ATA Predicts Industry Growth Throughout 2023by Jake Tully - Published: 7/19/2017
Positive projections for the trucking industry – the American Trucking Associations predicts a sizeable bump in growth and freight for the industry in their latest forecast.
The ATA announced earlier today that overall upswing that the trucking industry is currently facing is likely to continue, as shifts in population growth hold steady.
The association’s study, ATA Freight Transportation Forecast 2017 predicts that freight volume will continue to grow 2.8% throughout 2017, with an annual growth rate of 3.4% through 2023.
For 2017, the ATA posits that close to 15.18 billion tons of freight will be moved by all modes of transportation.
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In order to handle freight demands, however, ATA Chief Economist suggests that the industry may need to adjust its ability to handle incoming freight requests.
"Over the forecast period, capacity shortfalls will develop," said Costello. "We are starting to see some selected tightness in freight handling capacity, enough to suggest that capacity expansion will be required if the modes are going to be able to handle anticipated growth."
Costello also reported that growing freight numbers will see the number of trucks on the road rise, continuing to see trucking as the dominant freight mode.
To distribute the rest of the freight, Costello suggested that pipelines will be relied upon, with rail intermodal handling additional market share of distribution.
ATA President and CEO Chris Spear reported that the report from the Forecast 2017 are vital prognostications for the industry as a whole.
"As we look ahead at the rest of the 21st Century, the projections found in Freight Transportation Forecast are invaluable to decision makers in the board room and the hearing room alike," said Spear. "Having good, accurate data is critical to making sure businesses are making appropriate investments in their companies and that our government is making the proper investments in our nation's infrastructure."
The ATA Freight Transportation Forecast 2017 can be purchased in full at the ATA’s site.