Business mileage continues to show its merit as an early indicator of economic growth. And according to our latest bi-weekly Mileage Trends Flash Report, business activity continues to trend upwards as different parts of the U.S. reopen.
Even with the Memorial Day holiday interrupting the usual work week, business driving activity has increased 51% since the low week of April 5th. That’s up from 40% just two weeks ago and passed the halfway point on recovery. Now at 54% of “normal” pre-pandemic levels, this recovery has accelerated throughout June as a growing number of states have been open in some capacity for several weeks.
Additional findings from the report include:
- Regionally, the Northeastern U.S. has shown the steepest recovery, now up 48% since the low point the week of April 5th. That pace leads the Midwest (up 44%), South (up 36%) and West (up 30%). However, it’s worth noting that the Northeast also has the largest drop-off from pre-pandemic levels to overcome.
- By industry, activity has increased in most sectors, but still shows a wide range of recovery to pre-pandemic levels:
- Food & Beverage (73% of pre-pandemic levels)
- Construction & Building Materials (62%)
- Hospitals & Healthcare (57%)
- Machinery (53%)
- Business Services (45%)
- Energy & Environmental (45%)
- Manufacturing (40%)
- Retail (38%)
- Pharmaceutical/Biotech & Medical Devices (37%)
- Automotive (31%)
- Within these industries, the report also examines telling trends playing out in subsectors of Food & Beverage, Biotech & Medical Devices, Hospitals & Healthcare, Machinery, Construction & Building Materials and Retail. In Retail, for example, hardware and home improvement, pharmacies and pet supplies are trending at 73% of pre-pandemic levels. Apparel, office supplies and furniture, however, are at just 13%.
Return to Pre-COVID Business Levels
As business leaders seek a balanced approach to bringing driving activity back up to pre-COVID levels while avoiding unnecessary risk for their employees, we hope these flash reports provide useful benchmarks of field activity and business trend indicators. Our team plans to continue to prepare and release these reports bi-weekly in an ongoing effort to provide business leaders with the latest information to help them adapt to the evolving commercial landscape.
For businesses that would like further guidance or to talk through what this data means for you, we’re here to help. Please don’t hesitate to reach out!