Ams AG's decision to construct a computer chip factory in upstate New York will give the state another big player in the emerging industry sensors and the Internet of Things.

The Austrian company confirmed in its quarterly earnings report that it has reached an agreement under which New York will build a factory to company's specifications. The deal will allow ams to avoid facing hefty depreciation costs from the plant and manufacturing equipment. In return, ams will lease the factory and manufacture chips for 20 years. Ams makes chips used in sensors for mobile devices and other products.

Industry analyst Jim McGregor said he is impressed with how aggressively New York is building its high-tech corridor. McGregor is the founder and principal analyst of TIRIAS Research in Mesa, Arizona.

"When you look at semiconductors, there's someone running a fab 24/7 for at least 7 years, and if not 20 years if it gets upgraded. It is a good investment," McGregor said.

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Jul 28, 2015, 2:20pm EDT Updated Jul 28, 2015, 3:00pm EDT | Chelsea Diana