Forecast Projects Strong Growth for Freight Industry through 2023
There is great news for you if you’re a freight company in Los Angeles like us (or anywhere else in the nation for that matter). According to a projection by the largest trade association in the trucking industry – American Transportation Associations- a significant level of growth in the freight industry, particularly for trucking, is anticipated in the years ahead. This is especially encouraging given the fact that the freight industry took a hit during the Great Recession and the slow economic recovery that has followed.
The projection comes courtesy of the American Trucking Associations’ U.S. Freight Transportation Forecast to 2023. This forecast is a collaboration between the American Trucking Associations, IHS Global Insight and Martin Labbe Associates. It describes the current state of the freight economy – where trucking is the leading mode of transportation – and projects an even more robust role for trucking in the future.
The forecast states that the trucking industry is the dominant force of the freight transportation industry concerning both tonnage and revenue. It notes that trucking comprised 67% of tonnage and 81% of revenue in 2011. It also states that revenues and tonnage percentages for both overall freight and trucking are expected to grow significantly by 2023. Total freight tonnage is expected to grow by 21% and revenue for the freight transportation industry is projected to rise 59%. Trucking’s share of the tonnage market will rise over 2 percentage points to 69.6%, while its share of freight revenues will increase from 80.9% to 81.7%.
With this forecast comes the expectation that the freight industry has made it through some tough times and is moving forward, with trucking leading the charge. This news leaves us at Best Yet Express with a higher level of excitement and anticipation for what comes ahead!
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