Industry outlook looking up; driver shortage continues to be a challenge
An analyst for Cass Freight Index reports that the U.S. freight market continues to enjoy solid growth in spite of widespread driver shortages.
“The freight industry continues to experience the strongest year since the recession ended, and while there are still headwinds, things should continue to improve for the industry,” stated Rosalyn Wilson, senior business analyst with Parsons.
Bob Costello, chief economist for the American Trucking Associations, said that freight volumes in the trucking industry are continuing to grow. Yet he tempered that upbeat note by pointing out that “the looming driver shortage” could hold back growth.
“Freight volumes are growing nicely on a year-over-year basis for most trucking sectors as economic growth remains solid,” said Costello.
“Industry revenue and average revenue per mile are increasing nicely as capacity remains constrained,” he continued. “However, the industry is having a difficult time adding trucks due to the driver shortage.”