According to the Albany Times Union, the town of Malta planning board approved the expansion of the GlobalFoundries Malta NY fab plant.

The $7 billion semiconductor plant that GlobalFoundries has begun operating has 1,600 employees, a figure that’s expected to grow to 1,800 by the end of this year. Company spokesman Travis Bullard said GlobalFoundries is planning for as many as 3,000 workers at the site.

The town approval clears the way for further development and growth, leading to more jobs, and thus greater demand for homes in and around Saratoga County. This influx of GlobalFoundries employees is only going to accelerate the growth and improvement in the Saratoga County housing market. From Clifton Park, to Malta, to Ballston Spa, to Saratoga Springs, several hundred new high wage jobs will only drive up demand for new homes. Without new construction, a sudden influx of 1,400 new employees over the next 18 to 24 months at GlobalFoundries Malta NY, could reduce the housing supply and drive up prices over and above normal growth.

If you have considered buying in Saratoga County, the sooner the better to beat this incoming wave of home buyers.