Financial experts have been predicting a recession and economic metrics indicate that 2023 could prove these predictions correct. While these predictions could still pan out in a variety of different ways, the trucking industry is expected to stay strong. Even with inflation and diesel prices, it’s highly unlikely that truck drivers will experience job loss. In fact, many trucking companies are increasing their business now.
With the supply chain issues of 2021 behind us, the industry has begun to normalize and grow once again. While the threat of recession has lowered the excessive demand for goods and materials we saw a year ago, trucking professionals are hopeful for a prosperous new year, and rightfully so. According to data from Allied Market Research Report, the global freight industry is expected to balloon from $2.732 trillion in 2021 to more than $4.457 trillion by 2031.
Here’s a closer look at why trucking is predicted to weather an economic downturn better than most.
There is always a need for goods to be transported
No matter what the state of the economy is, there will always be a need for goods to be transported from one place to another. This means that there will always be a demand for truckers.
The trucking industry plays a vital role in the economy by transporting goods and keeping supply chains moving. As we learned in 2020, even when everything else shuts down, the trucking industry keeps on rolling.
The demand for truckers is always high
There are nearly 3 million professional truck drivers in the United States, and that number is only expected to grow because of the constant demand for goods to be transported regardless of the state of the economy. In fact, in previous recessions, the number of trucking jobs actually increased!
There is currently a shortage of drivers in the industry, which means that companies are always searching for qualified drivers to fill their open positions. When there’s high demand and low supply, that’s good news for job seekers!
If you’re already working as a driver, there’s no need to worry about a recession, and if you’re looking for a recession-proof career, now might be a good time to get your CDL. The demand for your services will always be high, giving you plenty of options in any economy.