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Truck Driving: The Essential Business

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Considering a career in the trucking or freight industry? Truck driving jobs are in high demand, and America’s infrastructure depends on them. Truck drivers are getting the praise and recognition they’ve always deserved now more than ever. Why? The country needs to meet citizens’ basic needs, and our transportation industry needs to remain active and robust to do that.

Truckers are responsible for hauling products to construction sites, restaurants, pharmacies, grocery stores and hospitals 24 hours a day, seven days a week. With that amount of demand in place, it’s no wonder that truck drivers enjoy high job security and generous pay.

Truck Driving: A Secure, Recession-Proof Job

According to the U.S. Department of Homeland Security, transportation and trucking are considered essential services during pandemic response. Truckers are critical infrastructure workers who are responsible for helping countless operations continue, especially during recessions and other uneasy times.

Truck Driver Shortage

The trucking industry has struggled with a shortage of drivers throughout the past decade. As almost 70% of all freight is transported on U.S. highways, the truck driver shortage affects the entirety of the country’s economy. When aligning current trends with freight forecasts, the United States could see a shortage of 175,000 drivers by 2024.

The U.S. has seen some potential policy solutions and a few marketplace responses that show promise in reducing the driver shortage. They include:

  • Increasing driver pay: The natural market reaction when there is a shortage of a service is to increase the price — in this case, that price would be driver wages. Most carriers have been offering 401(k)/tuition reimbursement options, a comprehensive benefits package and pay increases.
  • Promoting autonomous trucking: Autonomous trucking brings advanced technology to the industry, along with reduced driver boredom and daily driving stress.
  • Decreasing time on the road: Decreasing time on the road and increasing time at home can incentivize more U.S. citizens to consider a career in the trucking industry.

Trucking Industry Outlook

For anyone who wants to know the ins and outs of the trucking industry, staying up to date with current statistical data is essential. Some must-know statistics regarding the industry and its developments over the past year include:

  • Experts believe that the trucking industry needs at least 900,000 more truck drivers to meet the industry’s ever-growing demand in coming years.
  • Transportation-related industries take up a significant chunk of the U.S. employee market, with over 9% of workers in the country being employed by transportation companies.

Truck freight will grow 6% in 2021, according to FTR Transportation Intelligence. To meet the growing freight demands, the trucking industry will need to hire more drivers.

Contact FactorLoads to Learn More About Our Startup Program

FactorLoads provides freight factoring programs for truckers to allow them to reap the benefits of their work immediately. We also offer a unique startup program to help new truckers become owner-operators of their own trucking company. From 24-hour factoring to billing assistance to fuel savings, you can trust FactorLoads to satisfy your fleet in all areas for years to come.

We invite you to learn more about our trucking startup program by filling out our form online today.