The trucking industry has a lot to look forward to in 2017. One of the key indicators is corporate profit which swelled to $50.1 Billion in the third quarter of 2016 up from $5.6 Billion in the second quarter of 2016. In other words, that kind of growth is sustainable even as we wait for the data from the fourth quarter of 2016.
What that means for trucking is more demand for goods as stores as retailers replenish their stock and manufacturers begin ordering raw materials.
Truck Driving and New Jobs
The Bureau of Labor Statistics (BLS) shows that heavy and tractor-trailer truck driver employment should grow by five percent through the 2024 cycle. For one thing, they expect to see nearly 100,000 new jobs open up for truck drivers by 2024. What is not talked about is the aging factor of current truck drivers. According to the American Trucking Association, the median age of truck drivers who do over-the-road trucking is 49. What that shows us is that age plays a role in the truck driver shortage.
The Trucking Industry Needs Young Drivers
The industry is not recruiting new drivers at a fast enough rate to replace the drivers who are retiring. What that means for the youth of today, is that this is an industry that needs young drivers. Another odd statistic that emerged from the American Trucking Association is that female drivers are sorely under-represented in trucking. Currently, female truck drivers make up about six percent of the total population of those who drive trucks.
While 2017 gets underway, the data from 2016 paints a fairly clear picture. Even with the current political climate, the outlook for trucking is good. If the Gross Domestic Product continues to grow then expect businesses to need more goods and that means that the population of existing truck drivers we continue to be in short supply. For younger drivers, include women, the drive to replace existing drivers is strong. What that means is that the job outlook for the truckers is warming for 2017 and beyond.
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