LONG BEACH, Calif. — The intermodal and third-party logistics industries are experiencing growth that is running parallel to the strength of the economy.
Joni Casey, executive director of the Intermodal Association of North America, said intermodal volumes were at 12.6 million loads through August, up about 7% year-to-date over last year.
Casey made the remarks here at IANA’s Intermodal Expo 2018, before more than 2,000 representatives of the transportation and intermodal communities.
“We’re meeting at a time of economic growth. GDP and consumer spending are up. This translates into more freight and bodes well for intermodal volumes,” Casey said.
Bill Strauss, senior economist and economic adviser with the Federal Reserve Bank of Chicago, told attendees the economy is in its 10th year of expansion and has been growing at a rate of 2.3% since 2009. If growth continues through July 2019, “it will get us to a new record level of expansion,” he said.
The third-party logistics sector is also experiencing growth, and Evan Armstrong, president of Armstrong & Associates, estimates the global 3PL market will grow to $968 billion this year. That compares with $869 billion last year.