General freight trucking companies have posted, on average, nearly 25 percent sales growth for the 12 months ended May 31, based on according to Sagework. The company is well known for their data and Sagework recently came out with their financial statement analysis of businesses with less than $5 million in annual revenue. Specialty freight trucking companies, which includes tankers and refrigerated trucks, increased sales by 16%, on average, close to double the growth rate for small businesses across all industries.
General freight trucking continues to be the biggest driving factor in the trucking industry for small businesses. Truck load board websites and platforms have been a contributor to this growth, allowing small businesses to compete against larger companies in the industry. And with a stronger economy, more customers are buying. All of these elements play a role in the growth, as well as the growing demand.
“A lot of the growth in trucking initially after the recession was related to oil and oil production, but even as some of the production has tapered down and oil prices have dropped, growth among small businesses in the industry still remains high,” said Sageworks analyst Chuck Nwokocha.
Meanwhile, five of the 10 fastest-growing industries in small business are tied to construction. Contractors involved in site preparation, foundations, utility lines, remodeling and mechanical equipment installation all have been growing sales notably faster than the 8.5% average for all small businesses. And companies providing janitorial, pest control and other building services are growing at double the rate of the average small business.