Correctional Facilities in the US
Over the five years to 2017, in the Correctional Facilities industry the crime rate is projected to decrease, along with the incarceration rate. While the ultimate cause of falling crime rates is unknown, the decrease in incarceration rates is a conscious effort by the US government to reduce overcrowding in prisons. As a result, profit margins have fallen as fewer individuals have been incarcerated over the past five years. The industry also contends with mounting public scrutiny in the wake of several controversies surrounding the treatment of inmates. Over the five years to 2022, industry revenue is expected to grow only slightly, as a result of a continued decline in crime rates. However, the US Department of Justice (DOJ)'s move to reauthorize the use of private prisons on the federal level generates a high degree of uncertainty during the outlook period.
The Correctional Facilities industry consists of operators that own or manage correctional facilities and halfway houses. Services provided by industry enterprises include private janitorial, maintenance, trash disposal, guard and security, mail routing reception, laundry and other services that support operations within correctional facilities. The industry does not include facility support services for other types of establishments, such as military bases or other government facilities.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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