August 18th, 2022

How does the Truck Business Impacts the Economy in the US?

Today, we will discuss how crucial is the truck business for the US nation, and how this is a catalyst for the American Economy.
The trucking sector in the United States was worth $791.7 billion in 2019. Trucking, as a billion-dollar business, is critical to our country's economic infrastructure. But how do the billions of dollars earned by America's hardworking truck drivers affect the economy?

Helping businesses
How do truck drivers affect the economy in terms of supporting non-trucking firms and other industries? It turns out that truck drivers are critical to the running of businesses in a variety of industries. Consider all of the things you could encounter at a grocery, from perishable food to toiletries. Think of all of the items that help the business run smoothly: the freezer aisles, the store shelves, and the cash registers. Consider the primary resources required to construct the store. The trucking business most likely delivered all or virtually all of these products to the store site. Millions of truck drivers are entrusted with transporting fresh food, consumer packaged products, raw materials, and other items throughout the country every day. In only one year, US trucks transported approximately 11.84 billion tons of freight, accounting for 72.5% of all freight moved throughout the country. Truck drivers are needed at grocery shops, local companies, large warehouses, and many other areas. Without dependable transportation for their commodities, these companies sometimes do not have items to sell or the raw materials needed to make their products and run their day-to-day operations Truck drivers are critical to numerous businesses in both good and bad economic times. However, the present recession caused by the epidemic has increased the reliance on truck drivers in other businesses. 

Supporting individuals
Other sectors use truck drivers for their financial and commercial operations as well. Individuals, families, and communities all require truck drivers. Approximately 80% of communities in the United States rely on the trucking sector for daily necessities such as food, drinking water, and hygiene. Given how the epidemic has boosted the number of individuals who use shipping services regularly, that proportion is likely to be much higher right now. What if truckers weren't able to assist these families and communities as much as they do? Let us pray we never find out the truth. However, Time magazine experts say ATMs would run out of cash in a matter of days, perishable food will be scarce after three days, and drinking water will be inaccessible in two to four weeks. Truck drivers play an important role in enabling millions of people around the country to live and enjoy their everyday lives.

Offer employments
Millions of Americans and their families rely on the trucking business for a living. The transportation sector employs around 7.4 million people. That equates to around 5.8% of all full-time occupations in the United States. Truck drivers account for slightly more than half of those employed, or around 3.5 million people. There would be massive employment losses across the country if trucking jobs were not available in the United States. Fortunately for both the trucking industry and the national economy, the number of available trucking jobs is increasing, even during the present global crisis. Over 10,000 more truck driving jobs became available between April and June. Meanwhile, in the middle of a recession worse than the Great Depression, unemployment rates remain at all-time highs, with the hotel and leisure industries among the worst hit. Even during economic downturns, trucking jobs provide steady employment with consistent pay and benefits for millions of people.

The National Revenue
In terms of dollar signs, how do truck drivers affect the economy? The quick answer is a lot.
​As previously said, the transportation sector is worth billions of dollars. When most people think of billion-dollar industries, they think of technology-related sectors like IoT or cloud computing. However, it is critical not to get caught up in the tech craze and overlook industries like transportation, on which many more people rely for a living. Last year, the transportation business was worth $791.7 billion. To put this in context, the US trucking industry generated more money than the gross domestic product (GDP) of over 150 countries.

How can The Speed Bill help you be part of this immense system of economy?
The Speed Bill is a financial service that helps you manage your finances fast, efficiently, and with a lack of error. As we know, being a business owner, at the beginning of your journey, where you have a lot of things to do and to keep track of, we are your breeze. You don’t have to bother with how the payments are processed, or if your money has arrived in your bank account. Also, all the problems with the insurance are on us. In other words, we manage your finance while you manage your business. Still, looking for more? Check out our website for more, request a call, and we will get in touch with you.