Intermodal volumes finish 2024 with solid growth, reports IANA

Fourth quarter and calendar year 2024 intermodal volumes were solid overall, according to data issued this week by the Intermodal Association of North America (IANA).

In its “Intermodal Quarterly,” IANA reported that total fourth quarter volume, at 4,695,362 units, posted a 7.5% annual gain, marking the fifth consecutive quarter of annual growth, following eight straight quarters of annual declines. The first, second, and third quarters saw annual gains of 8.8%, 7.7%, and 9.8%, respectively.  

Domestic containers, at 2,245,992 units, were up 6.5% annually, and trailers, at 158,404, fell 6.2% annually. All domestic equipment, which is comprised of trailers and domestic containers, came in at 2,404,396, for a 5.6% annual increase. And ISO, or international, containers, at 2,290,966, rose 9.6%.

For calendar year 2024, total volume, at 18,083,970 units, posted an 8.5% annual gain. Domestic containers, at 8,472,063 units, were up 5.3% annually, and trailers, at 591,388, were down 16.1% annually. All domestic equipment, at 9,063,451, was down 3.5%, with ISO containers, at 9,020,519, up 13.9% annually.

In assessing the state of the U.S. economy as it relates to intermodal, IANA stated that 2024 finished on solid footing and overcame concerns about a potential slowdown in global growth and domestic activity.

“Consumer spending, supported by robust job creation, consistent wage growth and lower unemployment, remained strong. Moreover, real consumer spending on goods achieved parity with services on a year-over-year basis. Housing, inflation and manufacturing persisted as headwinds, but the fourth quarter underscored the economy’s resilience and overall capacity to navigate challenges.”

IANA explained that fourth quarter volumes were mostly up on a regional basis, with seven of 10 North American regions it tracks seeing annual gains.

The Southwest region saw the biggest jump, rising 22.3% annually, driven by strong Port of Los Angeles and Port of Long Beach import activity, coupled with volume out of Mexico up 15.3% annually, marking the fourth straight quarter of intermodal growth out of Mexico. Other regions seeing annual growth included: South Central, up 12.7%; Mountain Central, up 9.7%; Northwest, up 8.8%; Southeast, up 5.5%; and Midwest, up 5.0% (with the region having the most intermodal loadings, at more than 1.2 million.

Regions seeing declines included the Northeast, down 3.5%, with shippers moving imports to the West Coast, in advance of an East and Gulf Coast ports dockworkers strike, which did not come to fruition. Western Canada and Eastern Canada loadings fell 2.1% and 1.1%, respectively, due to a weaker Canadian economy and labor unrest “on both sides of the nation.”

Looking at domestic intermodal, IANA said the segment could see an improved competitive position by the second half of this year, to a point, adding that trucking capacity outlook into 2026 is “not likely to be tight enough to offer the scope of opportunity seen in prior periods of trucking stress, as was the case in 2018 and 2021.