It’s safe to say that the last five years have not been kind to the freight trucking industry.
Overall, the industry saw its annual growth do the opposite of grow. In fact, it was down 3.3 percent over that five-year span in total. The recession and its aftermath definitely slowed things down for the entire industry, and even a meteoric rise in 2012 can’t entirely erase that.
But this is a resilient industry, to say the least. Trucking is as American as apple pie and major league sports, and it’s more indispensible than either. It turns out there’s plenty of reasons to feel optimistic in the years ahead, too.
A Better Road Ahead
Fortunately for trucking, the forecasts for 2012-2017 are pretty rosy. In fact, there’s an anticipated 4.3% annual growth forecast for those five years. That growth is expected to start this year, when IBISWorld said the industry is anticipated to see a 2% increase in total volume.
There’s potential roadblocks, of course, which must be overcome if that kind of growth is to be attained. The biggest one?
This is the chief concern for the trucking industry, which relies heavily on petroleum products to move cargo. As gas prices rise, the cost to trucking businesses becomes tough to swallow, given just how much those businesses are using.
There’s not much to be done about it, unfortunately. It’s just something truckers will have to weather.
Everything beyond that is conquerable, I think. The economy will putter along and freight trucking will remain integral to businesses across America.
Ultimately, this is an industry that fought through hard times and ought to keep growing, despite those challenges. There’s no shame in looking at the past and seeing brighter days ahead.
What do you anticipate the trucking industry will do in 2012 and beyond?
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