Royalty Truck Insurance knows that the truck driving industry represents one of the largest work forces in the United States. There are over 3.2 million truck driving jobs in the country according to the US Department of Labor statistics and the industry is projected to grow steadily in the coming years higher than the rate of new drivers are developing.
With over three million drivers that need commercial truck insurance out there, we at Royalty have come to understand the business pretty well. Unfortunately the trucking industry was no exception to layoffs and job closures at the dawn of our current recession—the biggest in this country since the Great Depression. Shipping needs dropped by about 20% almost immediately with the recession, but recent statistics and quarterly business earning published by the big shipping conglomerates seem to suggest that the industry is picking back up, so much so that they are suggesting a current shortage of truck drivers. (more…)