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Thursday, June 20, 2024

Union Pacific to invest $1 billion in Nebraska

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Gov. Dave Heineman recently joined Union Pacific Chairman and CEO Jim Young in announcing the company’s planned $1 billion investment in Nebraska over the next several years as part of its capital investment programs.

The $1 billion will be spent on projects across the state, including the following:

Union Pacific is expanding capacity at its North Platte rail yard, the largest railroad classification yard in the world, with a $70 million investment for better throughput by adding track and technology upgrades.

About 125 trains a day transport goods through Nebraska on Union Pacific’s main line – making it the busiest freight rail transportation corridor in the United States.

An investment of approximately $220 million in new rail, ties and other work will increase capacity and fluidity on this busy corridor.

Between Fremont and Missouri Valley, Union Pacific plans to spend $206 million on new crew change buildings, a bridge over the Elkhorn River, new technology and track.

This is a multiple-year project to move trains more efficiently and improve service.

“I’m thrilled at the news of Union Pacific’s expansion,” said Gov. Dave Heineman.

“Their extraordinary investment in our state is a great example of how Nebraska is moving forward as a state with one of the lowest foreclosure rates, the second-lowest unemployment rate and a destination for companies looking to expand and create jobs.”

Union Pacific employs approximately 45,000 people. About 8,000 of those employees are in Nebraska, creating a payroll of nearly $1 billion. Union Pacific operates 1,068 miles of track in the state.

According to the U.S. Department of Commerce economic models, every dollar invested in freight railroads yields $3 in economic output and every job in day-to-day operations sustains another 4.5 jobs elsewhere in the economy.

Using this model, Union Pacific’s $1 billion in Nebraska can yield $3 billion in economic output.

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