Freight hauling was hit hard by the economic recession that occurred between 2007 and 2009. However, hauling freight — especially by truck — has recovered and is now operating at pre-recession levels and beyond according to the Bureau of Transportation Statistics. As of 2017, trucks remain the best mode of freight transportation, and experts predict it will remain at the top for years to come. While they are a globally important vehicle, they do not come without their risks to other drivers on the road. Those who have been involved in an accident with a truck may wish to speak to Demas Law Group Truck Accident Lawyers in Sacramento.
Trucking On Top
America relies on trucks and their drivers to haul much-needed freight across the country — that has not changed since trucking was considered a profession. Without truckers to haul freight, the United States would fall apart. Though trucking businesses are subject to heavy regulation and poor road conditions, trucks remain the dominant carriers of freight throughout the country.
Hauling cargo with trucks has grown over time alongside the expansion of the nation’s population and economic activity.
Truck drivers faced hard times during the U.S. recession of 2007, and numbers showed the amount of freight being hauled by trucks during that time showed it. Truck driver salaries went down, the price of delivering freight went up because of rising gas prices and low demand.
Since 2010, hauling freight by truck has bounced back. As of 2017, the U.S. economy increased by 32.7 percent (adjusted for inflation) and the amount of cargo hauled by truck drivers is back on the rise indefinitely.
What Freight Trucks are Hauling
The Bureau of Transportation Statistics reports the cargo hauled by trucks accounts for 57 percent of the total value of all of the freight that is being hauled in the United States, another reason why trucks are considered the best mode of freight transportation. They’re secure, they move quickly and can be accounted for easily.
Trucks haul a large amount of building materials and hazardous waste including natural gas, asphalt, gravel, gasoline, non-metallic mineral products, corrosives, chemicals and other toxic agents. In fact, trucks moved 62.8 percent of all hazardous materials in 2017.
Where Trucking is Headed
Experts suggest hauling by truck will continue to be the best mode of freight transportation in the years to come. Industry analysts foresee hauling freight by truck growing 1.4 percent each year for at least another 30 years.
It’s thought that trucks will move 14,829 tons of freight in 2045, continuing to trump its closest competitor, pipeline hauling, which will carry 4,468 tons. In terms of revenue, trucks are projected to haul 18,691 billion dollars of freight that same year.
While 2018 has seen a decline in the amount of truck drivers on the roads, analysts predict that number will rise in conjunction with an increase in trucker wages. Some companies have already started adding larger sign-on bonuses for new drivers and are implementing high-percentage raises to those who have been in the industry for some time.
Ensure Your Career as a Truck Driver
Ensure your career as a truck driver by factoring your invoices. Factoring your invoices allows you to have the working capital needed to buy gas, pay for repairs and allow your freight to get hauled to the right place at the right time. Whether you’re an owner-operator or work for a trucking company, freight factoring can work with you and for you to ensure you get the money you need when you need it.
Factoring is not a loan, meaning there is no debt you have to pay back. It’s fast and easy.