Trucking industry downshifts as it searches for a smoother road ahead.
Global economic headwinds and cautious consumer spending have created volatility in the freight transportation industry in 2023. Rising inflation and fuel rates have pushed freight rates up moderately heading into the end of the year. The instability of companies in the industry has caused some concern, such as the announcement of less-than-truckload (LTL) giant Yellow ceasing operations this past summer. However, strong GDP growth, resilient consumer spending, healthy job creation, and near-record-low unemployment provide reasons for optimism. The post-pandemic landscape has normalized from widespread economic and supply disruption but still provides broad opportunities for the industry.
Occupier View
Trends:
- Driver demand remains a top priority for many companies
- The market for last-mile delivery and cargo transport is closely following consumer spending
Looking Ahead:
- Keeping up with technology change will require more investment and training
- Safety will remain a top priority as labor-related challenges in the trucking industry remain
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