Norfolk Southern facilitates $2.1 billion in industrial investment in 2012
NORFOLK, Va., Jan. 4, 2013 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) participated in the location of 64 new industries and the expansion of 30 existing industries along its rail lines in 2012.
New plants and expansions announced in 2012 represented an investment of $2.1 billion by Norfolk Southern customers and are expected to create more than 6,100 jobs in the railroad's territory, in future years potentially generating more than 141,000 carloads of new rail traffic annually.
Norfolk Southern assisted state and local government and economic development officials throughout 19 states in helping customers identify ideal locations for new and expanded facilities.
"Our 2012 results were once again anchored by the energy sector," said Newell Baker, assistant vice president industrial development. "Norfolk Southern assisted in the location or expansion of 32 energy-related facilities in 14 states across our service area. Marcellus and Utica Shale gas exploration projects continued to play an important role, along with coal, and power generating equipment. We were excited to see the first shipments of Bakken Crude delivered to east coast refineries in 2012, and we expect this subsector to grow significantly in 2013. In addition, the continued rebound in the metals and automotive markets during 2012 played an important role for us and for our service area."
The balance of other projects secured during 2012 was distributed among several of the broad product areas Norfolk Southern serves.
Norfolk Southern works with state and local economic development authorities on projects involving site location and development of infrastructure to connect customers to its rail system and provides free and confidential plant location services, including industrial park planning, site layout, track design, and logistics assistance. During the past 10 years, Norfolk Southern's Industrial Development Department has participated in the location or expansion of 1,021 facilities, representing an investment of $28.7 billion by NS customers and generating more than 48,000 jobs by those NS customers companies in the territory served by the railroad.
Norfolk Southern Corporation is one of the nation's premier transportation companies. Its Norfolk Southern Railway subsidiary operates approximately 20,000 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is a major transporter of coal and industrial products.
SOURCE Norfolk Southern Corporation