The trucking and transportation industry has been described as the driving force behind the U.S. economy. Looking at the transportation industry’s growth might just give us a forecast as to what our economy has in store for the future. According to the American Trucking Association, the freight industry alone is expecting to haul more freight in 2012 than in previous years, with a 3-5% increase in (LTL) less than truckload freight.
According to a recent survey conducted by Work Truck Magazine, out of 500 CFO’s of midmarket companies in seven different industries, CFO’s in the transportation industry are the most optimistic for growth. Additionally, 47% of CFO’s in the transportation industry expect an increase in their profit margins.
When individuals think transportation they think trucks. The transportation industry involves much more than truck drivers; including passengers and cargo, warehousing and storage, scenic and sightseeing transportation, logistics and brokerage services and even transportation logistics software.
The sustainable growth of this industry should also assist in decreasing the unemployment rate. According to the U.S Department of Labor, transportation and logistics is the second largest employment sector. CEO and Founder of FreightCenter.com, Matthew Brosious has seen his freight logistics and software business grow 135% in the past four years, while increasing their employees from 65 to 121. “I wouldn’t want to be in any other industry,” said Brosious. “Our company’s success allows us to help out families and businesses that need it. This economic cycle is why the transportation industry is said to be the lifeline of America.”
Another hope for America’s economy is the recent fall in gas prices. Gas prices are an obvious variable in the transportation industry’s success. According to the Lundberg Survey gas prices have fallen 14% from a peak average price of $3.967 a gallon of unleaded on April 6, 2012, but have most likely hit a plateau.
Transportation is an ever-changing, tech driven evolutionary industry. With its continued growth it looks like a bright future for both the industry and Americans.
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