If you work in one of these fields, it might be time to start buffing your resume and taking night classes.
According to a report by IbisWorld, these are the top 10 US industries in the “decline” phase of their life cycle.
1. Manufactured Home Dealers
2. Record Stores
4. Wired Telecommunications Carriers
5. Apparel Manufacturing
6. Newspaper Publishing
7. DVD Game and Video Rental
9. Formal Wear and Costume Rental
10. Video postproduction services
Basic business theory says that all companies go through three-stage cycle of growth, maturity, and then decline. If they don’t reinvent themselves and enter a new growth phase, eventually they are liquidated and dissolved. Or maybe they just fade out to a whisper, then a trace, and then a footnote. According to the work of the consultants at IBISWorld, even after the economy improves, these businesses are still not long for this world. There goes my dreams of running my own grain mill.
Ten Key Industries That Will Decline, Even After the Economy Revives (PDF) [IBISWorld] (Thanks to Brian!)