Although it’s too early to collect data regarding the economic impact from Hurricane Irma, which hit Florida this week, using the fallout from Hurricane Harvey’s impact on Texas, Noël Perry, a partner at research firm FTR Transportation Intelligence and senior economist for Truckstop.com, sees significant impact on truck freight volumes ahead.
Together Florida and Texas represent about 15% of the U.S. economy, he said. As a result, the storm interruptions of those two economic engines, fourth and second respectively among the states, will reduce U.S. gross domestic product (GDP) growth about 0.5% in the third quarter this year.
Those two states also account for about 7% of U.S. trucking activity on a typical day and affect another 4% as important parts of truck trip circuits, Perry added.
Thus, using Harvey as a guide, this week will be a major “down week” for trucking in the Southeast, Perry said, with volumes off perhaps 25%. Inbound to Florida hauls will probably demand a premium, with prices up 10% to 30% depending on the lane. Meanwhile, prices may fall for outbound loads, he noted.