The trucking industry reported a record $700.4 billion in revenue in 2014.
Trucking revenue rose 2.6 percent last year. The record $700.4 billion accounted for 80.3 percent of all freight transportation spending, according to the American Trucking Associations’ “American Trucking Trends” report.
The growth was slower than that of 2013, when trucking revenue expanded 6.2 percent, but it marked the first time industry-wide revenue has ever exceeded $700 billion.
Revenue has been on an upward trend since the beginning of the economic recovery, as shippers responded to the recovery in demand following the 2008-2009 economic downturn. “Revenue has made a stronger comeback than tonnage has,” said Bob Costello, the trade group’s chief economist.
“Revenue has done well because truckers are doing solid volume, and capacity is tough to grow today,” Mr. Costello said. “Many fleets are unable to find all the drivers they want to hire.”
The driver shortage is fueled in part by a demographic problem. Trucking companies are not able to recruit many younger workers to become professional truck drivers. The average age of a truck driver is 49, compared with 42 for workers overall, Mr. Costello said.
“There are other job opportunities out there, including ones that keep you home each night,” he said. “It was very common to hear 8, 10, 12 percent salary increases among truck drivers last year.” Many large trucking companies are offering signing bonuses of $1,500 to $2,000 to truckers who stay at the same job for 90 days, Mr. Costello said.
