After legally settling in the United States, new immigrants will integrate into various industries in the U.S. in specific roles. So, what is the current status and trend of development across various U.S. industries? According to an analysis by 24/7 Wall St., the development of many industries in the United States today is vastly different from what it was 10 years ago: while companies like Facebook, Twitter, and other social networks have risen rapidly, some industries that were once symbols of American life have shrunk dramatically.
The top ten rapidly declining industries in the U.S. are as follows:
1. Audio and Video Recording Industry
Whether it is CDs or videotapes, revenue in the audio and video recording manufacturing industry has declined by 18.4% annually since 2009, with total revenue this year falling below $2 billion. Exceptions include digital media such as MP3 players, flash drives, and hard drive storage devices.
2. Computer Manufacturing
Due to competition from foreign counterparts, the U.S. computer manufacturing industry is in trouble. Furthermore, global PC sales have continued to decline in recent years as more consumers turn to smartphones and tablets. IBISWorld expects the industry to continue to decline at an annual rate of 5.2% over the next four years.
3. Wind Turbine Installation
Over the past five years, the wind turbine installation industry has declined by 16.4% annually and is expected to continue to decline at an annual rate of 7.3% over the next four years. One of the main problems facing the industry is the expiration of federal tax exemptions for the wind power industry.
4. Tank and Armored Vehicle Manufacturing
The tank and armored vehicle manufacturing industry is more dependent on government orders than any other industry. Due to federal budget cuts, revenue in this industry has declined by 16.3% annually since 2009. Despite increased demand from foreign governments, the industry is expected to continue to decline by 0.7% over the next four years.
5. Data Recovery Services
The cloud storage industry has rendered data recovery services obsolete. Revenue in the data recovery services industry has declined by 15.5% annually since 2009, as many companies now rely on cloud technology from companies like Amazon, Rackspace, and Google to store data.
6. DVD, Game, and Video Rental Industry
Blockbuster, which once had more than 9,000 DVD, game, and video rental stores, filed for bankruptcy in 2010, was acquired by DISH in 2011, and closed its last 300 stores last year. The rise of online video services such as Netflix, Amazon Instant Video, Hulu, and HBO GO has caused revenue in this type of rental industry to decline by 14% annually, with no signs of the downward trend slowing down.
7. Men's and Boys' Clothing Production
Due to low costs overseas, the production of men's and boys' clothing in the U.S. has been on a downward slope for a long time. Revenue in this industry is approximately $1.1 billion this year, half of what it was in 2009. Employment in the apparel industry, including women's clothing, has also declined for 10 consecutive years, falling from approximately 300,000 in 2004 to 150,000 this year.
8. Body Armor Manufacturing
The U.S. military is the largest customer for the body armor manufacturing industry. Due to the withdrawal of troops from Iraq and Afghanistan, demand for body armor has declined by 9.5% annually since 2009. Although demand from police departments may slow the industry's decline, it is still expected to shrink by 2.7% annually.
9. Data and Directory Publishing
Due to the emergence of online search engines, the data and directory publishing industry, primarily consisting of white and yellow page phone books, has declined sharply. IBISWorld estimates that advertising accounts for 63% of the space in such publications, and their online advertising cannot compensate for the decline in print advertising revenue. Since 2009, the industry's total revenue has declined by 9% annually, and it is expected to be less than $11.4 billion this year.
10. Online Mortgage Brokerage
Since the real estate crisis, the online mortgage brokerage industry has been hit hard, with revenue declining at an annual rate of 8.7% between 2009 and 2014. Although the consulting firm IBISWorld expects the industry to potentially grow by 16% over the next four years, rising interest rates may drag down its primary business—mortgage refinancing.
