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INDUSTRY REPORT 31512
Apparel Knitting Mills in the US
On sale: Manufacturers are suffering from the popularity of work-from-home policies as a
result of the pandemic
Matty O'Malley | May 2023

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Contents
ABOUT THIS INDUSTRY.................................. 4
Industry Definition................................................................4
Major Players...................................................................... 4
Main Activities..................................................................... 4
Supply Chain....................................................................... 5
INDUSTRY AT A GLANCE................................6
Executive Summary............................................................ 8
INDUSTRY PERFORMANCE............................9
Key External Drivers...........................................................9
Current Performance........................................................10
INDUSTRY OUTLOOK.................................... 12
Outlook.............................................................................. 12
Industry Life Cycle.............................................................13
PRODUCTS & MARKETS............................... 14
Supply Chain..................................................................... 14
Products & Services.......................................................... 14
Demand Determinants...................................................... 15
Major Markets....................................................................15
International Trade............................................................ 16
GEOGRAPHIC BREAKDOWN........................ 18
Business Locations........................................................... 19
COMPETITIVE LANDSCAPE..........................20
Market Share Concentration............................................. 20
Key Success Factors........................................................20
Cost Structure Benchmarks............................................. 21
Basis of Competition......................................................... 23
Barriers to Entry............................................................... 24
Industry Globalization........................................................25
MAJOR COMPANIES...................................... 26
Market Share Overview.....................................................26
Related Companies...........................................................26
Renfro Corporation............................................................27
Golden Lady Company SpA..............................................29
Hanesbrands Inc............................................................... 31
Berkshire Hathaway Inc.................................................... 33
OPERATING CONDITIONS............................ 35
Capital Intensity.................................................................35
Technology & Systems......................................................36
Revenue Volatility..............................................................37
Regulation & Policy........................................................... 37
Industry Assistance........................................................... 38
KEY STATISTICS............................................ 39
Industry Data..................................................................... 39
Annual Change..................................................................39
Key Ratios......................................................................... 39
ADDITIONAL RESOURCES............................40
Additional Resources........................................................ 40
Industry Jargon..................................................................40
Glossary............................................................................ 40

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About IBISWorld
IBISWorld specializes in industry research with coverage on thousands of global industries. Our comprehensive data and in-depth analysis help
businesses of all types gain quick and actionable insights on industries around the world. Busy professionals can spend less time researching
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offer research on industries in the US, Canada, Australia, New Zealand, Germany, the UK, Ireland, China and Mexico, as well as industries that
are truly global in nature.

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About This Industry
Industry Definition Manufacturers in this industry produce knitting apparel or knitting fabric and then manufacture apparel. This industry
also includes part-time entrepreneurs who make knitting apparel and accessories.
Major Players Renfro
Golden Lady Company
Hanesbrands
Berkshire Hathaway
Main Activities The primary activities of this industry are:
Manufacturing full- and knee-length hosiery for women and girls
Knitting and finishing nylon and sheer hosiery
Knitting and finishing pantyhose
Manufacturing sheer stockings (not including socks)
Manufacturing socks for men, women and children
Knitting and finishing tights
Knitting and finishing athletic socks
Knitting and finishing sheer footies
Knitting and finishing leggings
Knitting outerwear, including shirts, shorts, sweaters, pants and gloves and under and nightwear
The major products and services in this industry are:
Men's and boys' hosiery and socks
Women's and girls' hosiery and socks
Outerwear
Men and boy's sport and leisure wear
Sweaters
Infant clothing
Hats, caps, gloves and mittens
Contract knitting and other

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Supply Chain
SIMILAR INDUSTRIES
Textile Mills in the US Cut & Sew Apparel Contractors in
the US
Men's & Boys' Apparel
Manufacturing in the US
Women’s, Girls’ and Infants’
Apparel Manufacturing in the US
Costume & Team Uniform
Manufacturing in the US
RELATED INTERNATIONAL INDUSTRIES
Global Apparel Manufacturing Clothing Manufacturing in the UK Knitted Product Manufacturing in
Australia
Apparel Manufacturing in China
Men's & Boys' Apparel
Manufacturing in Canada
Clothing Manufacturing in Ireland

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Industry at a Glance
Key Statistics
$1.1bn
Revenue
Annual Growth
2018–2023
-5.4%
Annual Growth
2023–2028
1.3%
Annual Growth
2018–2028
$33.5m
Profit
Annual Growth
2018–2023
-6.5%
Annual Growth
2018–2023
3.1%
Profit Margin
Annual Growth
2018–2023
-0.2pp
Annual Growth
2018–2023
181
Businesses
Annual Growth
2018–2023
-2.7%
Annual Growth
2023–2028
-1.1%
Annual Growth
2018–2028
9,169
Employment
Annual Growth
2018–2023
-3.1%
Annual Growth
2023–2028
0.1%
Annual Growth
2018–2028
$315.3m
Wages
Annual Growth
2018–2023
-4.7%
Annual Growth
2023–2028
0.4%
Annual Growth
2018–2028
Key External Drivers % = 2018–23 Annual Growth
-3.6%
Demand from department stores
7.2%
World price of cotton
1.2%
Per capita disposable income
2.0%
Trade-weighted index
2.5pp
Import penetration into the
manufacturing sector
Industry Structure
POSITIVE IMPACT
Capital Intensity
Low
Concentration
Low
MIXED IMPACT
Revenue Volatility
Medium
Industry Assistance
Medium / Decreasing
Regulation & Policy
Medium / Increasing
Technology Change
Medium
Barriers to Entry
Medium / Increasing
Competition
Medium / Increasing
NEGATIVE IMPACT
Life Cycle
Decline
Industry Globalization
High / Increasing
Key Trends
 As lockdowns and social distancing in 2020 restricted
expenditure on professional apparel, revenue plummeted
 Supply chain woes have led to surging costs for key inputs
like cotton
 Domestic manufacturers have had to reduce their markup to
maintain sales and remain buoyant
 While manufacturers won't recover from work-from-home
policies and changing fashion trends, favorable trade
conditions will provide a boost
 Manufacturers must begin producing products that enable
them to differentiate themselves from low-cost imports
 As cotton prices continue to climb, price-based competition
will remain high and hinder profit growth
 High import penetration has forced manufacturers to reduce
their markup to maintain sales and remain buoyant,
negatively impacting profit

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Products & Services Segmentation
Major Players SWOT
STRENGTHS
Low Product/Service Concentration
Low Capital Requirements
WEAKNESSES
Medium & Decreasing Level of Assistance
Decline Life Cycle Stage
High Imports
Low Profit vs. Sector Average
High Customer Class Concentration
Low Revenue per Employee
OPPORTUNITIES
High Revenue Growth (2023-2028)
Trade-weighted index
THREATS
Very Low Revenue Growth (2005-2023)
Low Revenue Growth (2018-2023)
Low Outlier Growth
Low Performance Drivers
Demand from department stores

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Executive Summary On sale: Manufacturers are suffering from the popularity of work-from-
home policies as a result of the pandemic
Apparel knitting mills have faced considerable headwinds over the current period. High import penetration has
forced manufacturers to reduce their markup to maintain sales and remain buoyant, negatively impacting profit.
Rising input costs have compounded this trend as manufacturers must keep prices competitive. Manufacturers
haven't recovered from devastating losses brought about by the outbreak of COVID-19. Industry-wide revenue has
been falling at a CAGR of 5.3% over the past five years and is expected to total $1.1 billion in 2023, when revenue
will dip by an estimated 0.9%.
The outbreak of COVID-19 hammered apparel knitting mills. Government mandates forced manufacturers and
downstream buyers to halt operations temporarily, hindering growth. Work-from-home policies compounded this
trend, as even when manufacturers and downstream buyers resumed operating, expenditure on professional
apparel dropped. Continued remote work and the acceptance of more casual dress in the office prevented any
meaningful recovery. Increased expenditure on more casual cotton socks was a slight buoy amid COVID-19
declines.
Over the outlook period, manufacturers will enjoy modest growth. As the dollar begins to depreciate, import
penetration will dip and exports will return to growth, boosting manufacturers. Manufacturers must focus on
producing innovative products to differentiate themselves from cheap imports. Industry revenue is forecast to grow
at a CAGR of 1.3% over the five years through 2028 to total $1.1 billion.

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Industry Performance
Key External
Drivers
Import penetration into the manufacturing sector
Growth in the volume of imported products in the US has intensified the competitive pressures experienced by
domestic manufacturers. Since foreign-made apparel and accessories produced in low-cost countries like China are
typically priced lower than domestic goods, they have become increasingly popular among consumers. Import
penetration into the manufacturing sector is expected to increase in 2023.
Demand from department stores
Department and discount department stores are a sizeable downstream market for apparel knitting mills. An
increase in demand for apparel and accessories at the retail level translates into demand growth for manufacturers
via a hike in order numbers. Demand from department stores is expected to decrease in 2023, posing a potential
threat to the industry.
Trade-weighted index
The trade-weighted index (TWI) measures the value of the US dollar relative to the currencies of its largest trading
partners. An increase in the TWI makes imported clothing more affordable and competitive against US clothing.
Conversely, a decrease in the TWI makes domestic hosiery and socks more affordable and competitive against
foreign goods. The TWI is expected to decrease in 2023, presenting a potential opportunity for industry.
World price of cotton
Changes in raw material prices impact the prices of finished goods. When the price of input materials increases, the
cost of purchases for manufacturers rises and is sometimes difficult to pass on to consumers. The world price of
cotton, a popular input material in the industry, is expected to drop in 2023.
Per capita disposable income
Increases in per capita disposable income can boost growth for consumer goods supplied by this industry, while a
drop can negatively impact demand. Per capita disposable income is expected to increase in 2023.

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Current
Performance
Apparel knitting mills' revenue has been falling at a CAGR of 5.3% over
the past five years – including an estimated 0.9% drop in 2023 – and is
expected to total $1.1 billion in 2023, with profit set to dip to 3.1%.
The impact of COVID-19
 Manufacturers had to shut down temporarily following the outbreak of COVID-19. Downstream buyers
facing similar temporary closures compounded the losses from halting operations.
 As lockdowns and social distancing in 2020 restricted expenditure on professional apparel, revenue
plummeted.
 Even as employees returned to the office, companies have relaxed their work attire, hindering a
considerable rebound for manufacturers.
 As more casual socks are typically made of cotton, sock sales have grown following the outbreak of
COVID-19.
Higher costs hinder profit growth
 Supply chain woes have led to surging costs for key inputs like cotton. Since manufacturers can't push all
increased input costs onto consumers as they must compete with cheap imports, profit dipped.
 Labor shortages amid the great resignation have hit the manufacturing sector particularly hard, forcing
manufacturers to hike wages to attract and retain workers, hindering profit growth.
Import penetration continues to hinder manufacturers
 The primary factor leading to the decline of domestic apparel knitting mills is surging import penetration from
low-cost manufacturers, forcing many US-based manufacturers to offshore operations.
 Domestic manufacturers have had to reduce their markup to maintain sales and remain buoyant.
 Exports have plummeted as US manufacturers had to hike prices amid more expensive input costs.

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Historical Performance Data
Year
Revenue
($m)
IVA
($m)
Establishments
(Units)
Enterprises
(Units)
Employment
(Units)
Exports
($m)
Imports
($m)
Wages
($m)
Domestic
Demand
($m)
2014 1,994 601 256 245 12,248 252 2,921 490 4,663
2015 1,592 526 246 236 12,568 256 3,099 456 4,435
2016 1,444 487 247 238 12,014 222 2,721 432 3,943
2017 1,466 467 225 216 11,240 227 2,723 408 3,962
2018 1,421 460 216 208 10,738 203 2,784 402 4,001
2019 1,294 440 213 205 10,390 172 2,769 385 3,890
2020 1,061 359 200 193 9,382 92.3 2,244 320 3,212
2021 1,090 369 198 190 9,451 102 2,819 324 3,808
2022 1,090 365 194 186 9,343 101 2,681 321 3,669
2023 1,079 360 189 181 9,169 104 2,760 315 3,736

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Industry Outlook
Outlook Apparel knitting mills' revenue is expected to grow at a CAGR of 1.3% to
$1.1 billion through the end of 2028, when profit is estimated to inch up to
3.2%.
Manufacturers will enjoy favorable trade conditions
 While manufacturers won't recover from the outbreak of COVID-19 as work-from-home policies and
changing fashion trends hinder growth, favorable trade conditions will provide a boost.
 A depreciating US dollar will make domestic goods cheaper by comparison and will push down pressure
from imports as downstream industries opt for less expensive US-based products.
 Exports returning to growth will provide manufacturers with a much-needed buoy.
Innovation to provide manufacturers with an avenue of growth
 Manufacturers must begin producing products that enable them to differentiate themselves from low-cost
imports.
 Chemical companies are constantly working to develop fibers that reduce moisture and minimize odors in
socks and pantyhose.
 As consumers become increasingly concerned about the environment, manufacturers will hike the
production of sustainable apparel and accessories using recycled or biodegradable materials.
Profit to stagnate as inflationary pressures linger
 As cotton prices continue to climb, price-based competition will remain high and hinder profit growth.
 If successful, ongoing proposals to hike the minimum wage would push up labor costs, eating into profit.
Performance Outlook Data
Year
Revenue
($m)
IVA
($m)
Establishments
(Units)
Enterprises
(Units)
Employment
(Units)
Exports
($m)
Imports
($m)
Wages
($m)
Domestic
Demand ($m)
2023 1,079 360 189 181 9,169 104 2,760 315 3,736
2024 1,083 358 185 177 9,081 106 2,653 313 3,630
2025 1,116 364 184 176 9,185 111 2,540 318 3,545
2026 1,129 367 183 174 9,193 113 2,512 319 3,527
2027 1,138 368 181 172 9,188 115 2,475 319 3,498
2028 1,150 370 180 171 9,234 117 2,444 321 3,478
2029 1,148 369 179 170 9,203 117 2,422 320 3,453

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Industry Life Cycle The life cycle stage of this industry is Decline
LIFE CYCLE REASONS
IVA is declining
Consumption of domestic apparel and accessories is declining
Manufacturers are offshoring and outsourcing production
Contribution to GDP
Lower since surging import penetration has induced considerable price-based competition leading to a decline in the
industry as manufacturers offshore their operations.
Market Saturation
Market saturation is low as large manufacturers produce products in bulk under contracts while smaller
manufacturers exit the industry or work in more niche markets.
Innovation
Manufacturers are increasingly producing products that reduce sweat and odor and sustainable products as
consumers have become increasingly conscious of the environment.
Consolidation
Consolidation is increasing as surging import penetration has led to stiff price-based competition, forcing many
small-scale manufacturers to stop operating and large manufacturers to offshore their operations.
Technology & Systems
Manufacturers increasingly use automation in computerized knitting machines to reduce wage costs and improve
efficiencies, enabling them to handle price competition better.

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Products & Markets
Supply Chain Key Buying Industries
1st Tier
Piece Goods, Notions & Other Apparel Wholesaling in
the US
Men's & Boys' Apparel Wholesaling in the US
Women's & Children's Apparel Wholesaling in the US
Men's & Boys' Apparel Manufacturing in the US
Women’s, Girls’ and Infants’ Apparel Manufacturing in
the US
Costume & Team Uniform Manufacturing in the US
2nd Tier
Men's Clothing Stores in the US
Women's Clothing Stores in the US
Children's & Infants' Clothing Stores in the US
Warehouse Clubs & Supercenters in the US
Key Selling Industries
1st Tier
Dye & Pigment Manufacturing in the US
Textile Mills in the US
Synthetic Fiber Manufacturing in the US
Industrial Machinery & Equipment Wholesaling in the US
Industrial Building Construction in the US
2nd Tier
Crop Services in the US
Fish & Seafood Aquaculture in the US
Cotton Farming in the US
Printing, Paper, Food, Textile & Other Machinery
Manufacturing in the US
Products & Services
The outbreak of COVID-19 has had mixed effects on men's and boys' hosiery and socks
 This segment comprises men's hosiery and socks and is the largest segment for apparel knitting mills.
 While offshoring hasn't impacted men's hosiery and socks as much as other product segments, lasting
remote working trends have hindered this segment.
 As more casual socks are typically made of cotton, sock sales have grown following the outbreak of
COVID-19.
Changing fashion trends have hindered the growth of women's and girls' hosiery and socks
 This segment comprises women's and girls' hosiery, including stockings and pantyhose, and socks.
 As bare legs and dress that is more casual have become more common in women's fashion, the sale of
pantyhose and stockings has fallen.
Lower sales volume hinders growth from sweaters
 This segment comprises men and boys' and women and girls' sweaters and sweater vests.
 While sweaters carry a higher price tag than other commonly purchased items, this segment has decreased
as consumers have switched to lower-priced items and purchased fewer sweaters yearly.
Changing consumer preferences provide a boost to men's and boys' sports and leisure wear
 This segment comprises men's and boys' sports and leisure wear.
 As consumer preferences have increasingly shifted to athleisure, this segment has grown.

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Higher-income consumers maintain stable sales of outerwear, gloves, mittens, hats and mufflers
 US knitting mills produce men's and women's jackets, coats, vests, gloves, mittens, hats and mufflers for
high-income consumers who shop at high-end stores.
 High-income individuals whose consumption of apparel products is less affected by spending constraints
enabled this segment to remain stable.
 Changing fashion trends enabled manufacturers to produce well-selling lower-cost hats, mainly knit beanies.
Smaller companies dominate contract knitting and other products
 This segment comprises contract knitting to client specifications and other products like personal safety
equipment, warp knit fabrics and greige goods.
 Since many of the products in this segment are niche and have low sales volume, smaller companies
dominate this segment.
Import penetration hinders the growth of infant clothing
 Since infant clothing is more expensive than other clothing, consumers look to less expensive, foreign-made
infant clothing.
 Consumers must purchase a lot of infant clothing as children outgrow clothing quickly, contributing to the
purchase of cheap imports.
Demand
Determinants
Demand for products made by the apparel knitting mills is susceptible to
price changes.
Extensive discounting of products by retailers can result in increased sales and higher demand. Price is such a
significant issue that many household brand names have even started moving production to Vietnam, Cambodia,
Laos, Bangladesh, Central Asia and Pakistan, as labor in those countries become increasingly competitive with the
labor market in China. Changes in disposable income impact the more expensive end of production. Fashion trends
can result in unprofitable production runs by manufacturers if demand for certain clothing styles changes often.
Weather patterns can influence demand, with increases in sweater, pullover and tracksuit sales during winter. The
brand strength of established products can limit the influence of new products on the market.
Major Markets
E-commerce and online auctions dominate
 This market segment has grown rapidly as more consumers adopt online shopping for both convenience
and lower costs.
 For most major cities, shipping has decreased to next-day or two-day, incentivizing consumers to purchase
products online.
 The homogenous nature of the industry's products, the ease of postage and the lightweight nature of
hosiery and socks also contribute to the e-commerce's ability to dominate the market.
 Social distancing guidelines amid the outbreak of COVID-19 exacerbated this trend.
Manufacturers enjoy growth from discount stores and mass merchandisers
 This market comprises discount stores and mass merchandisers, like Walmart and Target.
 This market has grown because consumers have increasingly sought homogenous, inexpensive, reliable

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products.
 Discount retailers have become an attractive option for cost-conscious consumers seeking to cut
expenditures, particularly amid job insecurities and economic downturn through the pandemic.
 These stores can sell goods at lower prices than other department stores by buying large quantities and
using efficient distribution methods.
Sales to department, lingerie and all other general merchandise stores have dipped
 This market comprises department stores, like Macy's, Nordstrom and Saks Fifth Avenue, general
merchandise stores and lingerie stores.
 Both segments have decreased during the period, as consumers have looked to other providers with less-
expensive prices offered by larger discount stores and mass merchandisers.
 Some stores in this segment have even transitioned from department to discount stores because of lower
sales. An example is JC Penney's recent push to brand itself as a value store for shoppers.
International Trade Exports in this industry are Medium and Decreasing
Imports in this industry are High and Steady
Imports
Import from low-cost manufacturers remains high
 Increasing import penetration from low-cost manufacturers is the most prominent factor driving the decline
of apparel knitting mills in the US.
 Foreign producers have lower overhead and labor costs than domestic manufacturers enabling them to offer
products for less.
Apparel knitting mills in China are the primary source of imports
 Imported goods from China have intensified competition, with many domestic apparel knitting mills
offshoring their operations to China.
 China has evolved into a key manufacturing source because of its ability to produce goods at a lower cost
than many Western countries.
Exports
Apparel knitting mills' exports are shrinking
 Domestic companies offshoring operations and the appreciation of the US dollar have made domestic
goods comparatively more expensive, decreasing exports.
 While exports have faced headwinds, the US remains one of the most competitive manufacturing
economies among Western nations.

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Trade relations and proximity drive exports
 Solid trade relations and proximity to Canada and Mexico drive apparel knitting mills' exports to these
countries.
 El Salvador is the second largest importer of apparel knitting mills' products, which the US-Central America-
Dominican Republic Free Trade Agreement fuels.

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Geographic Breakdown

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Business Locations Proximity to suppliers attracts apparel knitting mills to the Southeast
 The Southeast is known for cotton farming driving apparel knitting mills to the region.
 States in this region typically have suitable cotton-growing climates and established infrastructures, enabling
farming, transportation and distribution at lower-than-average costs.
Proximity to downstream markets drives apparel knitting mills to the Mid-Atlantic
 Apparel knitting mills locate in the Mid-Atlantic to take advantage of the region's large metropolitan areas
and access large ports like the port of New York and New Jersey.
 More than half of the apparel knitting mills in the Mid-Atlantic are in New York and New Jersey.
California is a boon to the West
 Cities in California with high population density and consumer traffic drive apparel knitting mills to the West.
 The port of Los Angeles and the port of San Francisco provide apparel knitting mills access to imports for
key inputs.

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Competitive Landscape
Market Share
Concentration
Concentration in this industry is Low
Just a few manufacturers have the scale to accumulate a considerable market share
 A handful of large manufacturers have the scale to reduce costs and acquire the right to produce the most
popular brands, bolstering market share.
 More prominent global manufacturers are increasingly diversifying their operations to include more high-
value activities enabling them to expand if they continue operating domestically.
Most manufacturers are small-scale
 More than half of apparel knitting mills employ less than 20 people, making it difficult for these companies to
amass market share.
 These smaller manufacturers face extreme price competition, so they typically serve very specific niche
markets.
Key Success
Factors
IBISWorld identifies over 200 Key Success Factors for a business. The most important for this industry are:
Pass on cost increases:
Apparel knitting mills can maintain profitability by passing on input cost increases as required.
Proximity to key markets:
Apparel knitting mills located close to consumers can reduce transportation and storage costs.
Leverage economies of scope:
Apparel knitting mills that manufacture a wide range of products can supply a broader range of customers.
Ensure prompt delivery to market:
Apparel knitting mills that consistently meet and exceed delivery expectations tend to retain and expand their
customer base.
Leverage brand recognition:
Apparel knitting mills that produce upscale products need an established brand name and strong reputation to justify
higher prices.

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Cost Structure
Benchmarks
Profit
Import penetration has hindered profit growth
 Profit has decreased over the past five years, accounting for an
estimated 3.1% of industry revenue in 2023.
 Surging import penetration from lost-cost manufacturers has
hindered profit growth as manufacturers must keep prices low
even amid higher wage and purchase costs to remain
competitive.
Wages
The great resignation pushed up wages
 Wage costs have increased over the past five years,
accounting for an estimated 29.2% of industry revenue in 2023.
 The great resignation has greatly impacted the domestic
manufacturing sector. Labor shortages have forced apparel
knitting mills to hike wages to attract and retain workers.

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Purchases
Inflationary woes hike purchase costs
 Purchase costs have increased over the past five years,
accounting for an estimated 47.4% of industry revenue in 2023.
 Purchase costs for apparel knitting mills include fibers, yarns,
cotton and packaging materials.
 As cotton prices have surged recently, purchases have
increased as manufacturers can only pass so much of a hike in
purchase costs onto consumers.
Marketing
Marketing costs are expected to account for 0.5% of revenue in 2023.
Depreciation
Depreciation costs are expected to account for 1.0% of revenue in
2023.
Rent
Rental costs are expected to account for 1.5% of revenue in 2023.

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Utilities
Utilities are expected to account for 2.7% of revenue in 2023.
Other Costs
Other costs are expected to account for 14.7% of revenue in 2023.
Basis of
Competition
Competition in this industry is Medium and the trend is Increasing
INTERNAL COMPETITION
The price of products is a major source of internal competition.
Retail and wholesale companies, the major purchasers of the industry's products, sell to the final consumer. Rising
price pressures from retailers and wholesalers on manufacturers have pushed down prices in recent years and
manufacturers have had to keep prices competitive to maintain and expand sales. Similarly, consumers want to
purchase these products at the lowest possible price for the household sector, leading all upstream industries to
maintain competitive pricing. Companies offering high-quality products at a competitive price hold a competitive
advantage. While downstream industries and consumers want to pay low prices for apparel and accessories, these
sectors also want durable, attractive, functional products. Customers may be willing to pay a higher price for
products that will last considerably longer than a lower-cost product that will need replacing.
Companies that operate in this industry can gain a competitive edge by providing a high standard of service to
downstream retailers, wholesalers and consumers. Companies that can produce special orders as required, provide
timely deliveries of ordered goods and offer client assistance for product problems and issues can earn a good
reputation and strengthen sales.
Advancements in product design and manufacturing can give a manufacturer a competitive advantage.
Manufacturers that can produce specialized knit underwear and outerwear products can build brand loyalty. For
manufacturers that produce generic products, maximizing efficiency and productivity through advanced capital
equipment and machinery is essential to their success. Advancements in technology also ensure that the
manufacturer is maximizing productivity. Improvements in product design and manufacturing, particularly for ultra-
sheer hosiery and high-quality socks, can also give a company a competitive advantage. Companies that produce
specialized hosiery and sock products tend to serve a niche market and build a certain level of brand loyalty.
Maximizing efficiency and productivity through advanced capital equipment and machinery can be a successful
business strategy for companies that produce generic products.
EXTERNAL COMPETITION
The primary competition for apparel knitting mills comes from imported

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products at the low-cost end of the market, particularly from Latin
American and Asian countries and at the more expensive end, from
Canada and European countries like Italy and France.
Trade disputes and new tariffs have made the future of external competition volatile and uncertain. However, it has
remained consistent that high domestic labor costs and regulations have driven many manufacturers to send their
production overseas. Such downward price pressure from domestic wholesalers, retailers and consumers pushes
mills to trim costs to keep prices competitive. Apparel knitting mills unable to offshore production have been facing
intense competition from rising imports of apparel and accessories.
US companies have competitive strengths in several areas. These include the design of products, brand
development, quality of textiles, quality of products, advertising and promotion and technological competence. The
latter, however, is limited to a short time, as companies in developing economies will eventually implement similar
technologies to access a larger market.
Barriers to
Entry
Barriers to Entry in this industry are Medium and the trend is Increasing
Legal
New entrants must abide by worker safety established by
the Occupational Safety and Health Administration and
environmental laws about waste disposal set by the EPA.
Start-up Costs
New entrants face a significant financial outlay to
purchase a plant and the necessary equipment.
Developing and testing new products is costly and high
advertising costs are associated with promoting new
products.
Differentiation
Loyalty to existing products can make it difficult for new
manufacturers to attract sales. Also, license and
distribution agreements provide established knitting mills
exclusive rights to produce certain brands, making it
difficult for new entrants to secure contracts.
Labor Intensity
Manufacturing apparel and accessories is labor intensive,
so new entrants must attract and retain skilled workers
capable of producing quality products efficiently to remain
competitive.
Barriers to Entry Checklist
Competition Medium
Concentration Low
Life Cycle Stage Decline
Technology Change Medium
Regulation & Policy Medium
Industry Assistance Medium

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Industry
Globalization
Globalization in this industry is High and the trend is Increasing
Apparel knitting mills face a high level of globalization. Since this textile and fabric manufacturing type relies on a
moderately high level of specialized technological machinery and equipment and a competent and well-trained labor
force, companies tend to locate in regions and countries accessible to less costly labor and raw materials.
Several US companies within the industry operate on a global level. It has become profitable in recent years to establish
operations in countries with lower labor costs located near large upstream suppliers. This trend has resulted in US
companies opening South American and Asian facilities. Several sizeable European producers have moved operations
offshore in recent years, contributing to the growing level of globalization within the industry.
Another effect of globalization from this industry is the level of competing imports into the US. Competing imports have
increased most years for over a decade and will continue growing into the future as demand for inexpensive products in
the US increases. By producing products in low-labor-cost countries, the marginal cost of manufacturing decreases.
These lower labor costs have reflected the lower merchandise prices experienced in retail outlets in recent years. While
this may have been partly caused by higher retail competition, lower input costs have enabled department stores also to
reduce prices. Export volumes have declined most years over the past decade, which is consistent with the overall trend
of domestic production having a higher production cost.

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Major Companies
Market Share Overview
Related Companies
Competitors Company Type Employee Segment Revenue ($m) Market Share (%) Profit ($m)
Renfro 0 500+ Employees 90.7 8.4 11.8
Golden Lady Company 0 20–99 Employees 75.4 6.99 17.0
Hanesbrands 0 500+ Employees 57.9 5.37 5.8
Berkshire Hathaway 0 500+ Employees 15.7 1.45 2.4

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Companies with 5.0% industry market share are displayed in the PDF version of this report. You can view insights for all companies associated
with this industry on my.ibisworld.com
Renfro Corporation
Company Overview
Brands & Trading
Names
Merrel Sperry Polo Russel Copper Defense K. Bell Fruit of the Loom Hotsox Dr. Scholl's
Description Renfro is a private company with an estimated 5,118 employees. In the US, the company has a notable market
share in at least one industry: Apparel Knitting Mills, where they account for an estimated 8.4% of total industry
revenue.
COMPANY TYPE Private Company
TOTAL COMPANY
REVENUE
$90.7m
EMPLOYEES 5,118
Financial
Performance
Renfro Corporation - financial performance *
Year
Revenue
$m
Growth
% change
Operating Income
$m
Growth
% change
2018 139.7 3.4 11 10
2019 144.9 3.7 11.6 5.5
2020 136 -6.1 10.4 -10.3
2021 116.6 -14.3 12.2 17.3
2022 103.1 -11.6 12 -1.6
2023 90.7 -12 11.8 -1.7
Source: IBISWorld
Note: * Estimates

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Renfro Corporation
Company Overview
Industry Market
Share, Revenue
and Profit
Estimated Industry Market Share
8.4% Strong
Current Year
(2023)
Estimated Industry Revenue
$90.7m Strong
Current Year
(2023)
Estimated Profit Margin
13.07% Moderate
Current Year
(2023)

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Golden Lady Company SpA
Company Overview
Brands & Trading
Names
Filodoro SISI OMSA Philippe Matignon Golden Lady
Description Golden Lady Company is a private company with an estimated 38 employees. In the US, the company has a notable
market share in at least one industry: Apparel Knitting Mills, where they account for an estimated 7.0% of total
industry revenue.
COMPANY TYPE Private Company
TOTAL COMPANY
REVENUE
$75.4m
EMPLOYEES 38
Financial
Performance
Golden Lady Company SpA - financial performance *
Year
Revenue
$m
Growth
% change
Operating Income
$m
Growth
% change
2018 137.4 5.2 17.1 14
2019 120.7 -12.2 15.5 -9.4
2020 99.5 -17.6 12.7 -18.1
2021 105.5 6 18.3 44.1
2022 83.3 -21 16.4 -10.4
2023 75.4 -9.5 17 3.7
Source: IBISWorld
Note: * Estimates

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Golden Lady Company SpA
Company Overview
Industry Market
Share, Revenue
and Profit
Estimated Industry Market Share
6.99% Moderate
Current Year
(2023)
Estimated Industry Revenue
$75.4m Moderate
Current Year
(2023)
Estimated Profit Margin
22.52% Strong
Current Year
(2023)

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Hanesbrands Inc.
Company Overview
Brands & Trading
Names
Playtex L'eggs Bras N Things Gear for Sports Nur Die/Nur
Der Champion Alternative Hanes Bali Maidenform Lovable Bonds Wonderbra DIM Berlei JMS/Ju
st My Size
Description Hanesbrands is a public company headquartered in North Carolina with an estimated 50,500 employees. In the US,
the company has a notable market share in at least one industry: Apparel Knitting Mills, where they account for an
estimated 5.4% of total industry revenue.
COMPANY TYPE Public Company
TOTAL COMPANY
REVENUE
$57.9m
EMPLOYEES 50,500
Financial
Performance
Hanesbrands Inc. - financial performance *
Year
Revenue
$m
Growth
% change
Operating Income
$m
Growth
% change
2018 77.2 1.3 9.8 12.6
2019 73.1 -5.3 9.3 -5.1
2020 72.8 -0.4 0.1 -98.9
2021 78.2 7.4 9.2 9,100
2022 61.4 -21.5 5.1 -44.6
2023 57.9 -5.7 5.8 13.7
Source: IBISWorld
Note: * Estimates

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Hanesbrands Inc.
Company Overview
Industry Market
Share, Revenue
and Profit
Market Share
5.37% Moderate -1.3%
Current Year
(2023)
Annual Growth
(2019–23)
Industry Revenue
$57.9m Moderate -5.6%
Current Year
(2023)
Annual Growth
(2019–23)
Profit Margin
10.03% Weak -2.7%
Current Year
(2023)
Annual Growth
(2019–23)

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Berkshire Hathaway Inc.
Company Overview
Brands & Trading
Names
Borsheims Fine Jewelry Fruit of the Loom Forest River Berkshire Hathaway Automotive Duracell Johns
Manville Berkshire Hathaway Reinsurance Group Kraft Heinz Optovue Charter
Brokerage BoatU.S. Charter Brokerage Clayton Homes John Weiss Instruments HomeServices of
America Geico Richline Group Acme Brick Company Burlingont Northern Santa Fe Berkshire Hathaway
Specialty Insurance
Description Berkshire Hathaway is a public company headquartered in Nebraska with an estimated 360,000 employees. In the
US, the company has a notable market share in at least nine industries: Prefabricated Home Manufacturing,
Jewelry Stores, Property, Casualty and Direct Insurance, Reinsurance Carriers, Apparel Knitting Mills, Ice Cream
Stores, Automobile Insurance, Medical Malpractice Insurance, Recreational Vehicle Manufacturing and Ice Cream
Stores. Their largest market share is in the Prefabricated Home Manufacturing industry, where they account for an
estimated 39.7% of total industry revenue and are considered an All Star because they display stronger market
share, profit and revenue growth compared to their peers.
COMPANY TYPE Public Company
TOTAL COMPANY
REVENUE
$15.7m
EMPLOYEES 360,000
Other Industries Prefabricated Home Manufacturing in the US
Jewelry Stores in the US
Property, Casualty and Direct Insurance in the US
Reinsurance Carriers in the US
Ice Cream Stores in the US
Automobile Insurance in the US
Medical Malpractice Insurance in the US
Recreational Vehicle Manufacturing in the US
Financial
Performance
Berkshire Hathaway Inc. - financial performance *
Year
Revenue
$m
Growth
% change
Operating Income
$m
Growth
% change
2018 12.8 3.2 1.4 7.7
2019 11.5 -10.2 1.3 -7.1
2020 11.8 2.6 0.8 -38.5
2021 15 27.1 2 150
2022 16.2 8 2.1 5
2023 15.7 -3.1 2.4 14.3
Source: IBISWorld
Note: * Estimates

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Berkshire Hathaway Inc.
Company Overview
Industry Market
Share, Revenue
and Profit
Market Share
1.45% Weak 0.4%
Current Year
(2023)
Annual Growth
(2019–23)
Industry Revenue
$15.7m Weak 8.2%
Current Year
(2023)
Annual Growth
(2019–23)
Profit Margin
15.2% Moderate 4.0%
Current Year
(2023)
Annual Growth
(2019–23)

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Operating Conditions
Capital
Intensity
The level of capital intensity is Low
Apparel knitting mills have a low level of capital intensity.
IBISWorld estimates that for every $1.00 spent on wages,
companies will allocate $0.04 in capital investment in 2023.
Capital investment is mainly in machinery and equipment.
Apparel knitting mills are also increasing the usage of
leasing arrangements to finance capital expenditures.
Recently capital intensity has remained low as companies
have sought to keep capital expenditures low to provide the
most competitively priced product possible. Typically, wage
expenditure accounts for a significantly larger proportion of
revenue than capital.
Through the end of 2028, capital investment is expected to
climb as companies become more innovative in
manufacturing and marketing processes. Large companies
looking to reduce their reliance on labor will hike capital
expenditures as international competition increases.
Companies must either invest in technology to reduce their
dependence on wages or significantly differentiate their
products from low-cost overseas providers.

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Technology &
Systems
Potential Disruptive Innovation: Factors Driving Threat of Change
Level Factor Disruptive
Effect
Description
Unknown Rate of
Innovation
Unknown A ranked measure for the number of patents
assigned to an industry. A faster rate of new
patent additions to the industry increases the
likelihood of a disruptive innovation occurring.
Unknown Innovation
Concentration
Unknown A measure for the mix of patent classes
assigned to the industry. A greater
concentration of patents in one area
increases the likelihood of technological
disruption of incumbent operators.
Low Ease of Entry Unlikely A qualitative measure of barriers to entry.
Fewer barriers to entry increases the
likelihood that new entrants can disrupt
incumbents by putting new technologies to
use.
Very Low Rate of Entry Very
Unlikely
Annualized growth in the number of
enterprises in the industry, ranked against all
other industries. A greater intensity of
companies entering an industry increases the
pool of potential disruptors.
High Market
Concentration
Likely A ranked measure of the largest core market
for the industry. Concentrated core markets
present a low-end market or new market
entry point for disruptive technologies to
capture market share.
There are both significant barriers to entry and a low rate of new entrants in this industry. This combination of factors
dampens the threat of innovative players disrupting the industry structure.
The major markets for this industry are highly concentrated, which implies that the market has a focus on key customer
segments. This presents an opportunity for strategic entrance into lower-end markets or unserved markets for innovations
to take on a disruptive trajectory.
3D printing, which innovates in materials and processes for designing and
producing clothing, is considered a disruptive technological force for apparel
knitting mills.
As a manufacturing technique, 3D printing enables apparel manufacture by printing layers of materials based on digital
models and simultaneously producing several parts of clothes. For example, 3D printing combines cutting and sewing
textiles to produce whole apparel items three-dimensionally. Also, 3D printing provides more possibilities by creating
materials digitally, which can embed desired physical properties in a single garment, like waterproofing properties and
opaqueness. Unlike traditional apparel knitting mill techniques, 3D printing improves manufacturing efficiency and adds
customization features.
The level of technology change is Medium
Technological change and development within apparel knitting mills are at a
low level.
The industry is in the declining stage of its life cycle and there have been few incentives for developers of manufacturing
technology to invest in new research. The development of high-speed air-jet looms and computer-controlled cleaning
equipment in the late 1990s increased efficiency and productivity. This type of equipment does not need regular updates or
replacement. There are few, if any, new employer companies entering, which limits the number of buyers of new
technology. Some of these existing production techniques developed in the mid-1990s are still relatively efficient and
practical. This gave little benefit to companies by upgrading machinery and equipment and increasing their technological

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inputs.
Also, apparel knitting mills have a high potential to automate much of their production line. A 2017 McKinsey study found
that 82.0% of the hours that apparel manufacturing employees work are automatable. Increasing the automation of the
production line could be a viable way for US companies to compete with foreign producers through the reduction of wages
and higher output levels.
Despite the relatively low level of technological change in the industry, increasing competition and consolidation during the
current period have driven companies to seek new ways to remain competitive. IBISWorld expects rising competition from
less costly imports from countries with low-wage labor to drive knitting mills to develop new manufacturing technologies to
cut costs and strengthen efficiencies. This need would then drive the growth of research and development into improved,
less labor-intensive production methods.
Revenue
Volatility
The level of volatility is Medium
Changes in consumer behavior
 Fashion trends play a role in volatility. Fashion swings can result in unprofitable production runs if consumers'
attraction to certain clothing styles changes quickly and often.
 The prevalence of less formal, business casual dress in the workplace has contributed to a dip in hosiery
purchases.
 Consumers increasingly wearing socks to represent a fashion statement instead of as a basic and unadorned
article has impacted volatility.
 Weather patterns can influence the volatility, with increases in outerwear sales in the winter.
The level of import penetration
 Volatility is also largely caused by fluctuating changes in competing imports.
 The level of imports varies as their price competitiveness relative to domestic goods changes.
 Recent pressures from retailers looking to foreign manufacturers for less expensive, high-volume products have
impacted volatility.
Changes in the price of cotton
 Cotton is a major input cost for apparel knitting mills, so the price of cotton considerably impacts volatility.
 Apparel knitting mills must hike or push down prices depending on changes in the price of cotton.
Regulation &
Policy
The level of regulation is Medium and the trend is Increasing

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EPA regulations govern waste disposal
The Environmental Protection Agency (EPA) imposes national regulations restricting the discharge of chemicals and
byproducts into the air or waterways. Apparel knitting mills must comply with these laws and any set at the state level to
avoid hefty fines or imprisonment. These restrictions are becoming increasingly stringent as environmental protection
becomes a priority.
Apparel knitting mills must comply with labor laws
Apparel knitting mills are subject to legislation governing hiring practices, pay and overtime. The Occupational Safety and
Health Administration (OSHA) also requires apparel knitting mills to provide a safe workplace free of chemical exposure or
hazardous machinery.
US customs duties, intellectual property and competition
Apparel knitting mills are subject to US customs duties for imported fibers and yarns. Mills must also abide by US patent
and trademark laws protecting intellectual property rights. Large public companies are subject to regulation regarding unfair
competition concerning mergers and acquisitions.
COVID-19
Amid the outbreak of COVID-19, companies had to comply with social distancing measures to help prevent the spread of
the virus. Some companies stopped production in 2020 because of the onset of the pandemic.
Industry
Assistance
The level of industry assistance is Medium and the trend is Decreasing
Public
Tariffs lessen import competition
Overseas competing products benefit from cheaper input and labor costs, but tariffs help place US hosiery mills on equal
footing. There's currently a 14.6% tariff on synthetic fibers hosiery, a 13.5% tariff on cotton-based products and a 9.9% tariff
on hosiery made of nesoi.
The Small Business Administration
The federal government has a wide range of programs that, while not explicitly tailored to apparel knitting mills, can help
struggling hosiery mills. The Small Business Administration offers loans for expansion and disaster recovery and the
Workforce Investment Act distributes grants to mills for job development.
COVID-19
The Paycheck Protection Program (PPP) offered forgivable loans to eligible small businesses to help them cover operating
expenses. The loans helped small companies with payroll, rent, utilities and other costs amid declining revenue. Apparel
knitting mills received $77.7 million in loans.
Private
The AAFA builds a community
Apparel knitting milks receive private assistance from groups like the American Apparel and Footwear Association (AAFA),
which hosts conferences for manufacturers and wholesalers to network at and lobby Congress for pro-industry legislation.

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Key Statistics
Industry Data
Year
Revenue
($m)
IVA
($m)
Establishments
(Units)
Enterprises
(Units)
Employment
(Units)
Exports
($m)
Imports
($m)
Wages
($m)
Domestic
Demand ($m)
2014 1,994 601 256 245 12,248 252 2,921 490 4,663
2015 1,592 526 246 236 12,568 256 3,099 456 4,435
2016 1,444 487 247 238 12,014 222 2,721 432 3,943
2017 1,466 467 225 216 11,240 227 2,723 408 3,962
2018 1,421 460 216 208 10,738 203 2,784 402 4,001
2019 1,294 440 213 205 10,390 172 2,769 385 3,890
2020 1,061 359 200 193 9,382 92.3 2,244 320 3,212
2021 1,090 369 198 190 9,451 102 2,819 324 3,808
2022 1,090 365 194 186 9,343 101 2,681 321 3,669
2023 1,079 360 189 181 9,169 104 2,760 315 3,736
2024 1,083 358 185 177 9,081 106 2,653 313 3,630
2025 1,116 364 184 176 9,185 111 2,540 318 3,545
2026 1,129 367 183 174 9,193 113 2,512 319 3,527
2027 1,138 368 181 172 9,188 115 2,475 319 3,498
2028 1,150 370 180 171 9,234 117 2,444 321 3,478
Annual Change
Year
Revenue
(%)
IVA
(%)
Establishments
(%)
Enterprises
(%)
Employment
(%)
Exports
(%)
Imports
(%)
Wages
(%)
Domestic
Demand (%)
2014 -15.1 4.28 -1.54 -0.81 1.14 0.27 1.78 5.31 -6.09
2015 -20.2 -12.6 -3.91 -3.68 2.61 1.58 6.10 -6.81 -4.90
2016 -9.32 -7.29 0.40 0.84 -4.41 -13.4 -12.2 -5.37 -11.1
2017 1.57 -4.13 -8.91 -9.25 -6.45 2.43 0.06 -5.52 0.48
2018 -3.12 -1.61 -4.00 -3.71 -4.47 -10.4 2.25 -1.57 0.99
2019 -8.92 -4.35 -1.39 -1.45 -3.25 -15.3 -0.55 -4.21 -2.77
2020 -18.0 -18.5 -6.11 -5.86 -9.71 -46.4 -19.0 -16.8 -17.4
2021 2.75 2.78 -1.00 -1.56 0.73 10.1 25.6 1.12 18.5
2022 -0.02 -0.95 -2.03 -2.11 -1.15 -0.69 -4.92 -0.93 -3.63
2023 -0.95 -1.51 -2.58 -2.69 -1.87 3.27 2.97 -1.66 1.80
2024 0.35 -0.56 -2.12 -2.21 -0.96 1.43 -3.90 -0.70 -2.82
2025 3.02 1.87 -0.55 -0.57 1.14 5.01 -4.26 1.50 -2.35
2026 1.14 0.60 -0.55 -1.14 0.08 1.80 -1.13 0.31 -0.50
2027 0.80 0.27 -1.10 -1.15 -0.06 1.41 -1.47 0.12 -0.83
2028 1.06 0.68 -0.56 -0.59 0.50 1.74 -1.23 0.59 -0.58
Key Ratios
Year
IVA/Revenue
(%)
Imports/
Demand
(%)
Exports/
Revenue
(%)
Revenue per
Employee
($'000)
Wages/
Revenue
(%)
Employees per
estab.
(Units) Average Wage ($)
2014 30.1 62.6 12.6 163 24.6 47.8 39,982
2015 33.0 69.9 16.1 127 28.7 51.1 36,314
2016 33.8 69.0 15.3 120 29.9 48.6 35,950
2017 31.9 68.7 15.5 130 27.8 50.0 36,308
2018 32.4 69.6 14.3 132 28.3 49.7 37,409
2019 34.0 71.2 13.3 125 29.7 48.8 37,036
2020 33.8 69.9 8.70 113 30.2 46.9 34,108
2021 33.8 74.0 9.32 115 29.7 47.7 34,240
2022 33.5 73.1 9.26 117 29.4 48.2 34,314
2023 33.3 73.9 9.65 118 29.2 48.5 34,388
2024 33.0 73.1 9.76 119 28.9 49.1 34,479
2025 32.7 71.7 9.95 121 28.5 49.9 34,600
2026 32.5 71.2 10.0 123 28.2 50.2 34,679
2027 32.3 70.7 10.1 124 28.1 50.8 34,741
2028 32.2 70.3 10.1 125 27.9 51.3 34,774
Figures are inflation adjusted to 2023

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Additional Resources
Additional
Resources
National Council of Textile Organizations
http://www.ncto.org
American Apparel & Footwear Association
http://www.aafaglobal.org
US Census Bureau
http://www.census.gov
Textile Society of America
http://www.textilesocietyofamerica.org
Manufacturing News
http://www.mfgnewsweb.com
Textile World
http://www.textileworld.com
Industry Jargon HOSIERY
A knit or woven covering for the feet and legs that is worn inside shoes; it generally refers to stockings, socks and
underclothing for the legs and feet.
OFFSHORING
The transfer of manufacturing operations to another country, regardless of whether the work is outsourced or stays
within the same company.
OUTSOURCING
A subcontracting process where manufacturing is conducted by a third party, either locally or internationally.
PANTYHOSE
A form of sheer women's hosiery that extends from the waist to the toes.
PRIVATE LABEL
Products sold as the house brand of a particular retail chain, rather than the specific manufacturer.
SHEER HOSIERY
A type of thin hosiery that extends from the waist to the toes, often referred to as pantyhose.
Glossary BARRIERS TO ENTRY
High barriers to entry mean that new companies struggle to enter an industry, while low barriers mean it is easy for
new companies to enter an industry.
CAPITAL INTENSITY
Compares the amount of money spent on capital (plant, machinery and equipment) with that spent on labor.
IBISWorld uses the ratio of depreciation to wages as a proxy for capital intensity. High capital intensity is more than
$0.333 of capital to $1 of labor; medium is $0.125 to $0.333 of capital to $1 of labor; low is less than $0.125 of
capital for every $1 of labor.
CONSTANT PRICES
The dollar figures in the Key Statistics table, including forecasts, are adjusted for inflation using the current year (i.e.
year published) as the base year. This removes the impact of changes in the purchasing power of the dollar, leaving
only the "real" growth or decline in industry metrics. The inflation adjustments in IBISWorld’s reports are made using
the US Bureau of Economic Analysis’ implicit GDP price deflator.
DOMESTIC DEMAND
Spending on industry goods and services within the United States, regardless of their country of origin. It is derived
by adding imports to industry revenue, and then subtracting exports.
EMPLOYMENT
The number of permanent, part-time, temporary and seasonal employees, working proprietors, partners, managers
and executives within the industry.
ENTERPRISE
A division that is separately managed and keeps management accounts. Each enterprise consists of one or more
establishments that are under common ownership or control.

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ESTABLISHMENT
The smallest type of accounting unit within an enterprise, an establishment is a single physical location where
business is conducted or where services or industrial operations are performed. Multiple establishments under
common control make up an enterprise.
EXPORTS
Total value of industry goods and services sold by US companies to customers abroad.
IMPORTS
Total value of industry goods and services brought in from foreign countries to be sold in the United States.
INDUSTRY CONCENTRATION
An indicator of the dominance of the top four players in an industry. Concentration is considered high if the top
players account for more than 70% of industry revenue. Medium is 40% to 70% of industry revenue. Low is less
than 40%.
INDUSTRY REVENUE
The total sales of industry goods and services (exclusive of excise and sales tax); subsidies on production; all other
operating income from outside the firm (such as commission income, repair and service income, and rent, leasing
and hiring income); and capital work done by rental or lease. Receipts from interest royalties, dividends and the sale
of fixed tangible assets are excluded.
INDUSTRY VALUE ADDED (IVA)
The market value of goods and services produced by the industry minus the cost of goods and services used in
production. IVA is also described as the industry's contribution to GDP, or profit plus wages and depreciation.
INTERNATIONAL TRADE
The level of international trade is determined by ratios of exports to revenue and imports to domestic demand. For
exports/revenue: low is less than 5%, medium is 5% to 20%, and high is more than 20%. Imports/domestic demand:
low is less than 5%, medium is 5% to 35%, and high is more than 35%.
LIFE CYCLE
All industries go through periods of growth, maturity and decline. IBISWorld determines an industry's life cycle by
considering its growth rate (measured by IVA) compared with GDP; the growth rate of the number of establishments;
the amount of change the industry's products are undergoing; the rate of technological change; and the level of
customer acceptance of industry products and services.
NONEMPLOYING ESTABLISHMENT
Businesses with no paid employment or payroll, also known as nonemployers. These are mostly set up by self-
employed individuals.
PROFIT
IBISWorld uses earnings before interest and tax (EBIT) as an indicator of a company’s profitability. It is calculated as
revenue minus expenses, excluding interest and tax.
REGIONS
West | CA, NV, OR, WA, HI, AK
Great Lakes | OH, IN, IL, WI, MI
Mid-Atlantic | NY, NJ, PA, DE, MD
New England | ME, NH, VT, MA, CT, RI
Plains | MN, IA, MO, KS, NE, SD, ND
Rocky Mountains | CO, UT, WY, ID, MT
Southeast | VA, WV, KY, TN, AR, LA, MS, AL, GA, FL, SC, NC
Southwest | OK, TX, NM, AZ
VOLATILITY
The level of volatility is determined by averaging the absolute change in revenue in each of the past five years.
Volatility levels: very high is more than ±20%; high volatility is ±10% to ±20%; moderate volatility is ±3% to ±10%;
and low volatility is less than ±3%.
WAGES
The gross total wages and salaries of all employees in the industry.

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