The revenue for U.S. trucking companies reached a record-breaking $700 billion last year.
That’s right. Billion. With a “B”.
The American Trucking Association (ATA) released it’s “American Trucking Trends” report last week, revealing that a 2.6% increase in revenue lead to the record-setting year. Growth in 2014 actually slowed down compared to 2013’s mark of 6.2%, but $700.4 billion did not leave anybody complaining.
According to Bob Costello, ATA’s Chief Economist, “Last year, we saw freight volumes grow significantly. Increases in freight, combined with continued tight capacity helped drive revenues.”
This is obviously fantastic news for trucking companies, but how will the drivers benefit from this?
The answer seems to be point towards a better workplace, as companies are using the revenue to reinvest in themselves.
The ATA reports an average pay of $54,585 for drivers across the industry in 2014, which is a 9% increase from $50,000 in 2013. Many carriers are also beginning to upgrade to newer trucks and equipment.
As the trucking industry faces the well-known shortage of drivers, companies are making strong efforts to create an environment that attracts new drivers. Whether it is through better pay, technologically advanced equipments, or favorable hours, drivers are beginning to reap the benefits.
With the industry raking in hundreds of billions every year and the demand for drivers on the rise, it’s possible that this is only the beginning of a trend that favors everyone within the industry.
More information from ATA’s American Trucking Trends:
In 2014, trucks moved 9.96 billion tons, or 68.8%, of all domestic freight.
The $700.4 billion in revenue accounted for 80.3% of all freight transportation spending.
Trucking employed more than 7 million people, including 3.4 million drivers.
Combination trucks logged 168.4 billion miles in 2013, or an average of 69,000 per truck.
Since Deregulation, the number of registered motor carriers has grown by 68 times to more than 1.3 million carriers.
Commercial trucks paid $16.5 billion in federal highway user fees in 2013.