GE Moves Headquarters to Boston

What are the actual benefits of having a world headquarters in Boston? “It has more to do with their transformation into a digital industrial company than a short-term tax issue that was never fully implemented…”

“We want to be at the centre of an ecosystem that shares our aspirations”. GE’s Chairman and CEO Jeff Immelt said Boston has a diverse, tech-savvy workforce that fits with the company’s new direction.

“We’re not friendly for people to stay here or newcomers to bring their headquarters or industry here”.

The departure of GE’s headquarters is rattling town officials from Milford to Greenwich.

“We’re moving in that direction, but you got there first”, he said. The new GE headquarters will have as many as 600 employees according to reports in the Globe.

The Beige Book described Boston’s economic activity as “upbeat”.

On Wednesday, after the company confirmed the move, Walsh likened it to the city winning Powerball.

The affect GE’s relocation will have on Connecticut’s economy and real estate properties, Hwang said, “are hard to calculate”.

The company said it chose Boston after a consideration of factors including the business ecosystem, quality of life for employees and connections with the world.

A dispute over taxes in Connecticut-along with 1 million in tax breaks and other incentives from Boston and Massachusetts-aren’t the full story of General Electric’s decision to relocate to the Hub.

MA will provide up to $120 million (83 million pounds) in grants and other incentives and the city will provide property tax savings of up to $25 million. How much did New York State offer?

The company employs about 5,700 people in CT, including 800 at the Fairfield operation that has been its headquarters for four decades.

He said the company plans to sell its offices in Fairfield and at 30 Rockefeller Center in New York City to further offset the cost of the move. “I know many in CT share the disappointment and frustration”. This is about GE’s business.

The company will begin to relocate this summer, and plans to complete the move by the end of 2018.

U.S. Congressman John Larson told Eyewitness News that GE leaving CT is “disappointing”, but “not the end of world”. The shift will end a fierce competition among states to lure one of the biggest companies in the nation. “I would argue Governor Malloy sort of suggested that’s the direction we should go and the Democratic leadership said ‘No”.

Senate President Martin M. Looney also released a statement on the move by GE.

The content of GE’s headquarters would also change, “with more emphasis on innovation”.

He and other Republicans and corporate leaders depicted the GE move as a wake-up call about the need to improve Connecticut’s “business climate”.

“General Electric’s decision to move their headquarters and jobs from CT to MA is a direct result of Democrat Gov. Dan Malloy’s failed leadership and eagerness to drive business out of his state through job-killing policies”. In other words, GE execs were clear that they wouldn’t stand for a tax hike, and CT just didn’t take them seriously. “Businesses large and small are making investment decisions every day and they are paying close attention to what’s happening in Hartford”. Little information is available on that, according to the International Business Times.