Increased funding will put people to work making necessary rail improvements and ensure the long-term economic competitiveness of the Northeast Megaregion.

The Northeast Corridor (NEC) is the most heavily traveled portion of America's passenger rail system and is an economic engine for the Northeast Megaregion from Richmond, Virginia to Portland, Maine.

The megaregion produces more than 20 percent of the nation's total economic output with just over 15 percent of the nation's population on only two percent of its land area.

With this staggering contribution to America's economy, the federal government has a great opportunity to create jobs by investing in our underfunded rail network - the very vehicle that drives the Northeast economy.

"The Northeast Corridor's economic productivity is heavily dependent on our transit and rail systems," said former Pennsylvania Governor Mark Schweiker, President and CEO of the Greater Philadelphia Chamber of Commerce and Chair of the Business Alliance.

"The business community understands that the current and future success and vitality of our region is contingent upon making the needed investments in this essential piece of infrastructure."

In the letter, the Business Alliance for Northeast Mobility calls for the stimulus bill to increase total funding to $15 - $20 billion for transit and to at least $1.5 billion for intercity rail nationwide - amounts that can be put to work immediately on long-delayed repair projects.

Moreover, the letter notes that the capital investment will put people to work immediately and stem the loss of jobs from transit agencies, while building the foundation for long term economic growth in the Northeast and the nation.

In addition, the Business Alliance released a report, "The Future of the Northeast Corridor," which details the improvements needed to increase rail mobility and stimulate economic growth. The report notes that the region is expected to face continued increase in rail traffic - adding additional stress to the existing infrastructure.

"While China is investing $88 billion in their economic stimulus on intercity rail projects, our plan proposes one-eightieth of that amount for rail investments. We simply cannot compete in a global economy if we do not ratchet up our investment in the nation's rail system," said Robert Yaro, president of the Regional Plan Association and vice-chair of the Alliance.

The Report observes that Amtrak ridership is expected to double by 2030, from 13 million to 26 million. And over that same time period, total volume on the NEC, including commuter service, is expected to grow from approximately 250 million to nearly 400 million riders.

By increasing capacity on the NEC, it will not only create much needed economic growth, but it will reduce carbon emissions and dependence on foreign oil.

The Report includes concerns from business leaders, who depend on the NEC rail and transit to remain competitive.

"Verizon New Jersey's decision to retain its 700-employee presence in Newark, and to invest more than $25 million, was influenced strongly by the City's rail connections and access to the Northeast Corridor. As a company that spends hundreds of millions of dollars each year on our own infrastructure, we understand the importance of returning the Corridor to a state of good repair," said Dennis M. Bone, President, Verizon New Jersey.

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