Among the trucking industry trends to keep an eye on is a slow but steady improvement in the overall economy for 2014, according to three industry experts who spoke at the American Trucking Association Management Conference and Exhibition in October 2013.
One of these speakers was Mark Vitner, chief economist for Wells Fargo. He predicted that gross domestic product (GDP) for the year will grow at a rate of 2.4%, slightly better than the 2.2% rate for 2013.
This opinion was seconded by ATA’s chief economist, Bob Costello. He noted that while fleet revenue has been flat recently due to rising equipment and driver costs, this should change once the economy experiences two or three quarters of +3% growth.
The situation in the trucking industry right now is an overall balance between supply and demand, according to Kenny Vieth, president of ACT research, who also spoke at the October gathering. He stated that for right now, companies are putting off buying additional equipment, waiting to see what the economy does. Once it’s clear that it’s in an upswing, he says the industry will enter a growth phase, in which it will add drivers and vehicles to meet increasing demand.
Be Ready for When Business Picks Up
Anyone who has been in the transportation industry for long knows how much it’s affected by the national economy. Though things might be slow right now, all indications show that better times are coming soon.
One way to make sure you’re ready when things pick up is to make sure your company is running as smoothly and efficiently as possible. That’s where TruckingOffice comes in. Our software helps owner-operators, fleet presidents, and freight brokers to manage the countless paperwork-related tasks that come with the business.
We’re so sure you’ll love TruckingOffice, we’re offering a free 30-day test drive. Try it out and see for yourself how much easier it makes running your business.