MALTA — At an “Inside Malta” event last week at the Malta Community Center, a panel of local business leaders discussed the town’s rapid recent growth, its housing and infrastructure issues, and its “very bright” future.
Cindy Quade, a real estate broker and the owner of Signature ONE Realty Group, said she’s seen Malta transform from a “sleeper town” to one filled with amenities such as restaurants, nightlife, grocery stores, and shopping. “We have absolutely everything anybody needs right here,” she said.
Daniel Arnoff, Chief Relationship Officer of Arnoff Moving and Storage, agreed. In the last seven or eight years, Arnoff said that by observing Malta’s growth, “it’s clear to us that we’re not slowing down any time soon.”
“There’s other towns where there’s an instant door slamming in your face, and the door here couldn’t be any more wide open for business,” Arnoff said. “I think the trajectory that we’re on is a very bright one.”
Much of the town’s development has revolved around GlobalFoundries, a semiconductor manufacturer headquartered in Malta. After receiving more than $2 billion in federal and state investments earlier this year, the company announced plans to build a new microchip fabrication plant, which it expects will create more than 10,000 new jobs.
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Recently, GlobalFoundries donated $1 million to Hudson Valley Community College. The gift will go towards building a new Applied Technology Education Center (ATEC) on the college’s campus in Troy. ATEC will be an $85 million workforce training center that aims to prepare graduates for in-demand careers in semiconductor manufacturing and other industries.
Admar Semedo, Director and HR Site Lead at GlobalFoundries Fab 8, said the donation was not just about creating a headline. “It’s because we see the value in what Hudson Valley is doing and what that building is going to do,” Semedo said, “not just for GlobalFoundries but for the other companies in this room.”
Dr. Jonathan Ashdown, executive dean of Hudson Valley Community College North, said part of his institution’s objective is to keep youth in the area after they receive their training. He said he wants graduates to “stick around and help the economy; not only just survive, but thrive.”
But there are some hurdles when it comes to young adults living in Malta, or Saratoga County at large. “We can train them but if they don’t stick around, if they don’t have the housing, if we don’t figure stuff like that out, they’re going to go elsewhere,” Dr. Ashdown said.
Malta, like much of Saratoga County, has an unfriendly housing market for first-time buyers. High interest rates, low inventory, and competitive all-cash bidding wars have made owning a home an increasingly difficult prospect.
Quade said there were only four homes currently for sale in Malta. “There’s not a lot to choose from,” she said. Quade called for legislation that could benefit first-time buyers.
In addition to housing issues, Quade also cited infrastructure as a concern. “Surprisingly, we’re still well and septic on a lot of properties,” she said, “so having infrastructure, utilities, things like that, would help.”
“The beauty of this area is the community and its people,” Quade said. “The challenge is preserving it while growing.”
The “Inside Malta” event was hosted by the Chamber of Southern Saratoga County and supported by the Malta Business Community Alliance committee.
Attendees included Town Supervisor Cynthia Young, a representative from Congressman Paul Tonko’s office, and additional town-wide elected officials.
