2024 ATRI Industry Top Concern: Economy Tops Again
Insurance costs and availability saw the biggest increase in 2023 results.
Nashville, Tennessee — For the second consecutive year, the national economic condition has topped the list of industry concerns in the American Transportation Research Institute (ATRI) 2024 report.
The report highlights that the cause for concern is the rise in operating costs coupled with a sustained freight recession and declining freight rates. ATRI’s annual “Truck Cost Study” also documented an over 22% increase in industry costs over the past two years, setting a record high since its inception 16 years ago.
This annual survey was released at the “ATRI Revealed 2024” conference on October 12th, which is part of the American Trucking Associations’ Management Conference and Exhibition. ATRI’s survey remains one of the most popular segments of the conference and exhibition.
Factors contributing to economic concerns this year include the International Longshore Workers Union strike at East Coast ports, the presidential election, and the destruction caused by hurricanes Helen and Milton.
“There is no doubt that it has been another challenging 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 struggles. However, we can rely on ATRI’s analysis every year not only to quantify issues but more importantly, what collective actions our industry can take to address each issue.”
This year, inadequate truck parking remains the second top concern, and the proliferation of frivolous lawsuits has risen to third place. Insurance costs and availability saw the biggest jump in ranking this year, moving up eight places to fourth. Driver compensation ranks at the bottom end of the top five.
The ongoing focus on transitioning national truck fleets to battery electric vehicles — along with aggressive timelines and significant costs associated with such a transition — has propelled battery electric vehicles into sixth place, four spots higher than last year’s survey.
Positions seven through ten include FMCSA’s Compliance Safety Accountability Safety Measurement System, detention/delay at customer facilities, driver shortage, and distracted driving.
As part of the analysis, ATRI tracks issues that have significant industry interest but fall slightly below the top ten.
This analysis provides insight into potential future major industry concerns and records those with key declines, including fuel prices, driver retention, and transportation infrastructure/congestion/funding falling out of the top ten.
Over 3,700 trucking industry stakeholders participated in the survey, including motor carriers, drivers, suppliers, trainer instructors, and law enforcement officials.
More than 45% of survey respondents were executives and staff from motor carriers, while drivers accounted for 31%.
Among driver respondents, parking, compensation, and the economy are the top three concerns. Motor carriers list the economy, frivolous lawsuit reform, and driver shortage as their top three issues.
Company drivers consider compensation to be their primary concern, whereas owner-operators/independent contractors rank the economy as their number one issue. Distracted driving is the main concern for law enforcement officials from motor carriers.
In other observations, ATRI’s report noted several new developments in 2024. The collapse of Baltimore’s Francis Scott Key Bridge after being hit by a container ship in March highlighted the need for resilient infrastructure. Truck parking received significant investment through the Infrastructure Investment and Jobs Act of 2021.
There is increased federal attention to cargo theft and predatory towing practices. While some industry groups ended their appeals against California’s narrower classification of independent contractors, others doubled down on opposing final regulations mandating battery electric truck sales starting with model year 2027. Meanwhile, new technologies like artificial intelligence are being introduced, potentially changing business operations.
ATRI is a non-profit research institute under ATA.
Source: Transport Topics
