There are 4.06 million semi-trucks operating in the U.S. as of 2021. On the other hand, the industry did face a decline during the height of the COVID-19 Pandemic. runways, transit and water transportation facilities, and pedestrian and (, The trucking industry lost more than 88,000 jobs in April 2020, a 5.8% drop from March 2020. WebThe national Long-Distance Freight Trucking industry is most heavily concentrated in Texas, California and Illinois. The information in these pages highlights exactly what I tell elected officials, regulators and key decision-makers every day: trucking is literally the driving force behind our great economy. The White House. during the economic recession. contributed $169.8 billion while in-house trucking operations contributed $199.1 billion. Value added of the U.S. truck transportation industry from 2000 to 2021 (in billion U.S. dollars) Premium Statistic Total number of warehousing and storage quarters of 2000 and 2018. Statista. On average, he said, each day, the transportation system in the U.S. moves about 49 tons of freight valued at more than $53 billion per day. 40+ Must-Know Trucking Industry Statistics in 2022. Aside from the transportation of goods, the trucking industry employs millions of workers, making up about six percent of the nations workforce. WebSECTION 1. Over 80% of transportation industry workers have access to healthcare, paid vacation, and paid sick leave. (, In July 2020, the average hourly earnings for employees in the industry was $26.30. 91.5% of trucking carriers in the U.S. operate with six or fewer trucks. 3.49million truck drivers employed in 2021(anincrease of 3.7% from 2020). What Do These Transportation Industry Statistics Mean for Your Business? flatbeds, tankers, or refrigerated trailers.) Because of high turnover rates, long hours, and backed-up loading and unloading locations, the truck driving industry will likely struggle to grow until national infrastructure, wages, and benefits are improved. American Trucking Association: Economics and Industry Data. However, this number dropped down in 2020 with 10.23 billion tons of freight moved by trucks that year. WebFreight Transportation & the Economy An official website of the United States government Here's how you know Official websites use .gov A .gov website belongs to an official When do you evaluate the schools and what sort of criteria do you look for? These types of accidents usually occur from distracted driving and other driver behaviors. Across the board, employers are increasing wages and offering greater incentives to their drivers and potential recruits in an effort to combat a worsening driver shortage. In addition, drivers are in high demand, which means that companies not only have to woo customers to choose them, but they also often have to woo drivers to help them fulfill their promises to their customers. Trucking industry data from the past several decades indicates the industry has enjoyed perennial growth that will only increase in the post-pandemic world. contributed the largest amount of all the freight modes, at $368.9 billion. Companies that were forced to lay off their drivers due to the impact of lockdowns continue to struggle with bringing drivers back. (, FMCSA Proposes Stiffer Freight Broker Rules to Address Dangerous Lack of BMC-85 Oversight, https://www.jwsuretybonds.com/ebook/freight-broker-school-ebook/, The largest factor contributing to the driver shortage is retiring truck drivers who will need to be replaced with new hires, which will account for 54% of new driver hires. Another challenge for fleets and drivers is that nearly three-quarters of the nations total domestic tonnage is hauled on deteriorating roads and inadequate infrastructure, which costs drivers and fleets time and money. Without the trucking industry, our nation would not be the same, as its an essential industry that helps keep us afloat. Yes, the trucking industry is growing. These drivers/business owners tend to be older men and military veterans. Trends allows policymakers and business leaders to see just how big that impact is while debating key issues like trade, infrastructure investment, workforce development and tax policy.. transportation occupations. Transportation and Warehousing: NAICS 48-49. Accessed on August 1st, 2022. Total Revenue of the Trucking Industry in the United States From 2014 to 2020. Use of energy explained. Accessed on August 1st, 2022. Fixed transportation assets reflect the important role of both the Government transportation revenues consist of money collected by governments from transportation user charges and taxes to finance transportation truck, water, and pipeline industries has grown since 2000, while air and rail transport has experienced a decline in the number of employees. Its no secret that the trucking industry is primarily a male dominant workforce. transportation and warehousing sector revenue, while warehousing accounted for In 2017, the trucking industry generated more than $700 billion in revenue. 1995-2023 Tonnage: 10.93 billion tons of Overall positive. The total number of trucks registered and used for business reached 36.9 million in 2018. Today, however, their growth can be seen in the fact that keywords like tonight and today relating to transportation searches have increased by 519% in the past five years. Over the course of the year, the trucking industry distributed more than 1,000 gallons of hand sanitizer, 250,000 KN-95 masks, and helped FMCSA distribute more than 1 million masks. 10.93billion tons of freight (primary shipments only) transported by trucks in 2021, representing 72.2% of total domestic tonnage shipped. ATRI lists the top 10 truck bottlenecks of 2020 below: ATA analysis points out that in 2018, the trucking industry was short 60,800 drivers. (, In 2018, the trucking industry was short 60,800 drivers, which was the record high and up 20 percent from the previous year. The U.S. trucking industry saw $875.5 billion in revenue in 2021, up from $732.3 billion in 2020. (, In July 2020, the average hourly earnings for employees in the industry was $26.30. As of 2022, 10.68 million Americans work in the transportation & warehousing industry. (, The average annual salary for light or delivery service truck drivers is $41,960. Drivers throughout the industry endured a particularly harsh year sandwiched between mass stay at home orders followed by a surge in logistics orders. transportation funding revenue bigger 2040 role states through play Greatest challenges for polled truckers in As Karl Moor, deputy assistant administrator for the U.S. Environmental Protection Agencys Office of Air and Radiation, pointed out during this years SmartWay Excellence Awards, there is not a family in America or business that doesnt rely on the freight industry in some way. In other words, a cyclical industry is an industry whose performance is correlated to the business cycle. Total private and public fixed assets grew from about $4.9 EIN Presswire, Everyone's Internet News Presswire, As a result, this aids in the development of port infrastructure. We do not allow opaque clients, and our editors try to be careful about weeding out false and misleading content. Commercial trucks account for 24.5% of U.S. fuel consumption. Due to their close involvement with the day to day operation of their companies, owner-operators are statistically safer drivers than company drivers, and earn salaries that are up to four times greater than that of company drivers working for large carriers. In the meantime, check out some of the highlights from each section. While there is always a bit of uncertainty entering a new year, the overall outlook on 2022 for the trucking industry looks to be positive. The transportation infrastructure market is segmented on the basis of type, application, construction type, and region. The truck driver job growth rate is projected to be 6% from 2020 to 2030. With years of experience in the surety industry, hes also a contributing author to the surety bond blog. and government transportation structures ($4.75 trillion). Occupational Outlook Handbook: Heavy and Tractor-Trailer Truck Drivers. Accessed on March 30, 2022. This makes up 61.4% of those employed by the truck industry as a whole. Between 2019-2020, the market size of the U.S. transportation industry decreased by 18.3% (from $1.42 trillion to $1.16 trillion). In addition, it carried 11.84 billion tons of freight in 2019. To understand the industry in more detail, here are some general insights our research uncovered: There are over 4.27 million transportation & warehousing industry businesses in the U.S. Not only is the transportation & warehousing industry one of the largest in the U.S., but the number of businesses in operation is growing at a significant rate. CCJ. We use cookies for analytics, personalized content and ads. transportation year bonds takeoff revenue grounded earlier ready being after schwab administration security source WebRevenue from European transportation is projected to reach 517 billion by 2026, up from 491 billion in 2021, growing at an average rate of 0.6% year on year. U.S. Bureau of Labor Statistics. Hindustan Aeronautics Limited said on Friday it has registered highest-ever revenue from operations of around Rs 26,500 crore (provisional and unaudited) for 2022-23 as against Rs 24,620 in the previous financial year, an eight per cent growth. Here is the breakdown of U.S. truck drivers ages: There are 2,094,700 trucking industry jobs in the U.S. as of 2021. terminals and other infrastructure. The industry is run by corrupt individuals that are nominated to their position because of political affiliation and not on merit. After the recession in 2020 that was caused by the COVID-19 pandemic, the industry has been recovering and growing. Overall, roughly 8 million people were employed in trucking-related jobs as of 2019, with 3.6 million of those being truck drivers. wages for different freight-related occupations vary widely. Additionally, 79% also have access to a retirement plan. The design of transportation infrastructure must be responsive to the needs of the maritime, logistics, and transportation industries. Tariffs make imported goods more expensive as tariff imports reduce. Whether its communicating complicated topics in a clear way or helping readers connect with another person or place from the comfort of their couch. The trucking industry earned $875.5 billion in revenue in 2021. The United States trucking industry is one of the largest revenue streams in the nation's economy and is responsible for transporting 70 percent of all goods in the U.S. All sources are linked to within the article. Trucks will always be needed in one form or another.. Electrification is not solely the domain of large companies making large investments. This reliance on trucking by the major industries is echoed in smaller industries. (, Insurance premiums for trucking companies have seen a huge spike in the last few years, totaling around $12,000 to $14,000 today. WebTransportation Sector list of constituents, statistics expectations and revisions, sales and income. Grocery stores would go out of stock in just three days if trucks stopped driving. The U.S. public transportation system has a market size of $78.5 billion. American Trucking Associations. But the industry still faces an ongoing and worsening labor shortage. 6023A Kellers Church Road Pipersville, PA 18947. #jobsNearToYou{display:none;}.noImage-major-hero{display:none;}.major-hero-header-wrapper.w-100{display:none;}@media only screen and (min-width: 800px){.intro-research{}}#jopbTypeEntryContainer{display:none;}. The U.S. transportation sector is a combination of businesses that move anything from people to goods across the country. According to Bob Costello, chief economist for the American Trucking Associations (ATA), trucks move roughly 72.5% of the nations freight by weight. (, Liabilities, Accidents and Fleet Driver Safety Statistics, With this in mind, companies are starting to take driver safety more seriously to avoid any liabilities. This widespread disruption to the supply chain has continued to reverberate up to the present, nearly eighteen months since the pandemic was declared. public waterways and both public and private port facilities. 20, 2023, https://www.zippia.com/advice/trucking-industry-statistics/, US Media And Entertainment Industry Statistics. Between 2011-2021, U.S. trucking industry revenue increased by 36.8% (from $519 million to $710 million). In 2021, the value of truck-transported trade increased19.5% to $460.85billion with Mexico; truck-transported trade with Canada increased 18.8% to $367.04billion. prabhu railways suresh reform Washington, DC 20003, ATA Truck Tonnage Index Increased 1.2% in February, ATA Truck Tonnage Index Increased 0.7% in January, ATA Truck Tonnage Index Increased 0.4% in December, Agricultural and Food Transporters Conference, 2023 ATA Mid-Year Management Session (MYMS), ATA February 2023 Economic & Trucking Update, Sponsored by ACT 1, Thought Leadership Webinar: Managing Your Total Cost of Risk in a Downturn Economy, Sponsored by Idelic. Trade barriers are the tariffs on imported goods. Self-driving trucks could be the future of the trucking industry and help solve the current problems it faces. This means that almost 10% of professional truck drivers only work part-time. The typical owner-operator has accumulated approximately 2.9 million miles of driving during their career, most of which was without a Department of Transportation reportable accident resulting in 40 crashes per 100 million vehicle miles traveled, or almost 3.7 times below the national crash rate for the overall trucking industry. The components of transportation fixed assets and their Minorities account for 40.6% of all drivers and 6.2% of truck drivers are women. The U.S. trucking industry had annual revenue of $875.5 billion in 2021. transportation prices increased by 26.7 percent while truck and air prices includes the monetary value of all goods and services produced within the U.S. 34 percent of all owner-operators served in the military. Southern Railway on Sunday said it had recorded about 80 per cent jump in its revenue, which stood at Rs 6,345 crore in the passenger segment during the financial year 2022-23, its highest ever. Todays trucker owner operator is barely surviving on the meager wages he gets paid doing a job that is dangerous, stressful and very demanding both mentally and physically. In addition, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, disrupted the supply chain, thereby hindering growth of the transportation infrastructure market. The average hourly wage for truck drivers in the U.S. is $22.66. trucking. Although revenue diminished in the financial interval ending December 31 2022, the company managed to raise its earnings per share, income per share elevated on the another level by 111.47 % to $1.27 per share while Revenues diminished Most of what is stated here is not true at all about the trucking industry. Discover gifts that provide comfort and safety for the special trucker in your life. decline during this period. industry has many components, encompassing companies large and small. This represents 80.4% of the countrys freight bill, which highlights the growing importance of trucking in the U.S. While van trailers are the most common trailer pulled, the majority of owner-operators pull flatbed or reefer trailers. 13.4% of all registered vehicles are commercial trucks. Over the years the industry has seen an increase in crashes leading to fatalities. Top 25 LTL Carriers ranked by 2022 revenues (Including fuel surcharges) 80 M Street SE Suite 800 worked grew by 23.9 percent over the same period. If you're looking for how to start a trucking business without all the fluff, we've put together this checklist that lists all the steps and how much it will cost. Yuneec Holding Limited Revenue [US$545.3 Million] Yuneec Holding Limited is a China based electric aviation products manufacturing company headquartered in Shanghai, China. Metro. infrastructure construction. prices were relatively stable, with shorter term or less severe changes. Thats 25% higher than the national average of 3.6%, meaning that unemployment is noticeably more common in the U.S. transportation industry. ATA. In March, the familiarity of daily life in the U.S. was upended when the COVID-19 pandemic ramped up in the U.S. With the amount of miles fleet drivers have to travel daily, mixed with the long hours and hard working conditions, its no surprise that accidents and crashes happen. total estimated contribution to U.S. GDP was $1,298.1 billion in 2019. 302.14billion miles traveled by all registered trucks in 2020. No votes so far! In 2019, there were 3.6 million truck drivers employed in the U.S. (, 7.95 million people were employed in trucking-related jobs in the U.S in 2019. $875.5billion in gross freight revenues (primary shipments only) from trucking, representing 80.8% of the nations freight bill in 2021. In addition, 97.4% operate with fewer than 20 trucks, showing that the vast majority of U.S. trucking carriers arent owned by large companies. For further analysis, we broke down the data in the following ways: Demographics | Employment | Pay | Trends and Projections. How competitive is the trucking industry? No votes so far! Employment Projections: National Employment Matrix. 2019 values are private transportation equipment ($1.69 trillion), private transportation U.S. assets in 2019. In these instances, a freight broker bond could protect the shipper or carrier. During roadside inspections in 2019, FMCSA reports that the top five most frequent vehicle inspection violations were: The top five most frequent driver inspection violations in 2019 were: In 2019, the total number of driver inspections, according to FMCSA, were nearly 3.4 million. (, The average annual wage for heavy and tractor-trailer truck drivers is $46,370. An increase in public investment in transportation infrastructure to ensure safe and efficient economic activities is expected to drive the growth of the global transportation infrastructure market. The 3.97 million trucks and 1.9 million trucking carriers operating in 2020 were responsible for this, 91.5% of which operate with six or fewer trucks. Eric is the Digital Marketing Manager at JW Surety Bonds. And this year, the driver shortage is expected to be even worse due to a pandemic-induced closure of driver training schools and commercial driver license testing sites. Get Access to over 200 brokers and shippers. Almost anyone can start their own trucking company, no matter how small, and since its vital for companies to get their logistics just right while keeping costs low, its difficult for one or two companies to fully take over the market. underway was nearly $143.3 billion, accounting for 90.0 percent of total spending on transportation construction. Characteristics of Driver/Sales Workers and Truck Drivers. Only made possible through drivers driving 55 to 60 miles per hour over an 11-hour shift. Southern Railway on Sunday said it had recorded about 80 per cent jump in its revenue, which stood at Rs 6,345 crore in the passenger segment during the financial There are just over 2 million trucking carriers in the U.S. 2021 has been the first year since 2018 that the industry has grown, as there was a steep decline in 2020. Web$875.5 billion in gross freight revenues (primary shipments only) from trucking, representing 80.8% of the nations freight bill in 2021. (, Employment for truck drivers was projected to grow by only 2 percent from 2019 to 2029. (, 33% of crash deaths involving large trucks occurred on freeways and interstates. For instance, the U.S. imports from China were high compared to exports to China. 32.7 paid on average in state fuel tax for each gallon of diesel fuel as of January, 2022. (, Allowed HTML tags: