The American Trucking Association announced that the turnover rate at large carriers fell six percent to 91% in the fourth quarter of 2013.
The decline marks the second-straigt decline in turnovers. The bad news, however, is that the turnover rate has been above 90% for 8 consecutive quarters.
In 2013, the average turnover rate was 96%, down two points from 2012’s average of 98%. The all-time high of 130% was set in 2005.
“We saw turnover at fleets with at least $30 million in annual revenue bottom out near 50% at the depths of the Great Recession and have increased steadily since,” ATA Chief Economist Bob Costello said. “The rate appears to have flattened out at an elevated level for the moment. However, it could easily increase as tightness in the labor pool should continue, and even worsen, as the economy improves.”
The turnover rate for small carriers rose five points to 79% for the fourth quarter of 2013.
Costello predicts that a stronger economy and increased growth in the trucking industry will “put more pressure on the driver market and the driver shortage.”
“At the moment, we already have 30,000 unfilled jobs for drivers in the trucking industry,” Costello said. “As the industry starts to haul more because demand goes up, we’ll need to add more drivers – nearly 100,000 annually over the next decade – in order to keep pace.”
American Trucking Associations is the largest national trade association for the trucking industry. Through a federation of 50 affiliated state trucking associations and industry-related conferences and councils, ATA is the voice of the industry America depends on most to move our nation’s freight. Follow ATA on Twitter or on Facebook. Good stuff. Trucks Bring It!