10 Industries On Life Support
Sounding a similar story, apparel makers have been squeezed out of their profits by the cheap labor and materials offered offshore.
The $13 billion industry saw revenue falling 77% over the past decade, bottoming out so badly IBISWorld foresees an additional 8.5% drop by 2016.
Like mills, the news isn't all bad. In addition to the prominence U.S. manufacturers have in making certain specialty fabrics, there are competitive strengths in apparel design and brand development, the IBISWorld report says. U.S.-based operators possess advanced advertising and promotional skills and have access to a large consumer market.
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