Dive Brief:
- Trucking industry revenues hit $676.2 billion in 2016, hauling 10.42 billion tons of freight, equaling 70.6% of U.S. domestic tonnage, according to an American Trucking Associations press release.
- Commercial trucks paid out roughly $41.3 billion in state and federal highway fees and taxes. A five-axle tractor trailer pays approximately $5,600 in yearly taxes.
- Trucking employs 7.4 million Americans, of which 3.5 million are drivers. Among drivers, nearly 6% are women, while 38.7% are considered minorities.
Dive Insight:
Despite dire predictions of an industry on the rocks, the trucking industry still appears to be on an upward trend. In 2015, the industry earned $726.4 billion, while 2014 saw $700 billion reached for the first time.
While 2016's numbers are down roughly $50 billion, that minor decline is not a harbinger of doom. Though 2016 was slower than average due to factors like lower demand and a driver shortage, 2017 earnings are already reported to be on the rebound, with companies like Werner Trucking seeing a 27% increase in volume.
This comeback may be partially attributed to e-commerce, which is prompting a strong trajectory of growth as younger consumers continue to buy goods online and rely on fast, affordable delivery often fulfilled by truckers.
