TORONTO, Ont. – Members of Canada’s trucking industry appear somewhat pessimistic about the economic conditions they’ll face in 2020, according to a recent survey by Today’s Trucking.
The monthly Pulse Survey measured feelings on a number of economic factors, and respondents rated their optimism about the coming economic conditions at an average of three stars out of five. When asked to compare the coming trucking-related economic conditions to those experienced in 2019, the average was 2.8 out of five.
That said, most of those who were surveyed expect trucking rates to hold their ground or even increase. Thirty-six percent said they expect rates to stay the same, while 27% are banking on an increase of 1-5%.
General economic conditions were the largest factor expected to have the biggest impact on trucking rates in 2020, with 42% of respondents picking that option. The shortage of truck drivers and insurance costs were each cited by 9% of those surveyed, while 8% referenced ELDs.
While 64% of those who were surveyed expected their personal compensation to stay the same in 2020, the remainder were even split in their expectations of an increase or decrease.
Today’s Trucking conducts the Pulse Survey once a month, distributing the questions by email and social media channels.