WASHINGTON, DC – Today, the Railway Supply Institute (RSI), the Railway Engineering-Maintenance Suppliers Association (REMSA) and the Railway Tie Association (RTA), released the latest Economic Impact Study, showcasing the power of the rail supply industry.
The major new study indicates a total GDP impact of the U.S. rail supply industry to be more than $75 billion in 2020. According to the data, the total employment impact of the industry surpassed more than 680,000 jobs. Employees in the rail supply industry receive more than $91,200 on average–34% more pay than the national average.
RSI President Patty Long released the following statement.
“The rail supply industry plays an essential and powerful role in driving the U.S. economy and the results of this study are undeniable,” said Long. “Despite COVID-19 challenges to the supply chain felt around the world, it’s apparent that the industry is continuing to bounce back.”
In addition to GDP contributions and supported jobs, the study notes more than $15 billion in tax contribution within the U.S., $8.61 billion of which as contributed at the state and local levels.
“The rail industry is a vital economic driver that effects everyday life across the nation. This report proves how far reaching the impact is in today’s world,” said Urszula Soucie, President of REMSA. “We are excited to support the launch of this report and grow awareness of the positive influence our industry has on the country.”
“Both the direct and indirect economic contributions made on an annual basis emphasize the importance of the rail supply industry,” added Dr. Nate Irby, Executive Director, Railway Tie Association. “From employment numbers to compensation and more, the impact is felt nationwide and we’re proud to help bring this data to light.”
The study was compiled in partnership with Oxford Economics. Hamilton Galloway, Head of Consulting for Oxford Economics, said “the contribution of the rail supply industry underscores the far-reaching importance of the rail manufacturing sector’s support of quality jobs, which enable rail transportation to move billions of tons of raw materials and finished goods. Our modeling shows that rail supply supports economic activity in every state.”
Visit the RSI website for the full report along with state-specific highlights and data.
About the Railway Supply Institute (RSI)
The Railway Supply Institute (RSI) is a trade association representing more than 160 companies involved in the manufacture of products and services in the freight car, tank car, locomotive, maintenance-of-way, communications and signaling, and passenger rail industries. RSI connects members to their customers and partners, supports the improvement of the industry, assists members in the global marketplace, and represents the industry during the regulatory and legislative process. For more information visit www.rsiweb.org, follow RSI on Twitter and join the RSI LinkedIn group.
About the Railway Engineering-Maintenance Suppliers Association (REMSA)
The Railway Engineering-Maintenance Suppliers Association (REMSA) was created in 1965 by the merger of the Association of Track and Structure Suppliers and the National Railway Appliances Association, two long-standing organizations in the railroad maintenance-of-way industry. The association represents companies and individuals who manufacture or sell maintenance-of-way equipment, products, and services, or are engineers, contractors and consultants working in construction and/or maintenance of railroad transportation facilities. REMSA members constitute a large part of the maintenance-of-way industry. The association sponsors the largest exhibit of maintenance-of-way equipment, products and services in the United States. REMSA members exhibit rail and track products, track maintenance equipment and services, safety devices and software that enables the railroad industry to work smarter. For more information, visit www.remsa.org.
About the Railway Tie Association (RTA)
The Railway Tie Association (RTA) was organized in 1919. Predecessor groups, dating back to the late 1800s, including The National Association of Railroad Tie Producers, were formed to support the railroad tie industry and to preserve forests through conservation. The Association is involved in all aspects of the crosstie industry and ongoing activities such as sound forest management, timber resource conservation, timber processing, wood preservation, sustainability, recycling, industry economics and statistics, and worker safety. The purpose of the RTA is to keep wood crosstie markets strong and sustainable.
About Oxford Economics
Oxford Economics is a global economics consultancy firm based in Oxford, UK. It provides economic analysis, forecasts, and advisory services to businesses, financial institutions, and governments. The firm’s services include macroeconomic analysis, country and industry analysis, and customized research and consulting projects. Oxford Economics draws on a combination of economic models and expertise to provide clients with actionable insights and support decision-making.
About the Railway Supply Institute (RSI)
The Railway Supply Institute (RSI) is dedicated to advancing safety, innovation, technology, and sustainability within the freight and passenger railway supplier industry, both in North America and global markets. As the voice of the industry, RSI strategically engages in critical and urgent industry matters by leveraging the technical expertise of our members to advocate in the legislative and regulatory arenas, foster education, host impactful events, and facilitate networking opportunities. For more information visit www.rsiweb.org, follow RSI on Twitter and LinkedIn