2. Motor Carrier Operating Costs
According to the American Transportation Research Institute (ATRI)*, the cost per mile to operate a truck increased 29.0% between 2020-2023. Insurance premiums grew by 12.5% in the past year, driven by more expensive equipment and litigation with nuclear verdicts. These rising costs, combined with a soft freight market, make it even more difficult for carriers to succeed, often resulting in higher driver turnover.
The economy continues to be a concern for the trucking industry, which was listed as the number one issue in ATRI’s annual Top Industry Issues list in 2023. Forecasts for the second half of 2024 remain stagnant, fueled by the uncertainty of the upcoming election cycle.
*ATRI is non-profit research organization dedicated to providing in-depth studies and findings related to the trucking industry. Since 1954, ATRI has been a leading source of transportation data. Their annual reports and extensive research are widely considered a definitive measure for the trucking industry.
PGT Solutions
In 1981, the year PGT was established, the interest rate peaked at 18.63%. For more than 43 years, PGT has successfully navigated turbulent economic conditions, focused on building personal relationships, providing quality customer service and committing to safe business practices, both on and off the road. Despite tight margins, PGT continues to experience positive growth through strategic cost management, and we are well-positioned for future success.
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