Nashville, Tennessee – For a Second Consecutive Year, Economic Conditions Top ATRI's Annual Industry Concerns for 2024
The national economy has consecutively been the top industry issue for ATRI for the second year.
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Insurance costs and availability have risen the fastest from the results of 2023.
Nashville, Tennessee — According to the American Transportation Research Institute (ATRI)’s 2024 Top Industry Concerns list, the national economy has again been ranked as the top issue for the second consecutive year.
The report highlights that the reason for concern is the combined impact of rising operating costs amid ongoing freight rate declines and a recession in freight volumes. ATRI’s annual Trucking Cost Study also documented an industry cost increase of over 22% over the past two years — marking the highest cost record in the study’s 16-year history.
The annual survey report was released on October 12 at ATRI’s “Major Reveal” session during the American Trucking Associations Management Conference & Exhibition. ATRI’s survey remains one of the most popular segments at MCE.
Economic concerns this year were also sparked by the International Longshoremen’s Association strike at East Coast ports, the presidential election, and the destruction caused by Hurricanes Helene and Milton.
“There is no doubt that it has been another tough year for the trucking industry,” said Gregg Troian, President of PGT Trucking and member of ATRI’s Research Advisory Board. “Our costs continue to rise while freight demand remains weak. But we can rely on ATRI’s analysis each year not only to quantify these issues but more importantly, what steps as an industry we can take together to address them.”
This year, truck parking shortages remained in second place, with the widespread increase in frivolous lawsuits climbing to third. The biggest jump this year was insurance costs and availability, which rose eight spots to fourth. Driver compensation ranked among the top five.
The national transition of truck fleets to battery electric vehicles — along with an aggressive timeline and substantial costs to achieve this goal — propelled battery-electric vehicles up six places to sixth in the ranking compared to last year’s survey.
Positions seven through ten include FMCSA’s Compliance, Safety, Accountability Safety Measurement System, detention/delays at customer facilities, driver shortage, and distracted driving.
As part of its analysis, ATRI tracks emerging topics that have garnered significant industry attention but are not yet in the top ten.
This analysis provides insights into themes that could become leading issues for the industry in the future and records those whose urgency has declined, including oil prices, driver retention, and transportation infrastructure/congestion/funding concerns which fell out of the top ten this year.
Over 3,700 trucking industry stakeholders participated in the survey, including carriers, drivers, suppliers, trainer instructors, and law enforcement personnel.
More than 45% of survey respondents were carrier executives and staff, with drivers making up 31%.
Among driver respondents, parking for trucks, driver compensation, and the economy were the top three concerns. Carriers listed economic conditions, litigation abuse reform, and a driver shortage as their top three concerns.
Company drivers viewed driver compensation as their primary concern, while owner-operators/independent operators considered the economy to be their main issue. Law enforcement officers in trucking companies were most concerned about distracted driving.
Among other observations, ATRI’s report noted that 2024 was a year of many new developments. The collapse of the Francis Scott Key Bridge in Baltimore after being struck by a container ship highlighted the need for resilient infrastructure. Truck parking received significant investment through the Infrastructure Investment and Jobs Act of 2021.
There has been increased focus at the federal level on cargo theft and predatory trailer practices. As some industry groups ceased appeals against California’s enforcement of narrower independent contractor classifications, others doubled down on opposing the final rule mandating battery-electric truck sales effective for model year 2027. Meanwhile, new technologies such as artificial intelligence were introduced with the potential to transform business operations.
ATRI is a non-profit research organization affiliated with ATA.
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Source website: Transport Topics
