To the surprise of absolutely no one, a new report produced by global consulting firm Kearney reveals that costs associated with transportation, warehousing and ancillary services jumped 22.4% in 2021 to nearly $1.85 trillion, representing approximately 8% of the U.S. gross domestic product — the highest proportion since 2008.
Produced annually for the Council of Supply Chain Management Professionals, the 2022 State of Logistics Report also found that trucking freight accounted for the largest segment of U.S. supply chain spend, climbing 23.4% to $831 billion. In another sign of the times, spending on private fleets or dedicated contract carriage by businesses desperate for reliable motor carrier capacity shot up 39.3% in 2021 to $415.2 billion.
The 2022 report also notes that business inventories dropped to near historic lows last year, though inventory carrying costs climbed a whopping 25.9%.
Another key finding is the continued growth of e-commerce, which continues to drive last-mile delivery volume. According to the report, online sales grew 10% last year to $871 billion, accounting for 14% of total U.S. retail sales
