The trucking industry is a significant part of the U.S. economy. According to the American Trucking Associations, it makes up one of the largest revenue streams and hauled 10 billion tons of goods across the country in 2020.
This accounts for almost three-quarters of all goods moved in the U.S. Trucking is the backbone of the supply chain and ensures that businesses in the U.S. can operate.
It is not only billions in revenue and goods moved that make trucking a core part of our economy. It’s also a vital source of jobs. Millions of drivers deliver these goods and count on trucking and freight to provide for their families.
The U.S. economy is dependent on trucking, and that dependency is growing in 2022. While the dependency grows, the industry is changing. Driver shortages, container shortages, and more are affecting trucking in 2022.
Let’s take a look at some of the most critical U.S. trucking industry statistics in 2022 and review how they are creating trends in the industry.
Freight Transport Continues To Grow Month After Month
According to the U.S. Department of Transportation’s Bureau of Transportation Statistics’ (BTS), trucking has been steadily growing month after month.
The Freight Transportation Services Index (TSI), an index created by the BTS, calculates the freight amount carried by the for-hire transportation industry, which rose 0.7% in March from February. It represents seven consecutive months of growth.
Year over year (March 2021 – March 2022), the index rose 3.8%. This is a major increase in comparison to the year before. From March 2020 to March 2021, there was an increase of only 0.5%. And the year before that (March 2019 – March 2020), a decline of 2.2%.
These statistics show that freight trucking is making a recovery after COVID-19 took a serious toll on it in 2020 and 2021. There is steady and consistent growth month after month which is excellent news for anyone working in freight and logistics.
Trucking Jobs Are Increasing
With industry growth, it is only natural that there is also a growth in jobs.
According to the U.S Bureau of Labor Statistics, as of April 2022, there were 1.564 million people employed in the Truck Transportation subsector.
It’s an increase of 7,000 from the month before and an overall improvement of 60,000 from the year before.
Trucking represents a growing sector and a great opportunity for employment. The need for transporting goods and the dependency of the supply chain on trucking are unlikely to change. This provides stable and secure jobs for those in the industry.
For many, this also means a pay raise. As trucking grows, there is a demand for more workers, which puts employees at the upper hand when negotiating salaries.
Those in the Trucking Industry Earn More Than Most Average Americans
The median weekly earnings of the nation’s 117.5 million full-time wage and salary workers were $1,037 in the first quarter of 2022, the U.S. Bureau of Labor Statistics reported.
The U.S. Bureau of Labor Statistics also reports that those in the Truck Transportation sector earn $1,116 per week. That is almost $100 more per week than the average American. In addition, this includes everyone that works in the sector. Drivers’ hourly rates are often much higher than those who, for example, work in administration.
Importance of Trucking
Trucking in the U.S. is undoubtedly a vital part of the economy. That said, drivers are in short supply, which is putting some strain on trucking and the whole supply chain.
However, companies throughout the industry see the need to offer new truck drivers better benefits and higher wages to attract the next generation of drivers the industry needs.
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