The Spring 2023 Semiannual Economic Forecast by the Institute for Supply Management (ISM) forecasts the U.S. economy will continue to expand softly for the rest of 2023. The ISM expects the remainder of 2023 “are similar to those expressed in December 2022, despite continued inflation and geopolitical uncertainty”, according to Timothy R. Fiore, Chair of…
Truckload freight volumes declined, and national average spot rates for dry van and refrigerated (“reefer”) loads fell for the fourth consecutive month in April. The DAT Truckload Volume Index (TVI), a measure of loads moved during a given month, was lower for all three equipment types: Van TVI was 206, down 15.5% from March and…
The Fannie Mae Home Purchase Sentiment Index (HPSI) increased in April to its highest level since May 2022, jumping 5.5 points to 66.8. Year over year, the full index is down 1.7 points. All six of the HPSI’s components increased monthly, most notably the component associated with consumers’ expectations of mortgage rates. While the component…
The substantial development of new warehouses along our interstates has been hard to miss in the last two years. Newmark has conducted a report that explores factors driving accelerated sector growth and quantifies key metrics for top U.S. cold storage markets experiencing expansion. According to Newmark, national cold storage development hit an all-time high of…
One of the great joys of trucking is the joy our work brings to children. When we’re young, the image of a giant truck soaring by on the highway is a pure marvel – like you’re seeing a real-life Transformer. And if you’re the type of trucker who responds to passers-by pantomiming horn pulls with…
Produce season is upon us, and you don’t have to be hauling food to feel its effects. It’s a time of year when demand for trucks is near its highest. And when demand rises, rates follow. That’s why this is a time of year most carriers look forward to, especially when freight markets have been…
Higher levels of commercial construction activity are offsetting the well-documented slowdown in residential construction. Boosted by new developments for electric vehicles, schools, e-commerce warehouses, manufacturing plants, and more recently, infrastructure projects, flatbed and specialized carriers are seeing more robust than expected demand this year. According to the U.S. Census Bureau, construction spending for non-residential projects…
The 2023 produce season starts in the Southeast but is driven by California regarding the market-wide lift truckload volume and spot rates. The multi-year drought in California suppressed the 2022 produce season; this year, it’s impacted by extensive flooding in January and March. The area worst affected by the flooding was the Salinas Valley, where…
The U.S. Bank Freight Payments Index is based on more than $46 billion in freight payments annually and provides a quarterly look at the domestic truckload and less-than-truckload freight market. There were some mixed signals in the recently published first-quarter report for 2023. Even though the volume of shipments decreased by just over 6% compared…
The transportation logistics industry has seen its fair share of ups and downs in recent years – from the COVID-19 pandemic to recent supply chain issues. Now, in response to this tumultuous environment, the logistics industry has become increasingly data-driven. To help optimize supply chains, predict and prepare for market shifts, better understand performance, and…