Freight Brokerages Continue Negative Growth In 2024
The freight brokerage industry is experiencing a significant slowdown in 2024. The net change in active brokerages (number of new licenses issued minus those deactivated) has been consistently negative, marking a steeper decline than any period since the minimum surety bond requirements increased in 2013 (when 7,991 authorities became inactive).
This downturn surpasses even the Great Recession (2008-2011), during which only two months saw triple-digit net losses in freight brokerage numbers.
The severity of the current situation raises the question: are we witnessing the beginnings of a "Great Freight Recession"? If the market doesn't recover later this year or in 2025, a "Great Freight Depression" might become a grim reality.
Monthly Net Change in New Freight Brokerages (2024):
- January: -512
- February: -383
- March: -191
- April: -414
- May: -244
- June (preliminary): -265