Pennsylvania Highlights $11 Million Investment To Improve Philadelphia Navy Yard
Governor Edward G. Rendell today joined executives from Norfolk Southern Corp. to announce a combined investment of $11 million to improve the Philadelphia Navy Yard Intermodal Facility as part of the railroad’s Crescent Corridor initiative, aiming to establish a high-speed intermodal rail freight route between the Gulf Coast and Northeastern U.S.
A $5 million investment from the state will be matched by $6 million from Norfolk Southern to nearly double the facility’s size.
“With its proximity to the port, rail lines and major highways, this yard is an optimal intermodal location,” Governor Rendell said. “This project will create jobs as well as relieve highway congestion. The Crescent Corridor could mean as many as 26,000 jobs created and retained in Pennsylvania over the next 10 years.”
The $5 million in state funding is included in a $45 million commitment Governor Rendell made on Aug. 12, when construction of a new intermodal facility in Greencastle, Franklin County, was announced. The state allocation, over three years, will be matched by Norfolk Southern’s $79 million and an anticipated $61 million in federal support.
In September, Governor Rendell, partnering with four other states and Norfolk Southern Corp., submitted an application to the U.S. Department of Transportation for $300 million from the American Recovery and Reinvestment Act for the Crescent Corridor. The money would come from the $1.5 billion federal discretionary transportation program for projects of regional or national significance.
Since Governor Rendell took office, the commonwealth’s annual investment in rail freight has more than tripled from $12.75 million to $40 million a year.
Topics: Cresent Corridor Initiative, economic development, economic growth, Economy, employment, Gulf Coast, intermodal location, investment, jobs, Norfolk Southern, Pennsylvania, Philadelphia, Philadelphia Navy Yard, rail freight, U.S., United States
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