Trucking Costs Hit New High in 2023

According to the American Transportation Research Institute (ATRI), the cost of trucking hit an all-time high last year, at $2.27 per mile. This represents a less than 1% increase from 2022.

Key points:

• Fuel costs decreased from 64 to 55 cents per mile

• Driver wages rose 7.6%, down from 15.5% in 2022

• Insurance premiums jumped 12.5%

• Equipment payments increased 8.8%

Driver wages remain the largest expense. Safety bonuses ($1,831 average) surpassed starting bonuses for the first time.

The LTL sector saw a 15.6% cost increase, partly due to competition for drivers after Yellow Corp's closure.

Looking ahead:

• Driver wage increases may continue to slow

• Insurance premiums are expected to keep rising

• Fuel costs could remain lower than recent years

• Equipment costs will likely continue to increase

While 2023 saw record costs, the rate of increase has slowed. Trucking companies should monitor these trends closely in 2024.

Sources: Trucking Dive | ATRI