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Earlier this week, federal and local officials joined CSX Transportation and Jacksonville Port Authority representatives to announce a $40 million rail infrastructure project in Jacksonville, Fla.

CSX will fund the North Main Street bypass project, which will improve the flow of freight into and out of the port, and reduce rail traffic on the current routes that bisect local neighborhoods and cross a U.S. highway.

The project is designed to boost container traffic, make the port more competitive and improve the area's air quality.

"Railroads provide connectivity between ports and inland destinations, and we do it in an environmentally friendly way," said Clarence Gooden, CSX Corp.'s executive vice president and chief commercial officer, in a prepared statement.