U.S. memory chip maker Micron Technology announced plans to spend $3 billion over the next decade to increase memory production at its 300mm wafer fab in Manassas, Va.

While providing few details about the expansion, Micron said it would create 1,100 new jobs by 2030. The company said the investment is part of its long-term strategy to invest about 30% of its revenue in capital expenditures.

Micron builds DRAM chips at the Manassas facility, which was originally built in the late 1990s as a joint venture between IBM and Toshiba called Dominion Semiconductor. Micron acquired the fab in 2001.

The expansion announcement comes amid a prolonged boom in semiconductor memory that has persisted for two years. While the market for NAND flash chips is cooling off amid increased production capacity and higher yields of 3D NAND chips, analysts forecast that the DRAM market will grow by more than 30% this year after growing by 76% in 2017.

“Micron’s Manassas site manufactures our long-lifecycle products that are built using our mature process technologies, and primarily sold into the automotive, networking and industrial markets,” said Micron President and CEO Sanjay Mehrotra, in a press statement. “These products support a diverse set of applications such as industrial automation, drones, the IoT (Internet of Things) and in-vehicle experience applications for automotive."