The Rising Costs of Trucking: A Look at 2023
In 2023, the trucking industry faced unprecedented financial challenges, with the per-mile cost of operating a truck reaching an all-time high. According to the American Transportation Research Institute (ATRI), the overall marginal cost of trucking hit $2.270 per mile, a historic peak despite the freight recession gripping the industry. Key Findings from the ATRI Report On June 25, the ATRI released its annual report detailing the operational costs of trucking over the past year. While the record-high cost marked a significant milestone, it represented only a modest 0.8 percent increase over 2022’s total. The most notable change was a reduction in fuel prices by 8.8 cents per mile. However, this decrease was offset by rising costs in other areas, such as insurance premiums and payments for trucks and trailers. In 2023, driver wages averaged $0.779 per mile, with additional benefits bringing the total compensation to $0.967 per mile. Despite efforts to manage costs, t