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Experts Predict Continued Economic Growth in 2007 During NTEA's Business and Market Planning Summit

October 17, 2006

FARMINGTON HILLS, MI – Continued economic growth in the trucking industry is forecasted for 2007; however, the growth will be significantly slower than in 2006, according to speakers at the National Truck Equipment Association’s (NTEA) 2007 Business and Market Planning Summit, held Oct. 3-4, 2006, in Rosemont, Ill. For the work truck and trailer industry, the pre-buy this year will cause a short recession in 2007 with an upturn in 2008, said Stephen Latin-Kasper, NTEA market data and research director. Latin-Kasper also pointed out that the utility industries in the United States and some abroad will remain good markets for the work truck and trailer industry sales in 2007. Other forecasts during the Summit included:

  • U.S. retail sales of Class 8 trucks and tractors will range between 283,000–360,000 for 2006 and 187,000–205,000 for 2007.
  • The state and local government end-use markets will do well due to increased tax revenues and funds for internal service that will lead to more truck purchases from state fleets.
  • Truck and truck equipment companies that sell to highway and street contractors should have a good year, while demand for trucks from most other end-use markets will be down next year.
  • U.S. gross domestic product will vary from 3.3–3.4 percent in 2006 to 2.2–2.9 percent in 2007.
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