In yet another employment coup for the Upstate NY's Tech Valley, this week GLOBALFOUNDRIES announced plans to build an R&D technology development center at its Fab 8 location in Luther Forest, Malta, NY. This will increase its already hefty investment in the area to more than $8 billion dollars.
GLOBALFOUNDRIES says that since it began the Fab 8 facility, it has brought 2,000 jobs to the area. The new center is projected to bring in another 1,000 by the end of 2014. The facility will research and manufacture equipment that will help support the growing number of people globally who are transitioning from computers to mobile devices.
From a real estate perspective, the Fab 8 plant has certainly benefited the Tech Valley area. Although it may not have lived up to the hype of some who dreamed that money would be dangling from the trees with the project, the Fab 8, along with the rest of the Tech Valley area tech and nanotechnology facilities has helped some parts of Upstate New York maintain a far better real estate picture than many areas of the country. The capital improvements in the area have also been more consistent. Main roads are more regularly repaired, traffic patterns are improving with new designs in several key rush hour spots, previously delayed bridge work is being done, and overall there is an attitude that compared to the rest of the world, we’re not doing too badly here.
As part of the appraisal work we also do at Ron DiDonna Real Estate & Appraisals, we are constantly running the numbers to see how the market changes month to month and year over year. Although, like the rest of the country, most areas did see a considerable dip from 2007 at the peak of the market through 2009 and 2010, several local communities have begun what appears to be a fairly steady turnaround, and a few are even within a couple of percentage points of their peak markets. In addition, the number of buyers and sellers appears to be growing, again.
It will be interesting to watch what other growth occurs from this newest Tech Valley venture.
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