World-Class Infrastructure is Essential for Long-Term U.S. Economic Strength
WASHINGTON, May 15, 2014 /PRNewswire/ -- In remarks during a panel discussion that helped kick-off Infrastructure Week 2014, CSX vice president of strategic infrastructure initiatives, Louis Renjel, highlighted the important role that infrastructure investments play in the strength and competitiveness of the U.S. economy.
"Infrastructure investments are catalysts to economic growth that improve the United States' competitiveness and strengthen and protect the communities adjacent to projects," Renjel said. "For CSX, new intermodal terminals, tunnel expansions and other network enhancements that enable us to offer more efficient service to our customers helps them grow, creating jobs and expanding opportunities for companies in the supply chains that support them.
"It is vital that local, state and federal partners understand the urgency of infrastructure development and the widespread impact it can have on the strength of the economy, as well as the price that we all pay when infrastructure growth is constrained by inefficient review processes."
Among CSX's recent notable infrastructure projects is the National Gateway, which will improve the flow of rail traffic throughout the nation by increasing the use of double-stack trains, creating a more efficient rail route that links Mid-Atlantic ports with Midwestern markets. This award-winning public-private partnership is expected to cost $850 million, and the public funds committed to the project are matched by $575 million in CSX funding. Every dollar of public money invested in the National Gateway creates $36 in public benefits.
"These investments are critical, since demand for freight transportation is expected to grow 62 percent between 2011 and 2040," Renjel said. "Our expansion plans rely on the efficiency of the regulatory and permitting process to ensure that our projects come to fruition – whether they're brand new developments or improvements to existing track and tunnels."
CSX has invested more than $14 billion since 2005 in making its network the safest and most efficient means of transportation in the East, and plans $2.3 billion in capital investments in 2014. Priorities for CSX in 2014 include continued investment in track and infrastructure, as well as new facilities in Florida and Canada, and expansions of other facilities across the network.
Taking place May 12-16, Infrastructure Week 2014 will explore emerging solutions, innovative approaches, and best practices being developed nationwide to modernize aging infrastructure. Daily signature events organized by steering committee members will focus on major infrastructure challenges, including freight and goods movement, passenger transportation, and drinking water and wastewater treatment. The events will focus on the consequences of inaction and the importance of interconnected infrastructure that provides a safe, secure, and competitive climate for business operations nationwide.
CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For more than 185 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links more than 240 short-line railroads and more than 70 ocean, river and lake ports with major population centers and small farming towns alike. More information about CSX Corporation and its subsidiaries is available at www.csx.com. Like us on Facebook (http://www.facebook.com/OfficialCSX) and follow us on Twitter (http://twitter.com/CSX).