In an uncertain economy, the trucking industry remains the one sector that is thriving and poised for growth. This should come as no surprise, because the trucking industry has been the force behind getting the United States out of economic turndowns in the past. It was trucking that pulled us out of the Great Recession of 2008 and for decades before that. Now, in the face of large unemployment numbers and a pandemic that’s still on the rise, the trucking industry yet again shows the way forward.
The Economy Moves with Trucking
People and businesses everywhere are in need of products. As businesses and consumer habits shift to e-commerce, the trucking industry is experiencing rising rates for refrigerated, flatbed, and spot deliveries. As carriers move shipments, money from consumer purchases boosts local, regional, and national economies. As consumers spend, businesses generate revenue, which allows them to create jobs. However, none of this is possible without the trucking industry and the ability to efficiently move products, goods, and raw materials along supply chains to their destinations. Fleets are already supplementing their vehicles with vans to take smaller shipments and to provide “last mile” service to customers.
The Jobs Are in Trucking
The trucking industry is never truly at a loss for drivers, so long as there is a demand for products and materials. Right now, unemployment in other sectors may be high, but the trucking industry is in need of drivers. Some fleets are even rolling out higher base pay for drivers, signaling people who are currently unemployed to become trained truck drivers for good pay. This isn’t the first large migration to the trucking industry. During recessions in the past, people moved to trucking when jobs were scarce. When the driver shortage was particularly high in 2017, women and minorities joined the ranks of drivers. Moving forward, trucking companies are preparing for genuine growth in 2021 and beyond.
The Trucking Industry Needs Capital
For the trucking industry to continue on its upward trajectory, fleets and owner-operators need access to working capital so they can cover overhead, hire drivers, and position themselves to thrive during economic recovery. To build capital without amassing debt, trucking companies use freight factoring services from Single Point Capital. We help trucking companies and owner-operators boost cash flow by converting unpaid receivables into cash within a single day. To learn more about our comprehensive factoring services, contact the team at Single Point Capital today.