For every trucking job created in Idaho nearly one additional full job is created elsewhere in the state. This ‘ripple effect’ is due to a combination of factors including the new hire spending his or her wages in the area and increased revenues for suppliers. This effect is measured by a multiplier and in the case of the trucking industry, ranges from 1.6 to 2.24.
For additional facts about Idaho’s trucking industry, read on.
• Job Growth – Over the next decade job growth in the trucking industry is expected to match the rest of Idaho’s economy at around 1.5 percent, which will make it a major driver in Idaho’s economic growth.
• Demand – According to the Conference Board’s Help Wanted Online data, Idaho job postings for heavy and tractor-trailer truck drivers are consistently in the top five in ad volume. This high position suggests truck driver jobs are one of the most hard-to-fill of all occupations and may suffer from a skills gap and/or a limited supply of workers.
But this could also indicate that the occupation is growing rapidly and is replacing drivers Idaho is losing to other states, like the Dakotas, where companies are aggressively recruiting and offering generous compensation packages.
• Concentration in Economy – Of particular interest is Idaho’s high concentration of the trucking industry — also known as the location quotient — at 1.46, based on 1.0 being the national average. The state has roughly a 50 percent higher concentration of the industry than the national average, indicating the trucking industry is more important to the Idaho’s economy than in most states.
• Exports – According to Economic Modeling Specialists Intl., Idaho’s trucking industry exports total around $900 million with total revenues close to $1.7 billion.
• Gender and Age – Idaho’s trucking industry workforce is predominantly male, and more than half are over the age of 45 making recruitment, churn, retirements and turnover major concerns as the workforce ages.