The American Trucking Associations (ATA) has released a new report showing that wages for truck drivers are going up, even as the freight economy faces difficulties. The Driver Compensation Study surveyed 120 fleets and over 150,000 employee drivers, revealing key trends in truck driver pay. Despite current economic challenges, truck driving remains one of the few professions where workers can earn a solid middle-class income without needing a college degree.
Truck Driver Pay for Truckload Drivers Sees a 10% Increase
Truckload drivers saw their pay rise by 10% over the last two years. In 2023, the median annual salary for truckload drivers reached $76,420. This increase happened even though the freight market has slowed down. For drivers working in more specialized areas of trucking, the pay is even higher. Linehaul less-than-truckload (LTL) drivers earned a median annual salary of $94,525 in 2023, while local LTL drivers earned $80,680. These numbers show that there are great opportunities for higher earnings in these sectors of trucking.
Private Carrier Pay Up by 12%
Truck drivers working for private carriers also saw their pay go up. The report shows a 12% increase in median annual pay for drivers at private carriers since 2021, bringing the figure to $95,114 in 2023. This makes private carriers one of the highest-paying segments in trucking. The study also revealed that leased-on independent contractors, who own and operate their trucks, earned a median of $186,016 in 2023. This shows that being an independent contractor in trucking can be very profitable for those who are up for the challenge.
Carriers Shift Focus to Retaining Drivers
The report also highlights a shift in how companies are managing their drivers. Compared to 2021, carriers are offering smaller sign-on and referral bonuses for new drivers. Instead, they are focusing more on keeping their current drivers by offering tenure bonuses more often and at higher values. According to ATA Chief Economist Bob Costello, this shift reflects a new focus on retention rather than recruitment. He explained, “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.”
Trucking Offers a Path to the Middle Class
According to ATA President and CEO Chris Spear, trucking continues to offer great financial rewards, especially for people looking for a career that doesn’t require a college degree. “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 Spear. He also pointed out that demand for drivers remains strong and will continue to grow, providing good earning opportunities for those who enter the field.
The Future of Truck Driver Pay
The ATA study shows that truck driver wages are continuing to rise, even in a tough economy. For drivers, this is great news, as it suggests job stability and growing income potential. The increase in tenure bonuses also shows that companies are focusing more on keeping experienced drivers, rather than just hiring new ones.
With truckload drivers earning 10% more, and independent contractors making nearly $200,000 per year, trucking continues to be a rewarding career. For those without a college degree, it offers a path to strong earnings, job security, and the chance to grow within the industry in the coming years.
