Drivers wanted

In spite of ongoing headwinds, the trucking industry in the US is picking up speed.  Notably, while road freight rates have been down 10% to 15% year on year, against elevated comparisons, investments in trucking equipment have risen sharply in 2023. In the first half of 2023, private fixed investment in transportation equipment in the US rose 42% year on year to USD 617 billion. Furthermore, employment in the trucking industry is rising at a time when there is a 2.6 million driver shortage globally, according to the International Road Transport Union.  In the US, employment in the trucking transportation industry in June is up 4.7% from the same period in pre-pandemic 2019. Perhaps autonomous technology will play a bigger role one day, but for the time being, drivers are wanted.

Source: U.S. Bureau of Labor Statistics, July 2023