If you had a magic eight-ball, all of the answers for 2020 would be “the outlook is uncertain.” For every region and industry in the United States that opens up, a new spike on COVID-19 infections sets everything back to square one. From industrial manufacturers to Main Street, the economy is in an uncertain state, despite what a few lawmakers might claim. Yet despite uncertain economic averages, the trucking sector is pulling ahead of almost every other industry.
The Trucking Sector and New Economic Demands
Since March, businesses and consumers alike have been making purchases and offering goods online. Bulk industrial supplies, groceries, and more can be purchased on websites or through mobile apps, which has given e-commerce its biggest lead to date. This also means that the trucking industry has experience huge demand in spot trucking and LTL shipments. In fact, the trucking sector now has more leverage on LTL pricing than shippers and brokers, so fleets and owner-operators can push for larger earnings. Disruptions in the supply chain pushed more freight to spot trucking at the start of the pandemic, and enough time has passed for the trucking industry to handle new routes and demands.
Adaptability is the Key
Between the pandemic and now hurricane season, the trucking sector has had to remain agile and adapt to market changes. While the storm season varies by intensity, it is at least predictable. The COVID-19 pandemic, however, has been unpredictable and disruptive. Regardless of reopenings and restrictions, the trucking industry has been meeting challenges cause by nature, the coronavirus, legislation, and much more, only to stay ahead of economic averages. No one can say how long the health scare will last, but is the trucking industry can keep adapting, the rest of the economy will eventually fall into line and make the necessary adjustments to start growing again.
One thing is certain, the tremendous work the trucking sector is doing to maintain supply chains for consumers, the medical field, and other industries is one of the major reasons why they are pulling ahead of economic averages.