Fastest Declining Industries in the US by Revenue Growth (%) in 2023

1. Iron & Steel Manufacturing in the US

2023-2024 Revenue Growth: -19.2%

Iron and steel manufacturers melt and refine iron ore into pig iron, which is processed into steel and shaped in various shapes for downstream construction- and manufacturing-related industries. Manufacturers are directly affected by the fluctuating price of steel, which has become more volatile since the beginning of COVID-19. As input prices are highly volatile, the average profit margin varies yearly. COVID resulted in losses across multiple downstream markets, including vehicles, construction and containers, as consumer confidence fell. Some trends have spilled over to 2023, as inflationary fears placed pressure on consumers and companies.

Revenue for manufacturers follows a variety of factors,... Learn More

2. Paper Wholesaling in the US

2023-2024 Revenue Growth: -14.7%

Digitalization has deteriorated demand for traditional paper products. Demand for paper products has fallen as individuals, retailers, other wholesalers and corporate clients have adopted digital technology to perform tasks more efficiently and at a lower cost, reducing the need for paper. Moreover, as sales have moved online, wholesalers have been further cut out of the paper supply chain as more customers purchase directly from superstores and manufacturers. As the COVID-19 pandemic accelerated the economy's movement away from paper, revenue will decline at a CAGR of 21.8% 4.3% to $5.6 billion over the five years to 2023, including a 18.1% decline... Learn More

3. Forest Support Services in the US

2023-2024 Revenue Growth: -14.4%

The Forest Support Services industry provides services to downstream forestry markets and conducts a range of operations, including resource estimation and mapping, economic analysis, pest control and firefighting. The industry is highly fragmented due to the vast majority of companies being nonemployers contracted on a seasonal basis. Operators in the industry are hired by both government agencies and private companies for forestry support services performed on public and private land. Demand for support services depends on the level of forestry activity in downstream industries and also depends on these markets' propensity to outsource operations to auxiliary companies.

Forestry activity has been... Learn More

4. Sign & Banner Manufacturing Franchises in the US

2023-2024 Revenue Growth: -13.7%

The Sign and Banner Manufacturing Franchises industry has exhibited a steep decline over the five years to 2022. For most years during the period, the industry's struggles have had little to do with demand for signage. Growth in advertising spending as well as steady investment in commercial construction have boosted demand for signs. These two trends have pushed up US demand for signage over the past five years. However, franchises have had a greatly diminished role in providing industry products. As a result, over the five years to 2022, industry revenue is expected to plummet an annualized rate 14.2% to... Learn More

5. Invoice Factoring in the US

2023-2024 Revenue Growth: -11.9%

In factoring, businesses sell their unpaid invoices to a factoring company, which then collects the outstanding payment from the customer. Clients enter factoring agreements to mitigate cash flow risk and receive a short-term injection of working capital. Invoice factoring tends to improve working capital access for clients at a faster rate than traditional bank lending, in addition to providing enhanced flexibility.

Despite these advantages, the industry has been facing major threats from traditional financial institutions as substitutes. Greater access to credit in recent years has enabled more consumers to use commercial banking and other forms of lending with ease. Since these... Learn More

6. Conveyancing Services in the US

2023-2024 Revenue Growth: -11.8%

The industry grew following consistent housing starts and increased home sales. Nonetheless, the recession caused by COVID-19 halted economic production, decreasing demand for commercial real estate and construction activity. Interest rates dropped following the shutdown of the economy, which encouraged home sales and housing starts; this ultimately dampened revenue loss in 2020. Still, the Federal Reserve increased interest rates substantially in 2023 to combat inflation, which has increased the cost of mortgages and reduced demand for real estate by making financing much more expensive. So industry-wide revenue has decreased at a CAGR of 1.3% over the past five years –... Learn More

7. Semiconductor Machinery Manufacturing in the US

2023-2024 Revenue Growth: -11.7%

The Semiconductor Machinery Manufacturing industry sells the equipment necessary to manipulate silicon on an atomic level and produce computer chips. Following oscillating consumer sentiment, projected outcomes for the tiny semiconductor machinery manufacturing industry reversed multiple times in a year. Although operators were damaged by employee lockdowns across Asia in the early days of COVID-19, raw income was boosted throughout the pandemic, increasing 25.6% in 2020 alone due to the unprecedented demand for electronics. Trends continued in 2021, driven by improving economic conditions and record prices for semiconductor components combined with federal government support to mitigate the global chip shortage. Semiconductor... Learn More

8. Chicken Egg Production in the US

2023-2024 Revenue Growth: -10.9%

Over the past five years, chicken egg producers have had to contend with severe revenue volatility. While per capita egg consumption has remained stable, a severe drought across most of the United States pushed the price of feed upward. This, combined with lingering challenges from supply chain bottlenecks and highly pathogenic avian influenza (HPAI), have pushed the price of eggs upward. Widespread inflation in 2022 also contributed to surging egg prices, and while the industry benefited from an upswing in revenue that year, price spikes set the stage for plummeting prices in 2023. As a result, industry-wide revenue has dropped... Learn More

9. Prefabricated Home Manufacturing in the US

2023-2024 Revenue Growth: -10.6%

The Prefabricated Home Manufacturing industry produces modular and manufactured homes that are low-cost substitutes for conventional, site-built units. The industry caters to first-time homeowners, retirees and low-income consumers. Rising home prices during the period priced more buyers out of the traditional housing market and raised demand for prefabricated homes. Plummeting interest rates amid the COVID-19 pandemic and the health risks associated with the virus boosted demand for prefabricated homes as consumers fled congested urban areas and took advantage of the low-interest rates. Low-interest rates have also increased competition from the conventional housing market, mitigating revenue growth. As interest rates climb... Learn More

10. Iron Ore Mining in the US

2023-2024 Revenue Growth: -9.7%

Iron ore miners are highly susceptible to changes in industrial production, which is why COVID-19 wreaked havoc on this industry. Severe iron ore and steel price volatility has significantly impacted iron ore miners. Overall, industry-wide revenue has been falling at a CAGR of 1.6% over the past five years and is expected to total $5.1 billion in 2023, when revenue will plummet by an estimated 13.3%.

Iron ore miners' output has remained stable in recent years, excluding 2020, when mines and steelmakers halted production. Iron ore miners have faced severe price-based volatility over the past five years. Following mine closures in... Learn More