As the economy continues its rebounding with steady growth across multiple industries, small businesses throughout the country are feeling the positive effects. No industry is experiencing growth more than the trucking industry though. According to a report done by Sageworks, a financial analysis software company, trucking is now the fastest-growing small-business industry in the U.S.
This comes at a time when many businesses are questioning the efficiency and costs of using trucking for freight. But according to the ATA American Trucking Trends 2015 – ATA’s (American Trucking Associations) annual compendium of data on the trucking industry’s size and performance – the trucking industry generated more than $700 billion in revenue for the first time ever in 2014. And as of May 31, general freight trucking has recorded an almost 25 percent uptick in sales over the last 12-month period.
The trucking industry has seen such a positive swing in sales and demand that the industry is dealing with a shortage of 35,000 to 40,000 drivers according to ATA. Because of this shortage in drivers, more opportunities are available for small to mid-sized trucking businesses.
Trucking is not the only industry benefiting from increased consumer spending and manufacturing. The building and construction industry came in as the number two fastest growing industry with a 19 percent increase in sales over the past 12 months.
The growth in these industries presents entrepreneurs and business owners opportunities to gain access to different financing options that were not available during the economy downturn. Triumph Commercial Finance offers a wide range of options to help small to mid-sized trucking and construction businesses obtain capital for immediate cash flow, growth and acquisitions.
Triumph Business Capital provides invoice factoring to trucking companies to help manage cash flow.
Insurance for trucking and construction companies is also available through Triumph Insurance Group. They offer access to a number of flexible payments options to make sure each company has the right insurance for their business.
Triumph can help your business stay competitive in this strong industry through the many offerings to small and mid-sized trucking and construction companies.
Sources: Time and Wall Street Journal