Chicago was a finalist to score General Electric’s corporate headquarters – and 800 jobs – but the state’s pension crisis and the condition of Chicago’s public schools helped remove it from the running, sources close to the selection process told the Tribune on Wednesday. He added transportation in Boston was a major selling point for GE.
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Boston is said to be offering the conglomerate as much as $20 million in breaks for property taxes over the next 20 years.
“We’ve got to make the environment here more attractive”.
NY officials had hoped to attract GE, but the company said it not only is pulling out of CT but will be selling its offices at 30 Rockefeller Plaza in Manhattan.
Other multinational corporations in CT complained, too, including insurance giants The Hartford Group, Travelers, and Aetna , prompting the General Assembly to pare about $350 million in taxes from its 2016 budget during a special meeting on the state’s deficit in December. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
GE’s subsidiaries employ more than 1,000 workers in Stamford. However many are concerned about the potential consequences of this move for the residents of CT. GE spokesman Seth Martin declined to comment, as did a spokesperson for Boston Mayor Martin Walsh’s office Massachusetts Governor Charlie Baker’s office did not respond. CT was ranked 44th and NY was ranked 49th overall. It sounds like the combination of Boston’s educational institutions and tech and life sciences businesses-along with state aid and tax incentives, of course-swung the decision in Boston’s favor.
CT also has many corporate tax structures that are less favourable than other states’, such as rules that could put more of GE’s global sales within Connecticut’s grasp, and those probably also tipped the decision, Walczak said.
“My guess is they’re going to want to be in a location that’s really, really good”, Fallon said. A specific site has not yet been named, but according to The Boston Globe GE is focused on the Seaport area.
In part in a statement, Malloy said “today’s decision is a clear signal that CT must continue to adapt to a changing business climate”.
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“General Electric is leaving because it is more economically feasible for them to relocate hundreds of employees to MA than remain located here with the fiscal instability and uncertainty that the state of CT offers”. Businesses care about talent, and we will continue our investments in our higher education system in order to connect them to the needs of high-tech employers.
