 10201 New Executive Office
Building, Washington, DC 20503, e-mail address: [email protected] with
subject NAICS07, telephone number: (202) 395-3095, fax number: (202)
395-7245. Because of delays in the receipt of regular mail related to
security screening, respondents are encouraged to use electronic
communications.
SUPPLEMENTARY INFORMATION: The March 11, 2005, Federal Register notice
(1) summarized the background for the proposed revisions to NAICS 2007
in Part I; (2) contained a summary of public comments in Part II; (3)
detailed the structure changes agreed upon by the three countries in
Part III; and (4) provided a comprehensive listing of changes for
national industries and their links to NAICS 2002 industries in Part
IV.
In response to the ECPC recommendations in the March 11, 2005,
Federal Register, the National Association of Real Estate Investment
Trusts (NAREIT) submitted comments to OMB requesting reconsideration of
the ECPC recommendation regarding the classification of REITs. In
response, the ECPC met on several occasions with other interested
agencies, including representatives from the Department of the
Treasury's Office of Tax Analysis, the Federal Reserve Board, and the
Statistics of Income Division at the Internal Revenue Service to
discuss the possible change in classification for REITs. OMB and the
Bureau of Economic Analysis also met with representatives from NAREIT
to discuss their request. Taking all of the information into account,
OMB decided to change the classification of REITs.
OMB's final decisions regarding revision of NAICS for 2007 are to
adopt the proposal contained in the March 11, 2005, Federal Register,
with the one change to the classification of REITs. Attachments 1 and 2
show the corrected lines for Tables 1 and 2 in the March 11, 2005,
Federal Register notice based on this change. In addition to this
change, the title of NAICS industry 561422, ``Telemarketing Bureaus,''
is changed to ``Telemarketing Bureaus and Other Contact Centers'' to
more accurately reflect the content of the industry. There is no
content change; the title is simply revised to reflect the actual
activities undertaken and the various technologies used.
After taking into consideration other comments submitted in direct
response to the March 11, 2005, Federal Register notice, as well as
benefits and costs, and after consultation with the Economic
Classification Policy Committee, Mexico's Instituto Nacional de
Estadistica, Geografia e Informatica (INEGI) and Statistics Canada, OMB
made no other changes to the scope and
[[Page 28533]]
substance of the ECPC's recommendations outlined in the March 11, 2005,
Federal Register notice. The other comments that were received
supported proposed changes, suggested changes that would be
incompatible with the production-based foundation of NAICS, or
suggested changes that would be incompatible with proposals that were
accepted.
NAICS was jointly developed by Canada, Mexico, and the United
States. For the 2007 revision the three countries focused on updating
telecommunications, while recognizing significant new activities such
as biotechnology research and development, and minor content changes to
more adequately reflect the production function orientation of NAICS.
Table 1.--NAICS United States 2007 Matched to NAICS United States 2002
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2002
2007 NAICS code 2007 NAICS and U.S. Status code NAICS 2002 NAICS description
description code
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531110................. Lessors of Residential R.................. 531110 Lessors of Residential
Buildings and Dwellings. Buildings and Dwellings.
*525930 Real Estate Investment
Trusts--hybrid or equity
REITs primarily leasing
residential Buildings and
Dwellings.
531120................. Lessors of Nonresidential R.................. 531120 Lessors of Nonresidential
Buildings (except Buildings (except
Miniwarehouses). Miniwarehouses) .
*525930 Real Estate Investment
Trusts--hybrid or equity
REITs primarily leasing
nonresidential buildings.
531130................. Lessors of Miniwarehouses R.................. 531130 Lessors of Miniwarehouses
and Self-Storage Units. and Self-Storage Units .
*525930 Real Estate Investment
Trusts--hybrid or equity
REITs primarily leasing
miniwarehouses and self-
storage units.
531190................. Lessors of Other Real R.................. 531190 Lessors of Other Real
Estate Property. Estate Property .
*525930 Real Estate Investment
Trusts--hybrid or equity
REITs primarily leasing
other real estate
property.
525990................. Other Financial Vehicles... R.................. 525990 Other Financial Vehicles.
*525930 Real Estate Investment
Trusts--hybrid or
mortgage REITs primarily
underwriting or investing
in mortgages.
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*--Part of 2002 industry, R--NAICS 2002 industry code reused with different content, N--new NAICS industry for
2007, E--existing industry with no changes.
Table 2.--NAICS United States 2002 Matched to NAICS United States 2007
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2007
2002 NAICS code 2002 NAICS and U.S Status code NAICS 2007 NAICS description
description code
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525930................. Real Estate Investment
Trusts.
Hybrid or equity REITs pt................. 531110 Lessors of Residential
primarily leasing Buildings and Dwellings.
residential buildings and
dwellings.
Hybrid or equity REITS pt................. 531120 Lessors of Nonresidential
primarily leasing Buildings (except
nonresidential buildings. Miniwarehouses).
Hybrid or equity REITs pt................. 531130 Lessors of Miniwarehouses
primarily leasing and Self-Storage Units.
miniwarehouses or self-
storage units.
Hybrid or equity REITS pt................. 531190 Lessors of Other Real
primarily leasing other Estate Property .
real estate property.
Hybrid or mortgage REITs pt................. 525990 Other Financial Vehicles.
primarily underwriting or
investing in mortgages.
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pt.--Part of NAICS United States 2007 industry.
Donald R. Arbuckle,
Acting Administrator and Deputy Administrator, Office of Information
and Regulatory Affairs.
[FR Doc. E6-7414 Filed 5-15-06; 8:45 am]
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