The driver shortage and cheap fuel have helped trucking revenue soar to $700 billion, according to a report from the American Trucking Association. This means that trucking revenue is up almost three percent from last year.
Trucking revenue accounted for an impressive 80% of total US freight spending in 2014.
While revenue is up, trucking capacity has yet to return to pre-recession levels. However, the ATA report did confirm that American truckers moved 9.96 billion tons of freight in 2014, up almost 3% from 2013.
How are trucking companies spending their newfound money? Experts say that they are ditching old trucks in favor of newer models, and, most importantly, they are also raising driver pay. An ATA representative said, “it was very common to hear 8%, 10%, 12% salary increases among truck drivers last year” along with signing bonuses for drivers who stay with a company for 90 days.