Survey: Demand for Financing to Remain Strong in Trucking Industry
MAR 24, 2015 - 7:17 am
According to a recent GE Capital, Transportation Finance survey, the trucking industry continues to enjoy very strong revenue and employment growth, and this upward trend is expected to continue.
According to the survey, half of business leaders in trucking expect the industry to expand in the coming year. Demand for financing will likely remain strong as businesses borrow to add vehicles and other equipment.
The top business challenges include the cost of healthcare and government regulation, particularly hours of service, comprehensive safety accountability and reauthorization of the highway bill, in addition, many firms find it difficult to recruit and retain drivers.
The survey, which included 37 middle-market trucking companies, with 55% of the surveyed companies reporting annual revenue of less than $50 million, specifically found that more than half of the firms expected to add jobs over the next 12 months, while overall employment in the field was expected to grow an average of 5.1% year-over-year. In particular, the surveyed companies were more optimistic about their local economy than the U.S. or global economies.
To view the full GE Capital “Trucking Industry Economic Outlook Survey”, click here.
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