President Barack Obama is making his way back to the Capital Region next week. Obama will visit the GlobalFoundries site on May 8th to deliver a speech about the economy. Matt Hunter has more.

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MALTA, N.Y. -- The Capital Region is once again preparing for a visit from President Obama. Obama is scheduled to visit the GlobalFoundries site on May 8th.

Congressman Chris Gibson and Paul Tonko held a joint press conference in Malta to talk about the visit. It will be the president's first ever trip to the GlobalFoundries site in Malta.

The chip plant, which is a multi-billion dollar construction project, has been in the works for years. It is slated to create thousands of jobs in the area between GlobalFoundries itself and many of the other companies moving to tech valley to work alongside of them.

Both Tonko and Gibson say they're not surprised this development caught the president's eye.

"That holds great hope for the people of this area. For the communities of this region. This visit, third in as many years, has proved positive that it is happening here in the greater capital region," Tonko said.

"I believe we are just at the beginning of this. So, between the college of nano science, RPI, Siena, Union, all the community colleges involved, we have the intellectual capital in place that will allow us to compete and to win," Gibson said.

Sources close to the trip say this is not a campaign stop for the president. He will be addressing the economy.