NEW YORK (CNNMoney.com) -- The town of Elmira, an upstate New York community that once prospered during the manufacturing boom, got a spot of good news Friday.
A total of 575 jobs are coming to the small city, after Amtrak awarded an Elmira-based company a contract to build 130 new train cars.
CAF USA, a subsidiary of a Spanish rail manufacturer, will build the single-level rail cars and hire hundreds for manufacturing and assembly work at its plant in Elmira. The first car is scheduled to be completed in October 2012.
The five-year contract, worth $298.1 million, is the first step in a fleet renewal plan. Amtrak said the new cars will replace some old fleet cars still in use -- including some built in the 1940s and 1950s.
The Federal Reserve is probably not going to raise interest rates until the summer of 2015 at the earliest. More
Immigrant entrepreneurs leverage connections abroad to boost international exports -- and non-immigrants could stand to learn from their tactics. More
Occupy Wall Street offshoot Strike Debt says it has abolished nearly $4 million in private student loan debt for students who attended Everest College, part of Corinthian Colleges. More