The majority of trucking executives surveyed by GE Capital say they plan to add more new equipment in the coming year than they did in the previous 12 months.
The survey, conducted with middle-market trucking company executives, also found a greater sense of optimism in the trucking industry about the general economy and the freight market. It also revealed key challenges facing the industry, including retaining employees and new regulations.
More than half of the firms surveyed expect to add jobs with employment in the sector projected to grow by an average of 5.4% year-over-year. Half of the business leaders also believe the industry will expand in the coming year.
The survey also found nearly three-quarters of trucking firms expressing concern about the hours of service regulations. One in five executives were also concerned about CSA and reauthorization of the highway bill.
Also of significant importance to the industry are staffing and recruitment issues surrounding keeping qualified employees. The executives expect it to remain a challenge in the future with more than half of firms expecting to increase employment in the next 12 months.