Research firm IBISWorld is revealing ten declining U.S. industries, saying their deaths are irreversible. And for some it will be a painfully slow death, lasting until 2016.
The three main reasons: new technology, foreign competition (including shipping off jobs overseas) and industry stagnation (why build new factories when your shipping the jobs off overseas?).
As an example; the number three ranked dying industry is manufactured homes. According to the report, in the last ten years more than 50% of manufactured homes dealers have gone out of business. And those that are still open have seen revenue (not to be confused with profit) fall by 77%.
Here’s the list; 1: Apparel Manufacturing 2: Record Stores 3: Mobile Home dealers 4: Photo finishing (remember the old film cameras) 5: Wired Telecommunications (Landlines) 6: Mills 7: Newspapers 8: DVD, Game & Video rentals 9: Formal Wear/Costume rentals 10: Video Post Production