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 $54585 for drivers across the industry in 2014 which is a 9% increase from $50000 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 69000 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.