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Declining Industry |
Also found in: Hutchinson | 0.06 sec. |
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Declining Industry An industry where growth is either negative or is not growing at the broader rate of economic growth. There are many reasons for a declining industry: consumer demand may be steadily evaporating, the depletion of a natural resource may be occurring, or there may be the emergent substitutes because of technological innovation.  Notes: An example of a declining industry is the railroad industry, which has experienced decreased demand - largely due to newer and faster means of transporting goods (primarily air transport and trucking) - and has failed to remain competitive in pricing, at least in relation to the benefits of faster and more efficient transport provided by airlines and trucking services. |
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| But Rodine says the land shouldn't be preserved for a declining industry when lucrative jet operations could be fueling the Valley economy. Declining occupational employment stems from declining industry employment and technological change. Shrinking employment in a declining industry translates directly into reduced contributions to the multiemployer plan. |
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Declining Industry
