Some sectors are doing better than others as they try to recover from the financial crisis of 2008. Some will never thrive again, however, according to a new report by IBISWorld, a business analysis research firm.
“Industries go through life cycles, and largely speaking, these are growth, maturity and decline,” wrote Toon van Beeck, a senior analyst at the company. “Even in a recovery, declining industries continue to underperform, and within IBISWorld’s database of close to 700 industries, about 200 are in their decline phase.”
While the economic collapse hasn’t helped, as noted, it really cannot be blamed for what are likely inevitable declines the company is seeing for wired telecom carriers, apparel manufacturers and DVD/video game renters, which rank as the first, fourth and fifth largest “dying industries,” respectively. According to IBISWorld, these sectors have been on a downswing due to globalization and technological advances. Between 2000 and 2010, U.S. revenue for these industries declined by 54.9%, 77.1% and 35.7%, respectively.
Textile mills and newspaper publishers round out the top five, which are followed by manufactured home dealers, video post-production service providers, record stores, photo finishers and formal wear/costume rental companies.