The Association of American Railroads (www.aar.org) has published a new study by Towson University that shows the freight rail’s impact on the U.S. economy.
The study shows that in 2014, class 1 railroads generated upwards of $274 billion in economic activity and nearly $33 billion in total tax revenues.
AAR states, “The study, conducted by the university’s Regional Economic Studies Institute (RESI), is the first of its kind. It directly measures the effect of investments by major U.S. railroads on the overall economy, including their impact on employment and tax revenues, and provides a lens into railroads’ positive influence on local economies.”
So how did the railroads impact jobs across the country? According to the report, railroads supported nearly 1.5 million U.S. jobs, generating over $88 billion in total wages, “with one job in the freight rail industry supporting nine others.”
Employee injuries have drastically declined with a 79 percent decrease in train accidents, which is much lower than most major industries including trucking and airlines.
To read the full 2016 State of the Industry report, please visit the Association of American Railroads’ website by clicking here.
In contribution to the local economy here in the Albuquerque area, New Mexico Transloading offers solutions for customers to ship by rail, and is proud to announce that we have recently signed contracts with Amscan, Amerigas, Ryerson and several other national companies. Thanks to the Staggers Rail Act of 1980, we are able to set competitive market prices and constantly reevaluate these for our customers’ and communities’ best interest. We look forward to helping you send and receive product faster.