RSI, REMSA & RTA Announce Economic Impact Study, Demonstrating Power of the Rail Supply Industry

WASHINGTON - Feb. 13, 2023 - PRLog -- 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 (https://www.rsiweb.org/data-technical-resources/rail-supp...) for the full report along with state-specific highlights and data.