Daisy Pushers: Top 10 Dying U.S. Industries

Filed under: Labor,News,The Economy,Unemployment |

Some industries simply aren’t participating in the recovery, says a recent report by IBISWorld, Los Angeles-based publisher and analyst of financial information.

“In fact, some are pushing up daisies,” according to the report by Caitlin Moldvay and Douglas Kelly of IBISWorld.

IBISWorld defines a dying industry as one in a declining life cycle, with both declining revenues and total number of companies in the past decade combined with forecasts for further decline during the next five years.

“Based on these parameters IBISWorld has highlighted 10 industries that have exhibited exceptionally sour performances,” the report says.

The reasons for the decline of the industries in the top 10 are varied.

Outsourcing and offshoring, moving factories overseas, has decimated numerous U.S. manufacturing sectors, IBISWorld points out, affecting everything from manufacturing shoes to making doorknobs.

The incentive for outsourcing and offshoring is simple — lower labor costs, the report notes.

The average wage at a U.S. apparel manufacturing plant was $33,579 a year in 2010. In China it was $2,250; in Vietnam, $1,152; and in Indonesia, $1,089.

Technological advances have hit others in the top 10 dying industries, IBISWorld says.

“Many traditional industries fail to embrace new technologies to meet changing consumer preferences and ultimately fall under new waves of competition.” Hello newspapers.

However, IBISWorld holds a ray of hope.

“Not all is doom and gloom for these 10 dying industries,” the report notes. “While these industries are losing ground in their current form, select industry players will be able to transform their businesses to pursue new opportunities.”

10 U.S. Industries In Danger Of Economic Extinction
1. Women’s and girls’ apparel manufacturing
2. Costume and team uniform manufacturing
3. Shoe and footwear manufacturing
4. Hardware manufacturing
5. Recordable media manufacturing
6. Newspaper publishing
7. Money market and other banking
8. DVD, game and video rental
9. Appliance repair
10. Photofinishing

Source: IBISWorld

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