[Freight Weekly] $2.4B Investment in Rail from the Biden-Harris DOT

🎃Happy Halloween!🎃

🚂 In a boon for passenger and freight rail stakeholders across the country, the United States Transportation Department set aside $2.4 billion in infrastructure and safety programs via grants from the Federal Railroad Administration (FRA). More:

• U.S. Transportation Secretary Pete Buttigieg explained, “Today’s investments in our rail systems reflect the Biden-Harris Administration’s commitment to building a stronger, safer, and more resilient transportation network.”

• Funds through the grants will fund 122 intercity passenger and freight projects in 41 states and DC, says the FRA. These projects include track improvements.

• Amit Bose, administrator of the FRA, said the “grants will enhance rail safety, better connect towns, cities, and ports, introduce more environmentally friendly locomotives, support the current rail workforce, and provide workforce development opportunities essential to the future of our industry and…economy.”

• This news comes as volumes of freight rail traffic rose by 4.2 percent in the week ending October 26. Freight railroads hauled 519,415 carloads and intermodal units that week, which is the 4.2 percent climb already mentioned.

• Total carloads totaled 228,829, up 0.9 percent, and intermodal volume reached 290,586 trailers and containers, which is up 6.9 percent.

• U.S. railroads logged 20,705,010 carloads and intermodal units, a 3.1 percent increase. Canadian railroads reported 6,846,120 carloads, containers, and trailers. Mexican railroads posted 1,243,815 carloads, containers, and trailers, a 2.6 percent gain. The numbers of U.S.-Mexico trade are reaching new highs.

Bottom line: Funding from the FRA through these new grants will be extremely helpful in building on existing infrastructure and improving safety through new and longing projects.

MORE: Federal government hands out $2.4 billion for 122 railroad projects…

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📈 BY THE NUMBERS

⛽ Diesel: $3.573 / gal (⬆️from $3.553 last week) - EIA

✈️ Air Cargo Index (Sept. ‘24): 186.1 (⬆️from 179.1 in August ‘24) - FRED

🚢 Global Container Index: $3,300.20 on October 31 - Freightos

📰OTHER NEWS IN FREIGHT📰

🛬IATA reports air cargo demand was up in September as growth narrowed: The latest figures from the International Air Transport Association show air cargo volume increased 9.4 percent YOY in September 2024. Capacity was up 6.4 percent and the average cargo load factor improved by at least 1.3 percentage points to 45.6 percent.

⚡Environmental Protection Agency granted the Port of LA $400 million for electrification projects: Biden’s EPA awarded the Port of Los Angeles $400 million for its transition to electric cargo-moving equipment — an official ‘Clean Ports’ grant.

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