According to a new report from the American Transportation Research Institute (ATRI), the cost of trucking is on the rise.
ATRI’s 2023 update to its “An Analysis of the Operational Costs of Trucking” found that total marginal costs climbed to a new high in 2022, increasing by 21.3 percent over 2021 to $2.25 per mile. The report said it is the second year in a row the industry has seen record high increases.
While fuel was the largest driver of the spike, the report said (53.7 percent higher in 2022 than 2021), other line-items also rose by double digits. Driver wages rose to $0.724 per mile, up 15.5 percent, while truck and trailer payments rose to $0.331 per mile, or 18 percent. The increase in driver wages was attributed to the industry’s drive to attract and retain drivers, while the increase in payments was attributed to atypical market conditions that saw equipment impediments in the supply chain.
“In a softening market with costs rising at an unparalleled pace, carrier benchmarking becomes more critical than ever,” Dave Broering, president of NFI Integrated Logistics, said. “ATRI’s newest Operational Costs report provides the reliable data and analysis we need to better understand our partners’ underlying costs in a volatile economy and decelerating rate marketplace.”
The report found that parts shortages and rising technician labor rates caused a 12 percent increase in repair and maintenance costs, up to $0.196 per mile.
In response, the report said, the trucking industry has implemented operational efficiencies. The report found that things like driver turnover, detention times and equipment utilization have all improved across nearly every fleet size and sector.