American Trucking Industry Faces Severe Driver Shortage

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Riddick
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American Trucking Industry Faces Severe Driver Shortage

Post by Riddick » 10-27-2015 03:12 AM

Trucking companies are harder pressed than they've ever been to attract enough drivers to an industry that carries nearly 70% of all the freight that moves in the United States.

"It's the worst we've ever seen," Bob Costello, chief economist for the American Trucking Associations, said of the current driver shortage being felt nationwide. Most significantly, the shortage has been driving up pay.

Averaging $46,000 a year, long-haul truckers' pay has been increasing much faster than for production and nonsupervisory employees generally. U.S. Bureau of Labor Statistics data shows truckers' average weekly earnings rose 19% from 2009 through 2014 — half again as much as the increase for nonsupervisory workers as a whole.

But even with the gains, the pay is not attracting enough people to a job with long hours and extended time away from home. Boosting wages further isn't the entire answer, but pay definitely needs to rise more, Costello said.

Trucking has been down this road before, most recently about 10 years ago. The current shortage, however, is more severe and could rise to 174,000 drivers by 2024 if the trend continues, Costello said.

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