Fewer and fewer people are willing to live the trucker’s life. This has created a shortage in drivers and in turn Rising Pay is Reshaping the Trucking Industry.

The shortage of truck drivers in the U.S. is driving salaries higher, with gains up to 12 percent over the past year.

Average pay for long-haul truckers jumped 17 percent since the end of 2013 to a record average of $57,000 in 2015, according to the National Transportation Institute. The surge comes as U.S. employment costs overall are up just 2 percent and average weekly earnings are rising only 2.2 percent.

The shortage of truck drivers has grown to nearly 48,000 and could expand further due to a combination of industry growth and a retiring workforce, according to the American Trucking Associations’ Truck Driver Shortage Analysis for 2015.

The ATA believes that trucking will need to hire an average of 89,000 drivers per year over the next decade.

“The ability to find enough qualified drivers is one of our industry’s biggest challenges,” said ATA President and CEO Bill Graves.

Trucking Costs

Reader Tim Wallace writes …

Hi Mish

I asked FreightIndex.com if I could use publish their data again, and they granted permission.

Overall Trucking costs are lower per mile now then in 2007. However, that is not the whole story.

Fuel costs are down, but most other costs have gone up considerably, led by a 40% increase in wages.

Tim

Trucking Costs Per Mile

Trucking Costs Per Mile Less Fuel

Truck Fuel Costs Per Mile

Thanks Tim!

The ATA believes that trucking will need to hire an average of 89,000 drivers per year over the next decade.

I propose long-haul trucking jobs will vanish with self-driving trucks.

Mike “Mish” Shedlock