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Foundry Files

GLOBALFOUNDRIES Puts New York on the Map

  • By: Communications
  • March 15, 2012
  • Category: Business

An aerial view of Fab 8.

New York’s “Capital Region” is on a roll. The area, consisting of the State capital city of Albany, the cities of Troy, Schenectady, and neighboring counties like Saratoga County, ranked number four on this year’s Forbes list of the Best Cities for Jobs in the U.S.

Albany, like a lot of the cities on the Forbes list, is a state capital. But the region is also anchored by such economic heavyweights as the CNSE at the University of Albany, the headquarters for GE Global Research and GE’s new $160 million battery plant in Schenectady.

In creating this year’s list, Forbes and Moody’s Analytics, which compiled all the projections for this survey, cited many of these assets as contributing to the region’s economic outlook, and specifically recognized the Fab 8 project as a key engine driving job creation and boosting economic activity in the region.

The Fab 8 project, representing an eventual capital investment of more than $7 billion and consisting of more than 2 million square-feet of development, is creating more than 1,400 new direct jobs in addition to thousands of additional in-direct jobs in the area through the company’s extensive global supply chain.

The massive new project is not only helping to put New York’s Capital Region at the top of this year’s Forbes list, but Fab 8 is also being recognized by Harvard Business School as a strong example of how to improve the competitiveness of the United States – that is, the ability of firms operating in the U.S. to compete successfully in the global economy while supporting high and rising living standards for Americans.

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