It seemed like a bold move in 2018 when Erie native Jeremy Young moved his technology company, Federal Resources Corp., from northern Virginia to Erie.
Young’s fledgling firm had annual sales of $7 million at the time. But he was predicting big things, suggesting that revenues could reach $75 million within a few years.
It seemed like an ambitious goal in a town not known as a high-tech center.
Now, five years later, Federal Resources has topped $100 million in annual revenues. And Young — the 48-year-old son of an Erie firefighter and a mother who started her own housecleaning services — is eyeing even loftier goals.
The company has won contracts worth $881 million
Eventual revenues of $250 million a year aren’t out of reach, Young said.
The company, which has its headquarters at 440 W. Eighth St., is trending in the right direction. Federal Resources ranks 710th on the Inc. 5000 list of the nation’s fastest-growing private companies with combined growth of 827% over the last three years.
And sales are still growing.