Burlington Northern Santa Fe will hire more than 5,000 new employees while adding 500 new diesel locomotives to its fleet this year, CEO and President Carl Ice announced on CNBC Tuesday morning.

This comes after the Fort Worth-based railroad announced plans to spend a record $5 billion in capital in 2014, $1 billion more than it spent the previous year.

BNSF plans to spend $1.6 billion on new locomotives and freight cars,  including 5,000 new oil tanker cars.

Read more about BNSF here.