Trucking costs for some items saw record highs in 2024, but expenses moderated overall, according to American Transportation Research Institute’s annual report released July 1.
“Given the present trucking industry recession, carriers were particularly hard-hit by growing costs in several line-items, including truck and trailer payments (which rose by 8.3 percent to a record-high 39 cents per mile) and driver benefits costs (which rose 4.8 percent to nearly 20 cents per mile),” the organization said in a news release.
Three areas increased beyond the cost of inflation: truck and trailer costs, driver benefits and tolls, ATRI found in its benchmarking survey.
The report noted truck and trailer costs have undergone drastic upheaval in recent years, increasing 52.3% since 2019.
Meanwhile, benefits costs significantly outpaced inflation, primarily in fleets with 26 or fewer trucks, the report found. It might be due to smaller fleets facing vulnerabilities due to price increases or aiming to boost their competitiveness.
Despite higher costs for tolls, that only translated to an increase of 0.4 cents per mile, ATRI noted.
“The trucking industry is facing the most challenging freight market in years, with loads down and costs increasing,” Groendyke Transport President and CEO Greg Hodgen said in the release.
For Q1 2025, truck insurance premiums are leading the pack with a 5.8% increase compared to a year ago.
Cost per mile decreases overall in 2024
But as a sign of relief, driver wage growth has rapidly scaled back. After double-digit percent upticks in 2021 and 2022, increases were 7.6% in 2023, 2.4% in 2024, and 0.9% in the first two months of 2025, the report noted.
