News of world’s largest semiconductor plant being built in Marcy New York causes boom in local real estate contracts

By Linda Kaidan

World’s largest semiconductor plant being built in Marcy New York has an instant effect on our economy

Marcy is located near Utica, in Oneida County New York, just west of Herkimer. It is the future northern US site for Cree Inc, which will manufacture silicon carbide wafers used in electric vehicles and 5G technology. Close upon Cree’s announcement of their new facility in Marcy, in a matter of days the region experienced a boom in real estate contracts.

I was alerted to this when I noticed my Google maps photo views suddenly rise by 60,000 in a single day to over 600,000. As a Google Guide who focuses on Central New York, I was astounded by this dramatic increase and wanted to understand why. Guessing it was related to this momentous commitment to Mohawk Valley industrial development, I investigated the real estate statistics. I used realtor.com’s listings for Oneida County, which will be home to this world class manufacturing facility, and those of surrounding counties.  Using realtor.com’s filter tool, I compared total listings with listings not under contract.

Strong percent of real estates listings under contract of 25% to over 40%

Onondaga and Oneida counties, home respectively to Syracuse and Utica, have the highest volume of real estate contracts (see red counties on map), with over 45% of all listings under contract. Surrounding counties of Madison, Oswego, Herkimer, Cortland and Lewis (yellow counties), have 25% to 40% of their listings under contract.

The risk of coastal living diminishes when new jobs and homes are created in Central NY.

We can look forward to high quality jobs and an abundance of opportunities for contractors as a result of world’s largest semiconductor plant being built in Marcy New York. Creating jobs and incentives to live in central NY is a healthy way to counter the risks of coastal living.