Around the world and across the country, microchips are at a premium.

While a chip shortage has been making headlines during the COVID-19 pandemic, GlobalFoundries CEO Tom Caulfield says this has been 15 years in the making, since the launch of smartphones.

“Every day we’re in the paper, and it’s not about what we do, it’s about what we haven’t been able to do enough of,” Caulfield said.

To address this demand, Caulfield announced Monday morning that the manufacturer of semiconductors will build a second fabrication plant on the Malta campus in Saratoga County.

He says Fab 8.2 will create more than 1,000 new jobs at GlobalFoundries.

“We envision this capacity that we’ll add will double the size of our output over the coming years and make some of the most secure foundry products, not only for our customers, but for our country and for our government,” Caulfield said.

In addition, he says $1 billion will be invested immediately to expand the current Fab 8 plant.

U.S. Secretary of Commerce Gina Raimondo and Senate Majority Leader Chuck Schumer joined Caulfield for the announcement.

“Whether you have a four-year degree or not, there’s going to be a job for you in this industry and the related industries,” Raimondo said.

“With the building of the Fab 8.2, we’ve cemented the Capital Region as a world leader and the epicenter of domestic chip production,” Schumer said.

Schumer and Raimondo also praised the Senate’s passage of the U.S. Innovation and Competition Act, a $52 billion investment in the domestic semiconductor industry.

Monday’s announcement comes a few days after the Wall Street Journal reported Intel was discussing to purchase GlobalFoundries for about $30 billion.

Caulfield says there’s nothing to that story.

“This idea of rebranding the company was about us as a team committed to people to make the kind of investments to create the technology for society,” Caulfield said.

He says this project is currently in the planning phase, which is expected to take several quarters.

No timetable was provided on when permits will be requested, nor when shovels could potentially hit the ground.