Boston’s mission to bring major CT companies to the Bay State’s capital won’t end with General Electric, city officials say, a warning that is setting off a mad scramble among business leaders and politicians in the Nutmeg State. We want to be at the centre of an ecosystem that shares our aspirations. A GE spokesman announced earlier this week that some of the company’s operations could still be coming to the state.
Advertisement
Boston also pledged transportation improvements in the Seaport area where GE plans to relocate, as well as a $5-million innovation center where GE employees and MA innovators, students, and teachers can collaborate on future projects.
The announcement was mourned in CT, but MA officials rejoiced. The company is betting high on the Industrial Internet as the next growth driver and its tactical moves are reminiscent of such a decisive shift. “Now we have companies moving into our city”.
“These companies realize that when they look at their five- and 10-year projections, that the outlook for CT is bleak as long as the Democrats are in control”, Romano told the Herald, adding that the departure of just one of the three would be “devastating” to the state’s economy. GE began exploring a move a year ago after CT lawmakers raised the corporate tax rate.
Malloy acknowledged being disappointed in GE’s decision and said he knows many in CT share that disappointment and frustration.
‘We win some, we lose some. “But this hurts”, Malloy said.
GE was in Fairfield, Connecticut, for more than 40 years. It now employs almost 5,000 people in MA. Equally important, GE will continue to work with and support many smaller businesses throughout our state.
A cheer went up in the Massachusetts House of Representatives Wednesday afternoon when Speaker Robert DeLeo announced GE’s decision.
In order to entice as big a company as General Electric, Massachusetts offered a warm welcome with up to $120 million in grants and other incentives and property tax savings of up to $25 million. Greater Boston is home to 55 colleges and universities.
GE’s move could have a wider effect if it inspires other large companies to move out of CT, experts said. The Governor and majority leaders assured residents and businesses the 1.8 billion dollar tax increase in 2011 was going to fix Connecticut’s fiscal problems.
Pair that with the trend of companies relocating from far-flung office parks to more central urban locations.
“I know our community is strong, “said Senator Hwang (R-Fairfield)”.
The pitch book highlighted a number of potential spots for GE to use, inside and outside of the Seaport District.
GE noted that the move would have no material financial impact, with costs offset by state and city incentives and the sale of its current headquarters offices in Fairfield, Connecticut, and its offices at 30 Rockefeller Plaza in New York City.
Advertisement
Boston’s advantages showed up in another way on Wednesday.
