Ten doomed industries
Not too long ago, NPR compiled a list of “The Jobs Of Yesteryear: Obsolete Occupations.” On it were icemen, lamplighters, typesetters and switchboard operators. It’s weird to think about the fact that these things were all viable jobs, until each was made obsolete by technology. I’d hate to have been the last of my kind at the end of the run. (Not on the list, the guy who played piano for silent movies, which I mention because it’s what my husband’s grandfather used to do. The world of obsolete professions is actually amazing.)
So, a word of warning, if you’re in any of the following ten industries that have been marked for death, you might want to think about getting into something else, and fast.
Market research firm IBISWorld Inc. recently released a list of the ten worst industries in America, which I found through BNET.
IBIS went through a collection of data to find the sectors that have seen the most decline in revenue in the last decade and for which the forecast is even worse for 2010-2016. You won’t be shocked by most of the list, but some of it might surprise you.
According to BNET, external competition, technological change and lack of innovation are setting these industries on the path to extinction.
The top ten doomed industries?
Newspaper Publishing. You’ve noticed that your paper is pretty skinny lately, if you still read one, that is. New media, online and mobile are killing the newspaper, which is trying to save itself with apps and paywalls, but it may be too little too late.
Decline in revenue last decade: -35.9 percent
Forecasted decline in revenue 2010-2016: -18.8 percent
Forecasted decline in the number of establishments by 2016: -17.6 percent
Apparel Manufacturing. There’s been a movement towards moving manufacturing back to local ground, but even if it does happen, it’s likely not going to be fast enough to save the sector. Labour overseas is cheap, while the consumer expectation of low prices isn’t helping.
Decline in revenue last decade: -77.1 percent
Forecasted decline in revenue 2010-2016: -8.5 percent
Forecasted decline in the number of establishments by 2016: -11.3 percent
Textile Mills. Textile mills have been struggling for years, closings have cost millions of dollars and jobs in New England’s Mill Town and Canadian provinces like New Brunswick and Quebec. Cheap competition from abroad, says BNET, has halved American revenue in the last decade.
Decline in revenue last decade: -50.2 percent
Forecasted decline in revenue 2010-2016: -10.0 percent
Forecasted decline in the number of establishments by 2016: -12.8 percent
Formal Wear and Costume Rental: What? is Halloween going out of style? No, but apparently, it’s cheap alternatives from abroad that are to blame here too. People are buying rather than renting, though IBISWorld predicts “The tuxedo rental segment will keep the industry afloat, because consumers are still likely to prefer the tuxedo rental service.” Though, It bears mentioning that black tie events probably aren’t as common as they once were. People wear jeans to the opera and get married in sports coats these days.
Decline in revenue last decade: -35.0 percent
Forecasted decline in revenue 2010-2016: -14.6 percent
Forecasted decline in the number of establishments by 2016: -17.2 percent
Video Postproduction Services. This is the field of preparing a film for distribution after it’s been shot. Movie studios are apparently moving post-production in house, while technological advances have improved efficiency (makes sense - there was a time when film was literally cut with scissors then taped back together. Can you imagine?)
Decline in revenue last decade: -24.9 percent
Forecasted decline in revenue 2010-2016: -10.7 percent
Forecasted decline in the number of establishments by 2016: -37.8 percent
Record Stores. Some might argue that sound quality has suffered with compression technology but that hasn’t stopped the world over from shifting to digital music purchasing. It’s so much easier. Folks are also getting their physical copies from big box discounters like Walmart.
Decline in revenue last decade: -24.9 percent
Forecasted decline in revenue 2010-2016: -10.7 percent
Forecasted decline in the number of establishments by 2016: -38.8 percent
Video Rental: I felt so bad when my local mom & pop video store shut its doors, though I hadn’t actually rented anything in ages. Why leave the house when you can order anything you want on TV or find it online? Granted, Canadian Netflix is a joke, which is probably costing the company a mint, since people will find free streaming sites instead.
Decline in revenue last decade: -35.7 percent
Forecasted decline in revenue 2010-2016: -19.3 percent
Forecasted decline in the number of establishments by 2016: -11.2 percent
Photofinishing: Remember when you had to take pictures to be “developed”? We don’t have to do that anymore, thanks to digital cameras.
Decline in revenue last decade: -69.1 percent
Forecasted decline in revenue 2010-2016: -39.1 percent
Forecasted decline in the number of establishments by 2016: -33.3 percent
Manufactured Home Dealers: Prefab homes delivered ready for installation. BNET says the industry has been destroyed by more innovative competitors and a drop in the price of traditional homes, while “attempts to cut costs meant a less appealing product but not prices low enough to lure customers.” Canada hasn’t had a housing crisis, so the situation here might be different so far.
Decline in revenue last decade: -73.7 percent
Forecasted decline in revenue 2010-2016: -62.0 percent
Forecasted decline in the number of establishments by 2016: -58.7 percent
Wired Telecommunications Carriers: This seems like less of a thing in Canada where, Bell, Rogers and Telus have all gone wireless. The solution is a no brainer.
Decline in revenue last decade: -54.9 percent
Forecasted decline in revenue 2010-2016: -37.1 percent
Forecasted decline in the number of establishments by 2016: -15.9 percent
Category: Career dilemmas, Life @ work
