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2/14/2023
The U.S. rail supply industry had a nearly $76 billion impact on the nation’s gross domestic product (GDP) in 2020, according to a new economic impact study.
The Railway Supply Institute (RSI), the Railway Engineering-Maintenance Suppliers Association and the Railway Tie Association yesterday released a report outlining the study, which examined the rail supply industry’s impact on the U.S. economy in terms of jobs, tax revenue and GDP on both the state and national level.
According to the data, the rail supply industry accounted for more than 682,000 jobs in 2020. Those employees received more than $91,200 in pay on average for the year, which is 34% more pay than the national average. The industry’s tax contribution for that year was estimated at $15.5 billion.
"The rail supply industry plays an essential and powerful role in driving the U.S. economy," said RSI President Patty Long in a press release. "Despite COVID-19 challenges to the supply chain felt around the world, it’s apparent that the industry is continuing to bounce back."
The study was compiled in partnership with Oxford Economics. To read the full report, click here.