Cargo Business Newswire

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Monday, January 23, 2012

Top Story

UP to invest $1 bil in home state

The Union Pacific Railroad announced it plans to invest $1 billion in rail projects in Nebraska over the next seven years.

"We are renewing our commitment to the state," said Jim Young, chief executive of the Omaha-based railroad that has been based in Nebraska for 150 years.

Young said the projects are to include $200 million in upgrades to the UPR’s primary east-west track through Nebraska will add at least 1,000 new jobs.

The rail carrier reportedly qualifies for up to $100 million in tax breaks from the state of Nebraska in exchange for implementing the capacity upgrade investments and associated job creation.

"This is extraordinary news. We've never had a billion dollars invested in this state by one company," said Nebraska Governor Dave Heineman.

Union Pacific reported its freight revenue rose 24 percent in the fourth and that it plans to invest $3.6 billion in 2012 on upgrades to its throughout its network.