Norfolk Southern Corp. has proposed a $2 billion upgrade for a rail corridor between Louisiana and New Jersey that could divert as many as one million trucks per year from roads and highways, including Interstate 81 in Virginia.
The railroad company, reports the Roanoke Times, says it is prepared to “invest a lot in this corridor … up to an amount that provides us an acceptable return on our investment.” Beyond that amount, the Norfolk Southern expects the public sector to step in. Virginia has pledged $40 million towards upgrades in the portion of the 1,400-mile corridor that runs through the state.
The idea is certainly worth examining. On the surface at least, it seems vastly preferable to the two grotesquely expensive public-private partnership proposals that have been submitted for I-81 in Virginia. But all expenditures must be scrutinized on a return-on-investment basis. Before Virginia commits to this project, we need to know how many trucks will we get off Virginia highways for that $40 million through this approach, and how does that compare to alternative investments of $40 million?
Let’s see the numbers. If the numbers look good, then it’s full speed ahead!