2014 Saw New Record Revenues for U.S. Trucking Industry
By Dan Boaz
A recent report released by the American Trucking Association as part of their 2015 "American Trucking Trends" revealed that the nationwide trucking industry saw good growth in 2014 reaching an all-time revenue peak of just over $700 billion, to be precise a total of $700.4 billion was reported for the year.
It's a very encouraging result and is closely in line with GDP for 2014 but underneath the direct economic link there are certainly other factors that come into play. Revenue growth was fueled by a continued driver shortage and a calendar year that for once saw overall fuel prices in decline thus making moving freight via truck more affordable for customers. Much like the changes in GDP trucking revenue did slow from 2013 during which the same report showed revenues had increased by a remarkable 6.2%.
Optimism about 2015 remains in the balance after a less than stellar first quarter of the year was observed by many in the industry although the coming months should hopefully see further revenue growth. 2014 marked the 5th consecutive year of growth in trucking revenue as the industry and indeed the nation continues to pull away from the recession of 2007-2009.
Finding drivers continues to plague the sector with no easing on the horizon and it's also very interesting to note that while revenue has grown volume has not grown at the same rate. A growing lack of drivers is expected to slowly but surely contine to see shipping rates creep upwards over the immediate future years. For revenue in 2015 to again exceed the prior year fuel prices will also play their part. Diesel prices which had declined for 12 straight months actually saw a very modest increase over the last four weeks.
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