NORFOLK, Va., Jan. 11, 2018 /PRNewswire/ -- Norfolk Southern (NYSE: NSC) assisted 75 industries in locating or expanding their business operations along its rail lines in 2017.
The 54 new and 21 expanded industries across 17 states represent an investment of $1.1 billion by Norfolk Southern customers. This economic development is expected to create nearly 2,000 new customer jobs in the railroad's service area and generate over 147,000 carloads of new rail traffic annually.
"The strong industrial development activity in 2017 is an indication of renewed confidence on the part of industry and consumers, as well as continued demand for freight rail service," said Jason Reiner, assistant vice president industrial development. "The results include a mix of manufacturing, energy, and foreign-trade related business, and we believe we have an encouraging pipeline for growth entering the new year."
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. Norfolk Southern provides free and confidential facility location services, including industrial park planning, site layout, track design, and supply-chain analysis. During the past 10 years, NS' Industrial Development Department has participated in the location or expansion of 922 facilities representing private investment of over $60 billion and creating nearly 41,000 direct new customer jobs in territory the railroad serves.
About Norfolk Southern
Norfolk Southern Corporation (NYSE: NSC) is one of the nation's premier transportation companies. Its Norfolk Southern Railway Company subsidiary operates approximately 19,500 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, automotive, and industrial products.
This news release contains forward-looking statements that may be identified by the use of words like "believe," "expect," "anticipate," "estimate," "plan," "consider," "project," and similar references to the future. Forward-looking statements reflect our good-faith evaluation of information currently available. These forward-looking statements are subject to a number of risks and uncertainties, and our actual results may differ materially from those projected. Please refer to our annual and quarterly reports filed with the SEC for a full discussion of those risks and uncertainties we view as most important. Forward-looking statements are not, and should not be relied upon as, a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at or by which any such performance or results will be achieved. As a result, actual outcomes and results may differ materially from those expressed in forward-looking statements. We undertake no obligation to update or revise forward-looking statements.
SOURCE Norfolk Southern Corporation