The trucking industry generates over $700 billion in revenue every year and moves over 70 percent of all physical goods in the United States. As the foundation for our economy, the industry facilitates everything from construction to manufacturing, grocery stores, and e-commerce. However, there are a few facts many people overlook when they think about trucking.
Almost 6 percent of full-time jobs in the US are in the trucking industry
Last year, the Bureau of Labor Statistics reported that there were roughly 130 million full-time jobs in the United States. Of those full-time jobs, 7.4 million were in the trucking industry. In short, it provides full-time employment to almost 6 percent of all working Americans.
Over 40 percent of all jobs in the trucking industry are held by women and minorities
Across most industries in the US, there is a drive for a diversified workforce. In America, women and minorities combined hold 22 percent of the jobs nationwide. The industry has always stressed equal opportunity employment for anyone with the right skills, and the diversity in the workforce outpaces other industries in the US.
The FMCSA’s administrators have never been in trucking
The people in charge of the Federal Motor Carrier Safety Administration have never held jobs in the trucking industry. Some see this as impartiality, while others wonder how people without experience in trucking can understand the demands of the industry.
The average truck driver logs more than 100k miles every year
Despite restrictions and regulations, most truck drivers log an average of 2,500 to 3,000 miles every week. This outpaces the average motorist in the United States by roughly 10 times.
About that $700 billion per year in revenue
The revenue the trucking industry generates per year is higher than the GDP of over 150 countries in the world. In fact, if the industry were a country unto itself, it would rank 33rd in overall GDP lists.
Most of that $700 billion is tied up in unpaid receivables
At any given time, most of the revenue generated by the trucking industry is tied up in unpaid receivables. Trucking companies have to wait 30 days or longer to see a payment from clients. To solve this, most fleets and owner-operators use factoring to turn those unpaid receivables into cash within 24 hours. Express Freight Finance is a national leader in factoring services. Our founders have deep roots in the trucking industry, and we offer solutions to keep the industry moving. Contact our offices today to learn more about our comprehensive factoring services.