Old Dominion Freight Line CEO Marty Freeman expects 2025 to be better than last year.
With the 2024 presidential election in the rear view, economic indicators pointing in a positive direction, and President-elect Donald Trump poised to roll back regulations, the carrier sees “compelling reasons for optimism,” Freeman wrote in a company blog post dated Jan. 6.
“We believe 2025 will be defined not just by growth but by prosperity,” the CEO wrote.
In another sign of the trucking industry’s reliance on the manufacturing sector for freight, Freeman referenced improvement in the Institute for Supply Management’s Purchasing Manager’s Index in December. While the sector remains in contraction, the PMI of 49.3% in December was an improvement from 48.4% the prior month.
Old Dominion and its competitors in the LTL market hauled more than their typical share of retail shipments last year as they awaited a rebound in demand for heavier and more profitable manufacturing shipments.
Like other trucking leaders, Freeman anticipates Trump’s return to the White House next week will usher in a more favorable business environment, featuring rolled-back regulations and lower taxes.
But the president-elect’s proposal to hike tariffs on imports from Canada and Mexico threatens integrated North American trade networks, he noted. It remains in everyone’s best interest to maintain seamless trade channels, Freeman wrote.
“While trade disputes remain on the radar, we’re optimistic about the ability of all parties to reach resolutions that prioritize mutual economic growth,” he wrote. “For businesses dependent on cross-border shipping, these resolutions will reduce the risk of elevated costs and delays, ensuring the steady flow of goods across North America.”
Further interest rate cuts could help lower inflation and borrowing costs, spurring supply chain investments to improve efficiency and scale operations amid an improving economy, the CEO wrote.
“For business owners, supply chain managers, and industry leaders, this period of transition presents a chance not just to recover but to thrive,” Freeman wrote.
