That is the message from Craig Faucette, Chief Operating Officer at IRU member Trucking HR Canada. He says trucking companies are not facing the same shortage levels seen during and immediately after the pandemic. But this is not because Canada has solved the long-term supply problem.
The Canadian economy has slowed and inflation has risen sharply, leading to higher interest rates. This has reduced demand for trucking services. As a result, fewer drivers are needed.
“It’s mostly driven by a reduction in demand for employment,” Craig Faucette told us. “We’re not seeing any significant changes in the supply of drivers that would solve this issue in the longer term.”
Trucking is highly exposed to wider economic conditions, especially trade with the US. Trucks transport around 70% of goods between Canada, the US and Mexico. When cross-border trade is disrupted, Canadian trucking feels it quickly. (....)