Industry Analysis & Industry Trends
Declining government support over the past five years can be entirely attributed to the recession. Rising unemployment and falling disposable income resulted in declining tax revenue for state and local governments, which necessitated budget cuts. Since many public libraries serve as the only source of free computers and wireless internet in their community, according to the American Library Association, funding is anticipated to rise as the economy recovers and tax revenue increases. Rising disposable income levels will also bolster consumer donations to libraries.... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Libraries and Archives industry is in the mature stage of its life cycle. Industry value added, which measures an industry's contribution to the overall economy, is projected to grow at an annualized rate of 0.1% over the 10 years to 2019. In comparison, US GDP is forecast to expand an average 2.5% per year. As a result, this industry's contribution to the economy declining over the period, which typically suggests that an industry is in decline. However, the industry's decline in recent years is mostly due to falling funding during the recession. Overall, libraries enjoy stable long-term demand from consumers and steady government support, which indicates a mature industry.
Industry products and services are well segmented and stable... purchase to read more