Trucking Wages Continue to Rise Despite Challenging Freight Economy

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Sep 03, 2024, 15:30 ET

Median Truckload Driver Salary Increased By Ten Percent in Two Years

WASHINGTON, Sept. 3, 2024 /PRNewswire/ -- Today, the American Trucking Associations released the results of its latest Driver Compensation Study showing that, despite a currently challenging freight market for motor carriers, driver wages across the industry continue to increase post-pandemic. The study provides detailed wage and benefit information for drivers based on a wide-ranging survey that collected data from 120 fleets, more than 150,000 employee drivers and 14,000 independent contractors.

Among the key findings in this year's survey:

Truckload drivers earned a median annual amount of $76,420 in 2023 – a 10% increase over the previous two years.
Linehaul less-than-truckload drivers earned a median annual amount of $94,525 in 2023, while local LTL drivers earned a median of $80,680.
Median annual compensation for drivers at private carriers has risen 12% since 2021, reaching $95,114 in 2023.
Leased-on independent contractors for truckload carriers were paid an annual median amount of $186,016 in 2023.
Carriers offered smaller referral and fewer sign-on bonuses for new drivers in 2023 compared to 2021 but more frequently offered tenure bonuses to their current drivers and with a greater median value.

"While our last study, conducted in 2021, illustrated how drivers benefitted from the strongest freight environment in a generation, this latest report shows professional drivers' earnings are still rising—even in a weaker freight economy," said American Trucking Associations Chief Economist Bob Costello. "By offering greater tenure bonuses to their current driver force, many fleets appear to be shifting their workforce priorities from recruitment to retention."

"Trucking is one of the few roads in today's economy that lead to the middle class without requiring a college degree and the debt that comes with one," said ATA President and CEO Chris Spear. "As this study shows, those pursuing a career as a professional truck driver will find strong earning potential in this field, which remains in high demand and will only continue to grow higher in the years to come."

The full 2024 ATA Driver Compensation Study is available for purchase at ATABusinessSolutions.com.

American Trucking Associations is the largest national trade association for the trucking industry. Through a federation of 50 affiliated state trucking associations and industry-related conferences and councils, ATA is the voice of the industry America depends on most to move our nation's freight. Follow ATA on Twitter or Facebook. Nothing Without Trucking.

SOURCE American Trucking Associations