General Motors (GE) Moves Headquarters to Boston

Mr. Immelt said, that the Boston region is “an ecosystem that shares our aspirations”.

Greater Boston is home to 55 universities and colleges. The company is enthusiastic bring its headquarters to this creative and dynamic city.

“There’s no getting around it. Even Governor Malloy said this is a blow”, Ronald Schurin, an associate political science professor at UConn, said. GE Aviation, the largest exporter in OH, has been a major beneficiary of the bank’s financing.

“We’re moving in that direction, but you got there first”, he said.

The new headquarters will include 200 corporate employees, likely moved from Fairfield.

The Beige Book described Boston’s economic activity as “upbeat”. GE said it has been informally “considering the composition and location” of its headquarters for three years and started the formal search with a list of 40 potential spots.

Mr. Lanza said GE’s departure was unlikely to create a big hole in Connecticut’s budget, and the state would retain the same advantages it had used to recruit companies in the past, including its proximity to both New York City and Boston, along with a well-educated workforce.

While Boston city officials said they are prepared to offer as much as $25 million in property tax relief, MA state’s package could be valued at around $120 million including a variety of benefits, such as grants, tax incentives, infrastructure improvements, and help with real estate acquisition costs. GE has had operations in Somersworth for almost 70 years and at one time had employed 2,000 people at the facility.

Gov. Baker adds, “Our administration welcomes General Electric’s decision to take advantage of the unique resources that our state has to offer, ranging from our innovative economy to top universities.

The Globe on Wednesday said GE executives had called the MA governor and Boston’s mayor to let them know a formal announcement was coming.

GE had been based in Fairfield since 1974 and has about 5,700 employees in CT, including about 800 people employed at the Fairfield headquarters. The company is selling its Fairfield campus and its offices at Rockefeller Plaza in Manhattan. But it’s not totally clear what happens to the 600 other CT employees.

GE has said it will host a public briefing in Boston with government officials, and business and community leaders, on February 18. Its new home will be built in Boston’s Seaport District, with the full move to be completed by 2018.

U.S. Congressman John Larson told Eyewitness News that GE leaving CT is “disappointing”, but “not the end of world”.

“In the long term, I think it’s going to hurt”.

Senate President Martin M. Looney also released a statement on the move by GE. It’s unclear how many workers will actually move, though media reports have repeatedly cited roughly 800.

GE also said Boston offered “connections with the world”. In the past few years, GE has steadily been developing its software side of the business and most of its industrial products nowadays come loaded with digital sensors, which certainly is an effort to lead in the industrial internet genre. “Businesses large and small are making investment decisions every day and they are paying close attention to what’s happening in Hartford”.

“Of course I’m disappointed”, Malloy said. “GE’s loss to Fairfield County will be felt but we will continue to work to attract businesses of all sizes to Stamford and Fairfield County”. “They are eating our lunch because fiscal instability and anti-business sentiment from the Democrat majority make CT unappealing and unwelcoming”.