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NAICS code

Also called industry code.

A NAICS code is the North American Industry Classification System identifier for an industry, six digits at its most detailed level, and in EB-5 it fixes which input-output multipliers a job study applies to a project's spending and revenue.

What it decides

Form I-956F puts the classification on the record with the project's first filing. Part 5, Item 10 requires the NAICS code or codes that most closely relate to the primary nature of the project described in Item 9. Item 11 then asks, if available, for a table of NAICS codes, industry names and claimed jobs to be created in each industry, so the jobs breakdown by code is requested rather than compelled. NAICS is not an immigration standard. It is issued by the Office of Management and Budget through Statistical Policy Directive No. 8, with revisions recommended by the Economic Classification Policy Committee, made up of representatives of the Bureau of Economic Analysis, the Bureau of Labor Statistics, the Census Bureau and other agencies, and it is reviewed every five years. The United States 2022 edition contains 1,012 national industries at the six-digit level, above 689 five-digit industries, 308 industry groups, 96 subsectors and 20 sectors. OMB sought comment on a proposed 2027 revision on 13 July 2026, which would take effect for establishment data covering periods on or after 1 January 2027. The code carries weight because multipliers differ sharply between industries, so a flattering code lifts the job total without one line of the budget changing, and the statute requires the economic analysis filed with Form I-956F to be credible and based on economically and statistically valid and transparent methodologies. NAICS appears nowhere in 8 CFR 204.6 and nowhere in the Form I-956 instructions; the obligation sits on Form I-956F itself.

Governed by 8 U.S.C. 1153(b)(5)(F)(i)(II) (credible economic analysis based upon economically and statistically valid and transparent methodologies); Form I-956F, edition 04/01/24, Part 5, Items 10 and 11 (https://www.uscis.gov/sites/default/files/document/forms/i-956f.pdf), and its instructions, edition 04/01/24 (https://www.uscis.gov/sites/default/files/document/forms/i-956finstr.pdf); OMB, Statistical Policy Directive No. 8: North American Industry Classification System (NAICS), Request for Comments on Proposed Updates for 2027, 91 FR 42976 (13 July 2026) (https://www.federalregister.gov/documents/2026/07/13/2026-14086/statistical-policy-directive-no-8-north-american-industry-classification-system-naics-request-for)

Where this is explained properly

Pages here that go into naics code rather than mentioning it.

Related terms

  • MultiplierA multiplier is the ratio an input-output model applies to an initial change in a project's spending, earnings or jobs to estimate the total change in output, value added, earnings or jobs in a chosen industry and region.
  • Economic impact reportAn economic impact report is the economist's analysis that turns a project's spending, revenues or direct hiring into an estimated job total, and the project application a regional center files for each investment offering must include one. The statute and USCIS call it a credible economic analysis.
  • Input-output modelAn input-output model is an accounting framework of interindustry purchases that estimates how spending on a project spreads into output and jobs across a regional economy. In EB-5 it is the standard way a regional center investor shows job creation, and it produces estimated jobs rather than a verified headcount.

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