Todorovich says the addition of the new station can help transform Philadelphia—primarily known for education and medical facilities—into more of a class A office destination. "By having their station at Market East, you make that area much more attractive for developing office buildings, and that's an area where landowners have had office buildings or pedestals or pads for a long time and haven't developed them because the demand is just not there."

Another major ongoing effort is a $450-million project funded by the FRA to improve service along a 24-mile section of the NEC between Trenton and New Brunswick, NJ. Further north in Connecticut, Amtrak is nearing the completion of a $140-million project to replace the 104-year old movable Niantic River Bridge in East Lyme, CT.

The new proposal comes at a time when growth in the Northeast is only expected to expand. According to the report, roughly 15 million additional residents will live in the Northeast by the year 2050, a 30% increase to 65 million. And despite the fact that economic growth is projected at a 1.8% annual rate over the next 40 years, the NEC, according to Amtrak, is "operating at or near capacity" and frequently experiences congestion and delays. The study also forecasts a 25% increase in ridership and revenue over 2010 projections.

Karen Rae, deputy administrator of the Federal Railroad Administration, said at a recent Professional Women in Construction forum that the federal investment strategy under the Obama administration aims to create rail development that will reach 80% of people over the next 25 years, an investment that can cost up to $2.5 billion. A big chunk of this investment involves $806 million devoted solely to Amtrak improvements from Boston to Philadelphia, including major infrastructure work and highspeed rail technology.

At the same time, opportunity for new revenue remains strong. Todorovich says the proposal has the potential to generate $4.9 billion in annual revenues by 2040 and creates more opportunity for real estate development to spring up around the transit hubs. "The NEC is attractive for investment because it's a proven market," she says. "None of the international experts have any doubt that this is a very strong market for highspeed rail service. It's just a question of funding and the political will to make it happen."

Just a few weeks ago, Congress passed a transportation bill (also known as MAP-21), which reauthorizes the federal aid highway program, eliminates earmarks and strengthens the Transportation Infrastructure Finance and Innovation Program to leverage federal dollars further. But despite political handclapping on both sides of the aisle, high-speed rail didn't get a title.

However, Todorovich says the bill is not an immediate concern because planners and policy makers are already looking toward the future. "We understand that there will be multiple bills in Congress before high-speed rail is built in the Northeast Corridor," she says. "This is a very long-term planning effort."