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Raleigh, April 19, 2024Synchrogistics, a rapidly expanding logistics and supply chain firm, has been featured in the latest article by the Triangle Business Journal. Titled “Top exec at $80M Raleigh logistics firm sees the road to more growth,” the article highlights the incredible journey of Synchrogistics logistics in Raleigh and the pivotal role of our President, Erica Jackson, in driving its success.

Founded in 2010 by Erica and Bill Jackson, Synchrogistics started in a Greensboro garage. Bill’s background in transportation consulting and Erica’s legal expertise laid the foundation for their innovative analytics and technology-driven approach to logistics. Despite initial challenges, Synchrogistics quickly gained momentum and expanded its operations, attracting a talented team of 40 individuals. In 2017, the Jacksons relocated the company to Raleigh, drawn by the region’s vibrant talent pool and Erica’s deep ties to the Triangle area, having earned degrees from Duke University and UNC-Chapel Hill. Since then, the company has experienced rapid growth, with revenues soaring from under $50 million to $81 million in 2022. In the article, Erica reflects on the company’s journey and its prospects, emphasizing the importance of staying focused on differentiation and remaining adaptive to customers’ needs. Erica also shares insights into the challenges of leading a rapidly growing team and the ongoing development required to strike the right balance between high expectations and support.

Synchrogistics’ remarkable success has not gone unnoticed, earning recognition as one of the fastest-growing private firms in the area by Triangle Business Journal. We are so proud of our team and honored to receive this recognition. Click here to read the Triangle Business Journal article.


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According to the latest analysis by FTR, the FMCSA approved 5,187 new carriers in March while revocations came in at 5,034 resulting in a net increase of 153. While it’s a small increase and only one month, this marks the first time since March 2023 that the number of companies increased. Overall, the pace of capacity attrition has decelerated in 2024, with 1Q24 seeing the fewest carrier exits since 4Q22. At the same time, the ISM emerged from 16 straight months in contraction territory, led by Production and New Orders. These two components are drivers of freight demand.  
 
What does this mean? 

  • Shippers: Continued uncertainty! Carriers exiting the market generally lead to higher spot markets, so if the carrier population stabilizes, we expect rates to not increase as fast. However, if manufacturing increases the number of shipments on the market, then we have more demand and stable capacity, leading to higher prices. 
  • Rates: Broker-posted spot rates have risen for four straight weeks in the Truckstop system for the first time in two years. Of course, the rate increase was 6 cents, so not a hockey stick. Still too early to call this a shift in the market.
  • Existing Carriers: Strong operators are hanging in there and finding opportunities with strong shippers and 3PLs like Synchrogistics.

Overall, uncertainty continues to govern the freight market. Continued shipment growth may yet push rates up, but it feels like forecasters have been saying that for over a year now…. For regular updates and freight industry insights, follow us on LinkedIn!

References:

  • FTR Data Analysis