When in full swing, the plant should provide 1,400 good-paying jobs and another 5,000 jobs indirectly as various high-technology support industries spring up in the region, WEDC officials predicted.
After the luncheon, State Assemblywoman Teresa Sayward said the much-heralded plant would jumpstart the economy regionally, from the Capital Region north, well into the Adirondacks.
"This chip plant is going to do far more for our region's economy than anything we've experienced in the past 50 years," she said. "I'm absolutely excited about the development."
Caudell and WEDC officials said dozens of companies either designing chips or supplying components, or developing new product applications would likely relocate to the region within an hour's drive of the plant.
WEDC President Len Fosbrook said the GlobalFoundries development opened a new era of opportunity for residents of the region, and that's why area property values have remained relatively stable during the past year, bucking the downbeat ecomomic trend experienced recently elsewhere in the U.S.
"This will be transformational for our region's economy," Fosbrook said. "We're moving into a whole new era centering on information technology and businesses related to it - I can see nothing but good news for the future."
Warren County Board of Supervisors Chairman Fred Monroe said at the event that if a maximum-capacity broadband network is developed through the Adirondacks as envisioned by area economic development leaders, a large number of jobs will be created through the southern Adirondacks, boosting the region's economy.
"These high-technology companies are extremely mobile, and their executives, attracted to our high quality of life, will likely set up shop anywhere along the Northway," he said.
GlobalFoundries is a new venture of semiconductor giant Advanced Micro Devices, in a conjunction with Abu Dhabi-based Advanced Technology Investment Co.