GlobalFoundries broke ground on a $4.6 billion chip manufacturing complex in nearby Malta. In 2010, Forbes ranked Albany fifteenth on its "Most Innovative Metros" list. In late 2010, the Capital District was noted for being "one of the fastest growing areas in the country for technology jobs".
In 2009, Albany and its environs were listed number 30 in the nation on Forbes Magazine's "Best Bang-For-The-Buck" list, a study that looked at the stability of the housing and job markets, cost of living, and commute times. In the same study, the area was ranked fourth best for rate of foreclosures. Albany was among the 25 strongest housing markets in the United States during the tough economic conditions of 2008. According to the United States Census Bureau, the Capital District's gross domestic product (GDP) was $32.345 billion in 2008, up 3.4 percent from the year before. The region ranked 42nd in growth rate. In 2012 the Albany-Schenectady area was listed 4th on Forbes Magazine's annual "Best Cities for Jobs" list, noting that job losses in state and local government were overcome by expansion of the high tech field
