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Union Pacific Railroad's board recently blessed the Class I's capital spending budget for 2008. The railroad will invest $3.1 billion in capex — about the same amount UP spent on capital projects last year.

Designed to boost capacity, enhance safety, improve customer service and increase operating productivity, the 2008 capex program calls for spending $1.6 billion to maintain and improve track infrastructure; $840 million to increase network and terminal capacity; $490 million to upgrade the locomotive and freight-car fleets, such as by acquiring 175 high-horsepower locomotives and new covered hoppers; and $170 million primarily to upgrade information technology systems, including positive train control tests.