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If you've ever thought about pursuing a career as a truck driver, now may be the best time to get started. There are signs that the trucking industry is recovering from the economic crisis. Also, there will be a shortage of truck drivers in the coming years, due to many workers retiring or pursuing other types of work. However, according to the Bureau of Labor Statistics, the trucking industry is expected to grow 9 percent between 2008 and 2018.
An Industry Recovering
According to the Bedford Report, demand for trucking services began to increase in 2010. The Bedford Report analyzes the economic conditions of certain trucking companies. One of the companies that the Bedford Report examined was JB Hunt Transport Services, which showed a decrease in debt to $565 million, as compared to $910 million in 2007. Another company, Con-Way, is mentioned as having "generated $80.4 million in cash on net income of $21.4 million over the last year" View Article.
Not Enough Truckers
There will be a problem for trucking companies as more and more drivers are retiring or leaving the industry. Avondale Partners, an investment banking firm, has noted that about 250,000 trucks have been taken off the road since 2008. This is a huge number, representing about 13 percent of the total trucks on the road. Another fact to consider is that the U.S. Department of Transportation has created new rules for driver safety. These regulations would allow trucking companies to monitor their drivers and tell who is driving safely and who isn't. Industry experts feel that these new rules could eliminate about 10 percent of the drivers in the industry View Article Source.
Because of the growth in the industry and a shortage of drivers, the trucking industry will look to add thousands of new drivers in the coming years. According to the Bureau of Labor Statistics, "291,900 new jobs will be created over the 2008-18 period". Although jobs will increase for both tractor-trailer drivers and local delivery drivers, the majority of hires will be for long-haul drivers.
Considering all of these facts, now might be the right time to start a truck driving career. All signs point to growth in the industry in the past year. With the shortage of drivers that the industry is already beginning to see, there's no doubt that there will be a need for hundreds of thousands of drivers in the coming years.