AGENCY TESTIMONY
Current state of the yellow cab industry: trips, revenue, and trends
0:11:54
ยท
117 sec
Commissioner Do presents data on the current state of the yellow cab industry, highlighting recent improvements and ongoing challenges. He notes that while trip numbers are still below pre-pandemic levels, there are positive trends in revenue and driver earnings.
- Yellow taxi trips are at about 50-55% of pre-pandemic levels, with recent months showing steady increases
- Industry revenue is rising, with hourly and monthly gross revenues for taxi drivers exceeding 2019 levels
- Fewer trips but also fewer drivers and vehicles, resulting in higher average earnings for those working
David Do
0:11:54
In recent months, yellow taxis have reported about 3,700,000 trips each month.
0:12:00
This represents a steady increase from the previous post pandemic months.
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In fact, the 3,800,000 trips completed in October 2024 were the highest since early twenty twenty.
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Taxi trips overall are at about 50 to 55% of pre pandemic levels.
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Even before 2020, taxi trips were on the decline with 11 to 13,000,000 trips completed each month in 2015 and June completed in each month in 2019.
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So while the longer trend in taxi trips has been one of significant decline, there are hopeful signs in the recent trip increases.
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Similar positive trends are evident in other taxi related data, including the members of drivers and vehicles on the road each month.
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Working drivers, working vehicles, and vehicles not in storage have all been on a consistent rise, all hitting post pandemic highs in recent months.
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For example, 9,768 taxis completed a trip in December of twenty twenty four, which is the highest number of active taxis since the 11,315 that completed a trip in March of twenty twenty.
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Industry revenue is also on the rise with hourly and monthly gross revenues for taxi drivers even exceeding twenty nineteen levels, thanks to the taxi fare increases TLC adopted in 2022.
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Industry farebox revenue is now consistently at about $3,000,000 per day, up over 40% from the fare increase.
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In sum, while there are fewer trips than in 2019, there are also fewer drivers and vehicles, and each trip has more revenue potential.
0:13:46
So on average, those who are working are earning more than they did in 2019.