The Massive Trucker Shortage Could Hit Your Wallet Soon

Truck driver Anthony Plummer remembers when he was in the middle of the country on a long-haul delivery when he learned his daughter was sick in the hospital. “I was told to get back [home] as soon as possible. But there are a lot of rules that limit how much I can drive, so I told them I would get back as soon as I could.” It was after this incident that Plummer decided to make a career shift to become a regional truck driver. “It blew my mind if something were to happen and if I was way across the country. Every now and then I still go out there to long run because she is doing better, but it’s rare.” Plummer isn’t alone with his career move as the trucking industry suffers a shortage of drivers across the board, especially among long-haulers. According to the American Trucking Associations (ATA), the industry is about 30,000 short of qualified drivers. Over the next 10 years, that number is set to rise to 200,000. The industry, which has an average 115-120% annual turnover rate, according to Brian Fielkow, CEO of Jetco Delivery, a logistics company specializing in regional trucking, also has an aging problem. Bob Costello, chief economist at the ATA, says the average age in the for-hire truckload market is about 49, and for less-than-truckload drivers (LTL) and private carriers the average is about 55. The trucking industry is a vital component to economic growth, with trucks hauling 70% of all freight tonnage moved in the U.S., according to Costello. And as the economy continues to improve so does demand, which is good news for the industry and the economy, but there isn’t enough capacity to keep up...more