March Truck Tonnage Shows Strongest Annual Growth Since 2022

Key Takeaways

• March index rose 0.3% to 117.0, up 3% YoY.
• First‑quarter tonnage up 2.1% YoY, best since 2017.
• Seasonal retail and construction demand boost freight volumes.
• Trucking moves 72% of domestic freight, $906 B revenue.
• Contract freight stabilizing, indicating predictable carrier volumes.

Pulse Analysis

The American Trucking Associations’ For‑Hire Truck Tonnage Index posted a modest 0.3% rise in March, lifting the figure to 117.0 and delivering a 3% year‑over‑year gain—the strongest since October 2022. That momentum carried into the first quarter, where tonnage grew 2.1% compared with the same period a year earlier, delivering the best Q1 performance since 2017. With trucking responsible for more than 72% of domestic freight and generating roughly $906 billion in revenue, the index remains a trusted barometer of overall economic health.

Seasonal dynamics amplified the uptick. The not‑seasonally‑adjusted index jumped 12% from February’s 107.3 to 120.1 in March, reflecting traditional retail restocking, agricultural shipments, and construction‑related freight that typically surge in the spring. Moreover, contract freight—a large component of the index—appears to be stabilizing, suggesting carriers are seeing more predictable, longer‑term volume commitments. This blend of seasonal demand and steadier contract work points to a healthier supply‑chain environment.

Looking ahead, the gradual but consistent growth offers carriers a clearer outlook for capacity planning and pricing strategies. Investors are likely to view the sustained tonnage gains as a positive signal for earnings, especially as the industry grapples with driver shortages and volatile fuel costs. Policymakers may also monitor these trends when shaping infrastructure investments, recognizing that a robust trucking sector underpins broader economic activity. If the current trajectory holds, 2026 could see continued incremental gains, reinforcing trucking’s role as a cornerstone of U.S. commerce.