12 Fastest Declining Industries by 2032

4. Apparel, Leather, and Allied Product Manufacturing

Compound Annual Growth rate (2022 – 2032): -2.6%

The apparel, leather, and allied product manufacturing is one of the fastest declining industries with a compound annual growth rate of -2.6% between 2022 and 2032. According to BLS, wage and salary employment is expected to go from 120,300 in 2022 to 92,700 by 2032, representing a decline of 27.7%. The industry is responsible for transforming hides into leather via tanning and fabricating the leather into finished goods. Companies in the industry also produce products from leather substitutes such as rubber, plastic, and/or other textiles.