Freight Transportation Activity Continues Modest Growth in March 2026

According to the latest Freight Transportation Services Index (TSI) released by the Bureau of Transportation Statistics (BTS), freight activity in the for-hire transportation sector increased for the second consecutive month in March 2026.

March 2026 TSI Highlights

• Freight TSI: Rose to 138.7, up 0.4% from February and 0.7% from March 2025.

• Passenger TSI: Increased 0.3% month-over-month, reaching a new high for 2026 (though still 7.2% below the all-time high from January 2020).

• Combined TSI: Up 0.4% in March and 0.5% year-over-year.

The Freight TSI — which measures the volume of freight moved by for-hire trucking, rail (including intermodal), inland waterways, pipelines, and air cargo — continues to reflect a slowly expanding transportation sector.

What Drove the Increase?

The March gain was supported by growth in:

• Rail carloads

• Rail intermodal

• Trucking

• Water transportation

This was partially offset by declines in air freight and pipeline volumes.

Context for Shippers

While the TSI shows modest year-over-year growth, the broader picture remains mixed:

• The ISM Manufacturing PMI held steady at 52.7 in April, indicating continued (but not accelerating) expansion in manufacturing output.

• Retail sales rose solidly (+1.9% in March), which is generally positive for freight demand.

• However, recent data also shows tightening capacity and rising transportation prices (as highlighted in the April Logistics Managers’ Index).

This combination — modestly growing freight volumes alongside shrinking capacity and higher rates — creates a challenging environment for shippers trying to control costs while maintaining service levels.

What This Means for Your Business

The steady but unspectacular growth in the Freight TSI suggests the U.S. economy is not in rapid expansion mode, yet transportation markets are becoming more competitive for available capacity. Shippers should expect:

• Continued pressure on spot and contract rates

• Stronger carrier bargaining power

• The need for more strategic planning around capacity and budgeting

Gain Consulting Perspective

At Gain Consulting, we help shippers and logistics leaders turn economic and transportation data like the TSI into practical strategies. Whether freight volumes are growing slowly or surging, having the right network design, carrier relationships, and cost management approach makes all the difference.

With freight markets tightening and fuel prices elevated, now is an excellent time to review your transportation strategy for the remainder of 2026.

Are rising rates and tighter capacity affecting your supply chain?

Contact Gain Consulting today for a freight market review, rate benchmarking, or a full transportation network assessment. Our team delivers clear insights and actionable recommendations tailored to today’s environment.

Source: U.S. Department of Transportation, Bureau of Transportation Statistics (BTS) – Freight Transportation Services Index, March 2026