Malta, NY – GlobalFoundries announced today that construction is under way on two new semiconductor manufacturing facilities, or “fabs,” in the town of Malta. The $21 billion joint venture between the United States and Japan will produce chips used in Apple devices and General Motors vehicles, and is expected to generate up to 27,000 construction jobs, with about 1,000 permanent positions once the plants become operational in mid‑2029.
Federal Support and Taxpayer Ownership
U.S. Commerce Secretary highlighted the partnership as a major win for American industry, noting that the deal will bring billions of dollars of revenue to the United States. Howard Lutnick, GlobalFoundries CEO, said the venture gives American taxpayers a direct stake: “American taxpayers are getting $2 billion worth of shares in GlobalFoundries and 50 percent of the cash flow from these two giant fabs for decades to come.” He credited President Trump for securing the agreement and emphasized that the ultimate decision on how the profits are distributed rests with the president.
Economic Impact on the Region
The new fabs are expected to boost the local economy far beyond the direct jobs created. Suppliers, service providers, and ancillary businesses in the Capital Region anticipate increased demand, while the presence of a high‑tech manufacturing hub may attract additional investment and skilled workers to the area.
Future Expansion
Company officials indicated that a third fab could be added if market demand justifies it. “On paper, the clear signals are that the third fab will be built,” said Pradip Singh, GlobalFoundries chief manufacturing officer.
Community Perspective
Local leaders have welcomed the project, citing the potential for long‑term economic stability and the opportunity for families to benefit from a new source of wealth in the community. While details on how the taxpayer share will be allocated remain to be announced, the promise of a permanent, high‑paying workforce is already generating optimism among residents.
What Comes Next
Construction is slated to continue through 2028, with production slated for mid‑2029. The Trump administration has pledged to monitor the venture closely to ensure that the promised taxpayer benefits are realized, and to work with state and local officials on any needed infrastructure upgrades.
Original reporting: CBS 6 WRGB Albany (local) — read the source article.
