July 9, 2020
On July 8, Trucking HR Canada released the second report in a series focused on assessing labour market impacts of COVID-19. This report includes updated insights of how COVID-19 is affecting trucking and logistics employment, and what can be expected for employers in the industry in the next three years. This second stage of the report presents a labour market forecast and shares results based on the ramifications of COVID-19. In the forecast, we learn that:
-Over the first two quarters of 2020, employment in the trucking and logistics sector is expected to contract by 10.4%, or 72,000 jobs, due to COVID-19. We expect a 10.9% contraction among truck drivers and 10.0% decline among non-truck driver occupations.
-Given anticipated retirements and other labour outflows from the truck driver occupation, there is a strong indication that, by 2023, labour demand is unlikely to be fully met, which would mean a return to driver shortages
-We estimate that COVID-19 and its economy-wide impacts will result in declines in truck driver employment that cost the truck transportation industry approximately $3.2 billion in sales in 2020.
On July 9, Trucking HR is holding a briefing with the Government of Canada to share this important update with officials to ultimately aid in good decision making for the industry.
Trucking HR Canada partnered with The Conference Board of Canada to undertake research assessing the labour impacts of Covid-19 on the trucking and logistics sector. This forecast is designed to help us better understand what employers might expect down the road in terms of post-COVID economic rebound projections, forecasts of employment as well as estimates on expected employment losses. You can download the report HERE.