Five years ago this summer GlobalFoundries broke ground in Malta, in our very own Saratoga County, New York. This large, international company was growing and they decided to do it here. In recognition of this five year anniversary we want to report to you on this project that SEDC worked on for so many years, through the creation of the Luther Forest Technology Campus, the concerted efforts made to attract GlobalFoundries, and the on-going work still taking place today.   

What we want to share with you today specifically is the gift that came as a result of the tremendous hard work put in by SEDC and other partners. The gift of job creation and capital investment. GlobalFoundries' decision to invest and grow in Saratoga County could be considered the best Christmas in July our County has ever seen! 

The positive effect GlobalFoundries has had on our county, region, and state is staggering. Through documentation from the Saratoga County IDA (SCIDA) and published news reports we've been able to understand just how tremendous that impact really is. 

Upon their initial submission to the SCIDA, GlobalFoundries committed to creating an impressive 1,200 jobs. That estimate was eventually increased to 1,465.  In all actuality, GlobalFoundries had created almost 1,950 jobs, only taking into account those jobs created by Fab 8 (now Fab 8.1). An additional 450 new jobs have already been created through the approval of the Technology Development Center, which is still under construction, so we now have approximately 2,400 jobs. This is double the job creation GlobalFoundries initially committed to. 

When new jobs are added to the economy there is a trickle down effect which creates what is known as "indirect jobs". Economists employ a "multiplier" calculation to reliably and consistently calculate indirect job creation. We specifically used a 2.25 multiplier which was used by Dr. Everett Ehrlich in his study of the economic impact of GlobalFoundries which can be reviewed here. Using this calculation 2,400 direct jobs results in the creation of 3,000 indirect jobs, for a total of 5,400 jobs created. Did anyone ever imagine that a commitment to create 1,200 jobs would become a total of 5,400 direct and indirect jobs!

In addition to their commitment to job creation, GlobalFoundries was also going to make a significant capital investment, which they initially shared would be $4.6 billion. This commitment was made with only Fab 8 in mind. On that project alone, GlobalFoundries has ultimately invested $6.9 billion. Additionally, GlobalFoundries is building the Technology Development Center which would come with a $2.1 billion investment. This brings the total investment to $9 billion. Once again, doubling their initial commitment.

The bottom line: GlobalFoundries is ahead of pace on their promises, and they're not done yet.