The U.S. Department of Commerce today announced $1.5 billion in funding for GlobalFoundries (GF) as part of the U.S. CHIPS and Science Act (CHIPS). This investment will enable GF to expand and create new manufacturing capacity and capabilities to securely produce more essential chips for automotive, IoT, aerospace, defense, and other vital markets. The federal award will support a $12 billion expansion of GF’s Malta facility, including construction of a new state-of-the art fab. An additional $600 million in New York State Green CHIPS and other State benefits will help support workforce development, infrastructure upgrades, and energy efficiency.

Today’s announcement further solidifies the Capital Region’s position as a global leader in semiconductor manufacturing. During the next decade, the two Malta projects are expected to create 1,500 new manufacturing jobs. The awards have a targeted focus on workforce development, which ensures that the people who live in our region will be trained and connected to good-paying careers in manufacturing.

We thank Senate Majority Leader Schumer for his leadership in getting the CHIPS legislation passed and for championing New York State as the ideal location for federal investment. We commend Governor Hochul for enacting complementary Green CHIPS legislation and for being a true partner for our state to capitalize on this historic opportunity.

From population to employment growth, GF has had a transformational effect on Saratoga County and the Capital Region. The company exceeded its initial commitments from its first project - creating 2,500 jobs and investing more than $15 billion. This new project is a testament to GF’s continued commitment to New York State and the Capital Region. We applaud their diligence in pursuing CHIPS funding and thank them for their continued investment and dedication to our region.

CEG has been actively engaged in building the region’s semiconductor industry for more than two decades, from the initial development of the Luther Forest site and recruitment of GF’s predecessor to helping inform GF’s CHIPS application. Furthermore, we partnered with GF to develop, launch, and grow the nation’s first semiconductor-related apprenticeship program. CEG will continue to work with GF to ensure its success.

Our fully enabled ecosystem has skilled talent, workforce development programs, research universities, private sector R&D, supply chain, along with the infrastructure necessary for companies to locate and grow here. This announcement marks an exciting chapter in our region’s future; one that builds on an already strong foundation to propel us further into global leadership.

Onward,

Mark N. Eagan, CCE

President and CEO

Center for Economic Growth