Union Pacific announced $1 B investment in Neb.

AP News
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Posted: Jan 20, 2012 3:30 PM
Union Pacific announced $1 B investment in Neb.

Union Pacific plans to invest $1 billion in railroad projects in Nebraska over the next several years.

Railroad CEO Jim Young announced the spending plan Friday at a news conference with Gov. Dave Heineman.

Young says he expects the rail upgrades will create at least 1,000 jobs. UP plans to invest the money over about seven years, but the projects could be accelerated if the economy improves quicker than expected.

Heineman says he is thrilled about Union Pacific's plans to invest in Nebraska.

The railroad will receive state tax breaks in return for the investment under an incentive program. But railroad officials did not immediately know how much of a benefit UP will receive.