February 07, 2024 | Category: News Releases

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Compass 2024: A Call for Resilience in Canada's Transportation Industry

VANCOUVER, BC, February 7, 2024—The 2024 Compass Report analyzes the business and transportation outlook of executives and leaders in business, labour and government across Canada’s transportation industry. This year’s findings reveal a landscape pressured by economic and geopolitical uncertainties, manifesting in several key challenges.
 
Survey respondents identified their top five current business challenges as economic slowdown, inflation, labour shortages, geopolitical instability, and supply chain resilience/sustainability. These challenges are exacerbated by a generally pessimistic business outlook, with only 20% maintaining an optimistic view for 2024—the lowest level since the inception of the Compass Survey in 2017.

Over half (52%) of respondents perceive a deterioration in the business investment climate. They attribute this largely to regulatory hurdles, high costs and government policies, particularly those related to climate change and social issues. Many leaders (57%) rated the regulatory environment as poor, with concerns centred on restrictive regulations and long approval processes.
 
This report reflects the industry's current state. It highlights the critical need for bolstering supply chain confidence by fostering collaborative efforts, expediting government decision-making, and promoting innovative solutions. These strategies are essential for enhancing the resilience and efficiency of Western Canada's transportation network. 

Download the full report here. 

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About the Compass Report
The 2024 Compass Report is the 7th annual report. The annual Compass Report highlights critical insights, expectations and plans articulated by business, labour and government executives across Canada’s transportation industry. The survey is revised annually to reflect shifting trends and events. The report has become a well-read barometer of the state of transportation that identifies the major sectoral issues.  

About WESTAC 
The Western Transportation Advisory Council (WESTAC) is a council of organizations in the transportation sector represented by senior decision-makers. WESTAC's members span all aspects of freight transportation in Canada. They include carriers and logistics providers, ports and terminals, shippers, labour unions, and three levels of government. Members represent a significant share of the Western Canadian economy. We focus on critical issues that affect Western Canada's freight transportation network to ensure that it is sustainable, safe, efficient, reliable, and competitive.

For media inquiries, please contact:
Marzia Rizvi, Manager, Program Development and Communications
Cell: 778-686-5693
mrizvi@westac.com