The Trucking Shortage: Economic Impact
Consumers could soon begin feeling effects of trucking shortage.
Learn how the growing challenge of recruiting drivers could impact consumers in this week’s blog.
Consumers could soon begin feeling the effects of the current trucking shortage according to a recent report published by the American Trucking Association (ATA). As the driver shortage worsens, consumers may begin paying more for goods, as well as experience product shortages and delays.
In his report detailing the shortage, Bob Costello, chief economist for the ATA stated that the industry needed 50,000 new drivers by the end of the year (2 short months away) and an additional 90,000 new drivers each year to keep pace with demand.
“We experienced a freight recession last year, which eased the pressure on the driver market." Costello stated. "Now that freight volume's accelerating again, we should expect to see a significant tightening of the driver market."
Greater than 70% of products consumed in the US are transported commercially by trucks, however, fewer people are becoming drivers. The shortage is due largely to demographics, such as lack of millennials and women pursuing careers in trucking, and the challenging lifestyle with drivers often spending extended periods away from family.
The shortage does come with opportunities for individuals interested in a career in commercial trucking. Many companies are offering incentives to prospects, such as paying for commercial licensing on the job training
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