China is gradually emerging as the world’s top manufacturer which previously belonged to America. This is due to the fact that the huge population in China pushes the Gross Domestic Product growth which also happened to the United States in the period from 1950 to 2000. Otherwise, the twin modern forces of technology and off-shoring are considered the two next reasons for this occurrence. In addition to that, the housing crisis in the last decade also partly affected the US’s economy. In the situation, IBISWorld – the largest provider of industry information in the U.S – has compiled a list of ten dying industry in terms of percentage decrease in revenue from 2000 to 2010.
The US’s apparel manufacturing industry has decreased 77.1 percent in the last ten years due to the overseas competitors.
Manufactured Home Dealers
The hardest housing crisis in last decade has struggled the manufactured home dealers. From 2000 to 2010, 73.7 percent of new home sales is diminished.
Wired Telecommunications Carriers
Skype, VoIP services and cell phones are considered as the future of telecommunications business. The increase of wireless products is so fast that people totally forget about wired telecommunications.
People in modern society prefer online news rather than newspaper publishing business. That leads to the shut down of 28.6 percent of newspapers since 2000.
Formal Wear and Costume Rental
Most people nowadays tend to buy formal wears and costumes rather than hire these clothes as in the past.
The advanced technology with online music stores and Internet file sharing has fundamentally changed the way people enjoy music. Unfortunately, it forces more than 80 percent of record stores shut down their doors.
Nowadays, people are more interested in uploading their photos on Facebook and other social networking sites than printing their images out.
Cheaper overseas productions have gradually beaten out the textile mills across America in the last ten years.
DVD, Game & Video Rental
The movie rental business has declined its expansion for 35.7 percent since 2000. Predictably, the business will decrease 19.3 percent in the next six years.
Video Postproduction Services
43.2 percent of postproduction companies closed down due to the modern digital technology like editing, cutting and animating.
Economics is the study of our lives,our jobs, our homes, our families and the little decisions we face every day. Thus, I am keen on reading and studying economic issues.