ARTICLE
Two separate announcements earlier this week were made celebrating billions of dollars in federal and state money being earmarked for GlobalFoundries to expand. On Monday afternoon, Senate Majority Leader Chuck Schumer announced $3.1 billion in federal funding for GlobalFoundries to undertake an anticipated $12.5 billion expansion in Saratoga County and Vermont, which includes a second computer chip factory at the Fab 8 headquarters in Malta. The funding is part of the U.S. Commerce Department’s CHIPS and Science Act. The funding package includes a $1.5 billion grand and up to $1.6 billion in loans. Additional monies in federal tax breaks could bring the total federal investment up to $6 billion. A majority of that money is expected to be spent in New York. Following Monday’s news, NY Governor Kathy Hochul joined Schumer, the Capital District Building Trades Council, and others in Malta on Tuesday to celebrate the federal grant. The Governor announced that Global will invest more than $11.6 billion over the next 10 years to expand the site, including a new 358,000-square-foot facility, which would triple the company’s capacity. As part of that investment, New York is offering a state aid package valued at $832 million. Overall, the expansion, new fab, and work in Vermont are expected to create 9,000 construction jobs. Per the Governor’s office, “construction on the new facility is expected to begin in 2025 and will be pursuant to a project labor agreement with workers who will be paid federal prevailing wage rates, at a minimum.” We await details on the construction timeline and will share the information as it becomes available.
Two separate announcements earlier this week were made celebrating billions of dollars in federal and state money being earmarked for GlobalFoundries to expand. On Monday afternoon, Senate Majority Leader Chuck Schumer announced $3.1 billion in federal funding for GlobalFoundries to undertake an anticipated $12.5 billion expansion in Saratoga County and Vermont, which includes a second computer chip factory at the Fab 8 headquarters in Malta. The funding is part of the U.S. Commerce Department’s CHIPS and Science Act. The funding package includes a $1.5 billion grand and up to $1.6 billion in loans. Additional monies in federal tax breaks could bring the total federal investment up to $6 billion. A majority of that money is expected to be spent in New York. Following Monday’s news, NY Governor Kathy Hochul joined Schumer, the Capital District Building Trades Council, and others in Malta on Tuesday to celebrate the federal grant. The Governor announced that Global will invest more than $11.6 billion over the next 10 years to expand the site, including a new 358,000-square-foot facility, which would triple the company’s capacity. As part of that investment, New York is offering a state aid package valued at $832 million. Overall, the expansion, new fab, and work in Vermont are expected to create 9,000 construction jobs. Per the Governor’s office, “construction on the new facility is expected to begin in 2025 and will be pursuant to a project labor agreement with workers who will be paid federal prevailing wage rates, at a minimum.”
We await details on the construction timeline and will share the information as it becomes available.