Strong demands for competing labor continue to put pressure on the Driver Labor Index (truck share of employment) calculated by FTR Associates. However, FTR’s forecast for slowing freight growth in 2005 is allowing fleets to work off some of the record driver shortages accumulated during the last 18 months.
The company predicts that the driver shortage will continue to shrink, ending 2005 with a shortfall of 33,000 drivers, down from the estimated cumulative shortage of 300,000 during 2003/2004. Any upturn in freight demand will reverse this trend and significantly impact the industry’s need for additional drivers.
The Driver Labor Market Indicators report looks at supply and demand issues as well as how freight and broader labor markets all affect the pool of available drivers. The ability to put drivers in vehicles has a major impact on individual fleet and industry expansion plans.
FTR Associates, located in Nashville, IN has been a leader in transportation forecasting for over 30 years. The company’s U.S. Freight Model collects and analyzes all data likely to impact freight movement and is based on specific characteristics for over 200 commodity groups. FTR Associates’ forecast reports cover trucking and rail transportation and include demand analysis for commercial vehicle as well as railcar. Specially designed reports are offered to participants in both industries to cover specific needs. For more information about the work of FTR Associates, visit www.ftrassociates.net or call Eric Starks at 812-325-4690