BTS Updates Transportation Economic Trends Summer 2024

BTS Updates Transportation Economic Trends July 2024

The U.S. Department of Transportation's (USDOT) Bureau of Transportation Statistics (BTS) today released its summer 2024 update to the Transportation Economic Trends (TET). TET highlights transportation's role in the economy and explores changes (trends) over time through a series of interactive charts and downloadable data. TET also explains related concepts and data sources for a general audience.

With this data release, two topics have been updated in TET:

• Cost of Transportation
  • Cost of Fuel
  • Costs Faced by Producers
  • Cost Faced by Businesses Purchasing Transportation Services
  • Costs Faced by Households and Transportation Fares

• Employment in Transportation
  • Employment in Transportation and Related Industries
  • Employment in Transportation Related Occupations
  • Relationship Between the Transportation and Warehousing Sector and Transportation-Related Occupations

Key findings:

• Cost of Transportation:
  • From 2022 to 2023, the price for water transportation services increased the most, at 4.6%, followed by air (4.4%) and rail transportation (2.1%).
  • The price for truck transportation decreased by 5.2% from 2022 to 2023 - the largest year-over-year decrease on record (with records beginning in 2004). Despite the decline, truck transportation services reached its second-highest level in 2023.
  • Water, air, and rail transportation services reached an all-time high. This implies an increase in the cost that businesses face for these transportation services.
  • In real dollars, domestic airfare (scheduled service) increased by 7.0% from 2022 to 2023 after increasing the most on record (50.9%) from 2021 to 2022. Airfare in 2023 rose 25.3% above the pre-pandemic 2019 price and reached the highest level on record (with records beginning in 1995).
  • The average Amtrak rail fare increased from 2022 to 2023 by 3.5%-14.1% above the pre-pandemic 2019 fare. The increase brought the average Amtrak rail fare to a new all-time high in 2023.

• Employment in Transportation:
  • An estimated 16.0 million persons (10.3% of the U.S. labor force) worked in the transportation and warehousing sector and related industries (e.g., automotive manufacturing) in 2023-up 1.7% from 2022. In 2023, total employment in transportation reached its highest level since 1990.
  • The largest share of people employed in transportation (2.0 million) worked as heavy-duty truck drivers in 2023. This includes drivers working within the transportation and warehousing sector and in non-transportation sectors, e.g., truck drivers employed by the wholesale and retail trade industry.
  • In 2023, annual median wages vary widely, from $219,140 for airline pilots, copilots, and flight engineers (highest wage) to $32,580 for ambulance drivers and attendants (lowest wage). The five lowest-wage transportation-related occupations collectively employed about 600,000 workers, while the five highest-wage occupations employed about 245,000 workers in 2023.

Producer Price Indexes for Select Transportation Services

Source and Notes:
NOTES: Shaded areas are economic recessions.
SOURCE: U.S. Department of Labor, Bureau of Labor Statistics, Producer Price Index, PCU481---481---, PCU482---482---, PCU483---483---, PCU484---484--- available at https://www.bls.gov/ppi.

About the Transportation Economic Trends Database
TET data are available for download in comma-separated values (CSV), Resource Description Framework (RDF), Really Simple Syndication (RSS), Extensible Markup Language (XML), and JavaScript Object Notation (JSON) formats through the BTS Transportation Economic Trends.

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Contacts:
202-366-DATA (3282) | [email protected](link sends email)

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