Business
Rail service is back in vogue and booming
Washington | May 10, 2008 12:01:13 AM IST
The drift toward obscurity has shifted for U.S. railroads, which are enjoying a sudden surge in business, industry analysts said. After years of looking for ways to cut costs to increase profits, the nation's seven major rail shippers are building business to increase profits, Bob Billingsley, a 31-year veteran of Norfolk Southern railroad told The Washington Post. Coal headed to China has been responsible for some of the increased demand. But the rising cost of diesel fuel and a scarcity of truck drivers have made rail service more attractive, the report said. Estimates include a 90 percent increase in tonnage of rail freight by 2035. The industry, which pumped $10 billion into infrastructure needs in the past year, expects an additional $148 billion will be needed for infrastructure in the next 20 years. It is the first time in 80 years, the industry has looked to put down new track. Passenger service has also been rising, up 6 percent at Amtrak in 2007, the fifth consecutive year of increases, the report said. Railroads laid off 4,700 workers in 2006 and turned around by hiring 5,000 in 2007, the Post reported. (UPI)
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