Thousands of motor carriers close in first half of 2024

Sep 19, 2024 at 03:53 PM CST
The abrupt closure of Illinois-based trucking company Midwest Transport Inc. which left over 480 drivers suddenly out of work, left many questioning the position of the trucking industry. The closure is just the latest in a string of companies that have shuttered its doors over the past two years. Analyzing data from the Federal Motor Carriers Association (FMCSA), TruckInfo.net found a net contraction of nearly 10,000 motor carriers in the first half of 2024 alone. The freight market is typically a leading indicator of the general economy Research by the Bureau of Transportation Statistics shows that dips in the freight market typically precede dips in the general economy.

Sep 19, 2024 at 03:53 PM CST

The abrupt closure of Illinois-based trucking company Midwest Transport Inc. which left over 480 drivers suddenly out of work, left many questioning the position of the trucking industry.

The closure is just the latest in a string of companies that have shuttered its doors over the past two years. Analyzing data from the Federal Motor Carriers Association (FMCSA), TruckInfo.net found a net contraction of nearly 10,000 motor carriers in the first half of 2024 alone.

The freight market is typically a leading indicator of the general economy

Research by the Bureau of Transportation Statistics shows that dips in the freight market typically precede dips in the general economy.