10 Dying U.S. Industries: IBISWorld

The recession has caused the failure of some formidable companies, Lehman Brothers and Circuit City among them. Not only individual businesses have suffered, however. The economic woes of the last decade have preyed upon entire industries.

In a new report entitled "Dying Industries," by Toon Von Beeck, research firm IBISWorld identifies 10 U.S. industries that have experienced severe, possibly irreversible drop-offs over the past decade, today remaining stuck in the decline phase of their business cycle.

All mentioned industries -- having already experienced significant decreases in revenue over the last decade -- can be expected to experience further declines through 2016. The reasons for the suffering vary by industry, but IBISWorld attributes a significant amount of industry strife to three primary factors: new technology, foreign competition and industry stagnation.

With the country still reeling from a housing crisis, manufactured home dealers may be in the most trouble, the report finds. Over 50 percent of manufactured home dealers closed their doors over the past decade, and revenue numbers for those still open are terrible: down 73.7 percent with a further 62 percent decline expected by 2016.

And while the decline of some high-profile industries, like the newspaper and record businesses, have been well-documented for years, who knew that rental formal wear could soon be passé? The apparel industry has suffered tremendously from foreign competition, with revenues down 77.1 percent since 2000. Photofinishers have largely been supplanted by digital camera as well. But maybe some can take solace in the fact that there likely won't be a sequel forthcoming to 2002's One Hour Photo.

The slideshow below uses data compiled in the report "10 Dying Industries" by IBISWorld. Ranking is based on percentage decrease in revenue from 2000 to 2010:

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Comments

[madhattrick]

11:05 PM on 04/23/2011

Pretty soon the US becomes a desolate landscape. Increasingly fewer ways to earn a sustainable living. No protection for the job base. An increasingly dismal outlook.

[Coinspinner]

02:36 PM on 04/12/2011

Newspapers, good riddance.

After they failed to report when on 19 August 1974 Government-funded researchers reported they had cured cancer in lab rats with cannabis the newspapers kinda showed their stripes.

Get gone, newspapers.

[Whinerbozo]

12:37 PM on 04/11/2011

"American manufacturing has suffered..." "...primary factors: new technology, foreign competition and industry stagnation". The 'core' reason is: The shift in the US from a competitive, manufacturing oriented society to a entitlement, service oriented society! No mystery!

[justfacefacts]

04:53 PM on 04/06/2011

Congress rewarded and continues to give tax credits to corporations who greedily move manufacturing operations offshore. Paying corporations to take these jobs out of the country may make sense to those friends of politicians, however, when those same goods are returned to this country, a hefty import fee should be assessed.

There should be zero benefits to taking jobs out of the country. Americans who work with their hands in manufacturing are the backbone of the nation those people who know how to build things and make things. Recall how we got our rear ends handed to us during WWII when we could not manufacture war goods. We promised we would never again allow that to happen.

Well?

[Ojodelgato]

10:33 AM on 04/12/2011

I've worked in manufacturing my entire career and I'm proud of it. A certain amount of off-shoring makes sense - if shipping is prohibitive it lets you make something where you want to sell it. But wholesale off-shoring is killing this country and our ability to actually make something of value.

I watched for years as our culture adopted the glorification of banking, stock trading, and real estate sales. In the last few years can you see shows like 'Dirty Jobs' where they try to give some dignity to people who physically turn out a product at the end of the day - and get dirty doing it.

Maybe if we give some respect to men and women who work with their hands and backs, we might see a turn around. Maybe.

[Steven Sutcliffe]

03:12 PM on 04/06/2011

American manufacturing has suffered over the last decade, mostly due to competition from abroad???

I would suggest it is mostly due to the Congress HR1 Visa program in the 1990's, to import cheap foreign labor. After they drained the knowledge base with this pool they shipped the jobs overseas. Press one for English.

STOP BUYING FOREIGN. BUY AND ONLY WORK WITH ONLY AMERICAN SERVICES, PRODUCERS AND PRODUCTS.

[Chronicle]

10:57 AM on 04/06/2011

One of the biggest dying industries in the world wasn't mentioned - "postal services." With everyone using cheap cellphones, fax services, and online services to pay bills and make other contacts, postal communication is dying a slow (but sure) death.

[wigglwagons]

10:39 AM on 04/06/2011

"manufactur­ed home dealers may be in the most trouble, the report finds. Over 50 percent of manufactur­ed home dealers closed their doors over the past decade, and revenue numbers for those still open are terrible: down 73.7 percent ."

Wow!!! Big surprise!! How about that! What is most amazing to me is how far out of touch economists can get. They don't have a clue. Maybe it is more that economics is so simple that if economists do not cloud the issue, there is no real need for them.

Industry stagnation­??? What is that supposed to mean?? Does that mean that business is just standing still and the economists cannot tell us why?

American business is getting exactly what they wanted. They wanted to increase their profits by paying their workers less money. In order to do that, they destroyed 'protectio­nism' so they could move their factories to other countries and still use the American consumer market to sell their products and generate huge profits. For the jobs that have to be done on site, here in America, they hire illegal aliens so they do not even have to abide by US labor laws. The threat of being replaced by illegal or even by visa program workers drives wages down for all Americans. They have effectivel­y destroyed the solvency on the lower end of the spectrum of America's working people.

Consequent­ly, why is it news that industries dependent upon low income customers can no longer find enough customers?

[Peter Eggert]

09:49 AM on 04/06/2011

Oh how I wish lawyers were on this list.

[George Global]

09:43 AM on 04/06/2011

Outside of apparel and mills, the majority are being outdated through technology.
Our manufacturing industries can be saved if we have the commitment to them.

Selective protectionism, tariffs and public demand that US companies buy American first could make a large contribution to our economy.
After that, we have to buy American goods at the market place.

We must recognize this and have the courage to follow through.
Don't listen to the GOtP's myth machine that says we can all be computer programers.
We have to make stuff to create wealth...it's what the emerging countries know and we seem to have forgotten...

[Knowledgeseeker]

08:17 AM on 04/06/2011

not suprising about Postproduction Services dying... this is actually a fun and exciting job

[Lebek Johnson]

07:26 AM on 04/06/2011

There appear to be only two real industries on the list: mills and apparel manufacturing. The others are all basically retail operations. The loss of US manufacturing is the real problem. The others are superfluous.

[George Global]

09:44 AM on 04/06/2011

Fan #1, dude...you are correct.

[Philip Shade]

06:36 PM on 04/05/2011

I thought Lehman Brothers (among others) caused the recession. I didn't realize they were innocent victims.

[CanadjunBeef]

03:03 AM on 04/10/2011

The investment banking industry essentially self-destructed through recklessness. Now the gambling sector has been absorbed by the banks. That can only end well, right?

[mdlawyer2]

10:06 AM on 04/05/2011

Are we supposed to shed a tear for buggy whip manufacturers, blacksmiths, television repairmen, vcr manufacturers, computer card producers, gas lamp makers, etc., etc., etc.? Technological advances shouldn't be bemoaned, but should be celebrated. Fifty years ago there weren't ATMs, cardiac bypass, color TVs (at least any that were reliable), microwave ovens, MP3s (there wasn't even cassettes or 8-trac), no manned space flight, no accessible air travel, no cellphones, etc., etc. etc. Time marchs on, and change is inevitable. Don't fear change, embrace it.

[Ken Reese]

10:27 PM on 04/05/2011

50 years ago we had a middle class, world class health care and the best education system in the world.

[labamba84]

09:59 AM on 04/06/2011

You had a white class that keep raping other countries to maintain their way of life. That great health care kill most people in the world because it use humans in Guatemala and El Salvador as Ginnie pigs and only benefit the white European decedents. That great education you talk about was almost exclusive for people for white America. I'm not afraid of this economy like you are because I believe in my talent and I know I can compete with all the world.

[Lebek Johnson]

07:32 AM on 04/06/2011

I guess you don't realize that none of the wonder products that you mention are manufactured here. We are a nation of consumers who gladly export our "gold" to foreign countries instead of keeping it in the US by employing Americans and keeping our manufacturing base viable. The dismal state of the US economy is partially a result of failed economic policies that encourage US businesses to ship manufacturing overseas.

[mdlawyer2]

02:05 PM on 04/08/2011

The point wasn't where items are manufactured, the point was technology advances and certain products or services become obsolete. Are you suggesting that we keep producing masts for sailing ships, horse drawn carriages, iceboxes, gaslamps and sock garters? The advancement of technology will cause old industries to whither and die, but will be the source of establishing new higher tech businesses. Though this process we also know that ExxonMobil will also become a dinasaur, as new (hopefully greener) fuel sources are developed. That day can't come soon enough.

[Yaply]

06:53 AM on 04/05/2011

Don't worry, USA still #1 for movies and music!

[Six Gator]

09:47 AM on 04/05/2011

yeah, and Disney!

[Ante Jutronic]

01:12 AM on 04/05/2011

This is wrong! The first dying industry is the human industry! With less jobs available, it's not worth to have children.