While not specifically studied in the Benesch survey, it is possible Ohio truckers balked at regulation more than their counterparts in other states because Ohioans are new to the shale energy industry. With additional experience, it is possible Ohio truckers will adopt views on regulation comparable to drivers in other states.
- The trucking industry has been an early beneficiary of the shale boom
55 percent of National respondents say they have experienced some growth in business since 2009 because of shale energy.
27 percent of Ohio trucking companies report shale activity has driven grown since 2009.
2009 was selected as the target date because it was one year after yield estimates for the Bakken and Marcellus shale plays were made public and, therefore, roughly mark the beginning of development. The Haynesville and Eagle Ford plays were already in production by this year but the Utica shale play had yet to be identified.
- It's a trend that is expected to continue
95 percent of national respondents anticipate growth in their businesses over the next five years and predict especially robust activity in tank trucking and bulk trucking.
92 percent of Ohio respondents expect business growth over the next five years; these companies anticipate opportunity in dry van trucking and specialized trucking.
97 percent of national respondents anticipate a growth in revenues over the next five years while 95 percent of Ohio companies anticipate the same.
- Job growth in the trucking sector of the economy is explosive
45 percent of national respondents expect to grow their workforces anywhere from 5 percent to 15 percent. An additional 11 percent said they plan to hire between 50 percent and 100 percent more employees.
47 percent of Ohio respondents plan to hire between 5 percent and 25 percent more workers over the next five years.
Impacts of the Benesch / NTTC / OTA survey study
"The survey illustrates the degree to which shale energy is an economic game-changer", says Benesch's Plewacki. "High demand for domestic and stable sources of energy are driving shale development at a rapid pace. Ancillary businesses, such as trucking, are reaping tremendous benefits and this can only benefit the economy as a whole. There are, however, threats to this prosperity. The trucking industry needs to new ways of finding and retaining drivers and mechanics. Growth isn't possible without this vital human capital. And trucking companies need find and retain legal professionals to help navigate changes in state regulation and maximize their opportunities."
Benesch is a full-service business law firm with offices in Cleveland, Columbus, Indianapolis, Philadelphia, White Plains, Wilmington and Shanghai. The shale oil & gas practice co-chairs are Orla E...
In the third quarter of 2012, GE Capital surveyed the CFOs of 500 U.S. middle-market companies across seven distinct industries to ascertain their views on the U.S. economy.
Compiled from State Maintenance Council Newsletters and Websites.