Massive trucker shortage

http://www.foxbusiness.com/personal-fin … llet-soon/

According to the American Trucking Associations (ATA), the industry is about 30,000 short of qualified drivers. Over the next 10 years, that number is set to rise to 200,000.

The industry, which has an average 115-120% annual turnover rate, according to Brian Fielkow, CEO of Jetco Delivery, a logistics company specializing in regional trucking, also has an aging problem. Bob Costello, chief economist at the ATA, says the average age in the for-hire truckload market is about 49, and for less-than-truckload drivers (LTL) and private carriers the average is about 55.

The trucking industry is a vital component to economic growth, with trucks hauling 70% of all freight tonnage moved in the U.S., according to Costello. And as the economy continues to improve so does demand, which is good news for the industry and the economy, but there isn’t enough capacity to keep up. In fact, earlier this month, Swift Transportation reported in its quarterly earnings release that the “the overall driver market tightened more than anticipated.”