Senator Schumer's Program Grants $1.5B for Global Foundries Expansion in NY

sciencePhoto byGabriel VasiliuonUnsplash

An Economic Boom is coming to Saratoga County in New York. The Biden Chips and Science Act is making it's third investment from a $52 Billion dollar fund to stimulate domestic production of microchips and R & D. Global Foundries will receive $1.5 Billion in a direct grant, as well as loans totalling $1.6 Billion. Added together with private investments, they have $12.5 Billion dollars at their disposal.

Global is building an 2nd chip plant in Malta, NY, which lies in Saratoga County, as well as improvements at it's facilities in Burlington,Vermont.

The new 358,000-square-foot building at the Malta campus will triple the company’s capacity to meet the growing demand for chips. It will create 1,500 direct jobs and thousands of indirect jobs. The company plans to invest more than $11.6 billion over the next 10 years as part of the project, according to Gov. Kathy Hochul.

Global makes chips not make anywhere else in the country, which are used in auto vehicle proximity sensors, satellites, smart phones, electric vehicles, and military applications.

The investment is partly in response to the delays in car manufacturing due to lack of chips to complete vehicles during the pandemic. Global already has a massive plant in Saratoga county, this addition should be a boon to the local economy.

Circuit boardPhoto byChris RiedonUnsplash