* New York - Correlation between big wheelers and recovery
-- When it comes to economic growth, not many people think of trucking as an indicator, but recent statistics show a correlation between big wheelers and recovery. Surprisingly, only three sectors of the American economy contribute more to GDP than transportation: housing, food, and health care... Transportation and warehousing jobs increased by 17,100 in June, and trucking jobs in particular are looking up with 7,000 new jobs... Capacity is an important part of the equation. The recession took its toll on trucking, dropping capacity and squeezing some truckers out of the industry. With the pickup in demand, not only are jobs being added, but trucking firms have also been able to update their fleets. Orders for North American Class 8 trucks increased to 375,000 units according to the transportation research firm FTR, constituting the second-best year ever for sales... How much of the total freight spending in America is directed at the trucking industry? According to the ATA report, trucks accounted for 80.3% of all U.S. freight spending while moving 9.96 billion tons of cargo... In essence, the trucking industry has finally recovered from the Great Recession and is looking forward to doing its part to “drive” economic growth and keep America “moving down the highway” toward recovery...
(Photo: Jetta Productions/Getty Images) -- NY, USA - MoneyTips/Time - July 30, 2015
* Pennsylvania - From trucking to freight brokering
-- Trucking can be a rewarding career, but it may not be right for every life situation. If you're a trucker who wants to stay in the industry but not drive, freight brokering might be the answer... Licensed freight brokers may be companies or individuals, some of whom work out of their homes, that match up carriers with shippers for a fee. According to Transportation Training Solutions, a Texas-based freight brokerage training institution, there are 4,000 licensed transportation brokers in the US. Only 50 percent of them work full-time... A freight broker has low startup costs and monthly overhead — "a couple of phones, a fax, a computer and file cabinets, and you're in business," says Thomas. "[But] it's difficult. You may have to wait two years or more to make good money."
Transportation Training Solutions officials list three major initial investments you need to make.
— You will need to obtain broker's authority from a financial institution. The fee is $300.
— You must obtain a surety bond or trust fund from a local bank or bonding company. Depending on your personal credit history, costs range from as little as $550 per year to a one-time fee of $10,000. This basically acts as your insurance policy for the loads you broker.
— You should pay a processing agent fee of $50. If a lawsuit is filed against you, a lawyer from the state you're being sued in will inform you of the claim.
... Transportation Training Solutions estimates potential profit for full-time brokers ranges from $40,000 to $150,000 a year. According to Thomas, a typical load may yield a $1,400 profit for the trucker and $140 for the broker. At five times a week, you can make $700 per week; at 25 times a week, $3,500...
(Photo: freight brokering office) -- Doylestown, PA, USA - The Intelligencer, by Aileen Cho Monster - Jul 29, 2015.Labels: trucking industry news USA
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