Trucking Industry Looking Toward Bright Future

Trucks are still the dominant form of freight transportation in the US.

This past century has been one of change, more so than almost any other period of time. One industry where change has been the most dramatic and the most rapid is transportation. Trains replaced carriages, then cars replaced trains, then airplanes replaced cars as the dominant form of personal transportation over long distances. However, when it comes to moving freight across the country, there is still one mode of transportation that reigns supreme: trucking.

The trucking industry is a massive one that is vital to the US economy. 3.5 million drivers drive 690 billion miles a year, transporting $671 billion dollars’ worth of goods, or 70% of all freight transported in the United States. Truckers aren’t only expected to maintain their position as the dominant form of freight transportation; they’re actually projected to transport even more. A recent study by the American Trucking Associations predicts that the volume of freight moved by trucks will increase by an annual rate of 3.5% for the next five years, and total revenue from freight transportation will shoot up by 72% over the next twelve years.

There’s one major thing to take away from all this: if you’re in the trucking business, there’s no better time than right now to expand and broaden your business. With steady growth predicted for the next decade, you can’t ask for a more ripe opportunity for innovation. However, in order to do that, you’ll need financing, and unfortunately many banks are currently reluctant to give out small business loans. That’s where Silver Rock Funding comes in. Our network of lenders can get you a merchant cash advance of up to $500,000 for your business needs, making sure you have all the tools at your disposal to make the most out of your business.