Keep On Truckin
August 19, 2018
How would you like to spend four years of your life going into debt to the tune of $100,000 for a liberal arts education and then start earning maybe, $40,000 a year?
Or, you could spend a couple months at a truck driving school to get a big rig license that will cost about $5,000, and then start earning $55,000 to $60,000 a year. And, drivers are in such demand these days that many trucking companies will reimburse you for some, if not all, of your schooling and CDL license.
Orders for heavy-duty trucks hit a record high last month, as carriers riding a white-hot freight market lined up for new big rigs during what is normally the slowest month for equipment purchases.
Trucking companies ordered 52,400 Class 8 trucks, the big rigs used for regional and long-haul routes, according to a preliminary report from ACT Research. That is nearly triple the orders from last year when fleets ordered 18,726 trucks and a 24% jump from June’s orders.
“This is an all-time record,” said Tim Denoyer, a vice president and senior analyst with ACT, which has order data going back nearly four decades.
The July peak follows a six-month ordering spree as trucking companies flush with cash from near-record earnings placed more orders than equipment manufacturers could handle.
Trucking companies are displaying strong confidence that demand will remain robust throughout the peak fall shipping season and beyond.