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The freight brokerage industry saw a net decline of 265 active brokerages in June 2024, marking the sixth consecutive month of negative net changes.
2024 is proving to be a challenging year for the freight brokerage industry, with net changes in active freight brokerages continuing their downward trend.
According to Kevin Hill from Brush Pass Research, the net change, which calculates the difference between new active authorities and inactive ones, has been consistently negative throughout the first half of the year.
Monthly Net Change in Freight Brokerages:
These numbers make 2024 one of the worst years for freight brokerage growth since the Great Recession. In fact, the only period worse was in 2013, when 7,991 authorities went inactive before the minimum on surety bonds was raised, Hill explains.
During the Great Recession from 2008 to 2011, there were only two months where the net change in freight brokerages dipped into triple digits.
The current slump is surpassing that.
"If the market does not rebound later this year or next, it could be remembered as the Great Freight Depression," Hill says.
With many brokerages closing and fewer new ones starting, the industry faces a period of significant consolidation. The hope is that the market will stabilize and begin to recover, allowing for renewed growth and opportunities.
Source: Kevin Hill/Brush Pass Research
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