US railways to spend record US$13 billion on rail freight expansion
|
US rail freight will gain a record sum of US$13 billion to build and maintain tracks that move 42 per cent of the nation's cargo and will create 15,000 new jobs during the course of 2012, said the Association of American Railroads (AAR).
"Unlike trucks, barges or airlines, America's freight railroads operate on infrastructure they own, build and maintain themselves so taxpayers don't have to," said AAR president and CEO Edward Hamberger.
US railways have seen an investment of $480 billion over the years, of which 17 per cent of its revenue at $9.8 billion was injected into expansion and modernisation in 2010 alone at a cost of $42.82 billion.
|
|
