GE to still have Connecticut presence

NEW HAVEN, Conn. (WTNH)– GE’s world headquarters is leaving the state of Connecticut. The company says the move is in part because of our lack in transportation infrastructure. But the company will still have a presence here.

The company is packing up its headquarters here and moving to Boston. Employees will move to temporary offices this summer. They’ll stay there until the new headquarters is finished in 2018.

About 5,700 people here in Connecticut work for GE and 800 work at the world headquarters in Fairfield. The company will be selling that campus which they’ve occupied for the past 40 years. As well as their property at Rockefeller Center in New York.

That’ll offset the cost of the move. GE’s CEO says they already have potential buyers interested. The company says they’ve been thinking about moving for more than three years.

Governor Dannel Malloy says he couldn’t compete with the location in Boston. It’s close to Logan International Airport, as well as prestigious schools like Harvard and MIT. One of the other big reasons why the company is leaving is that the state government has not been able to control its deficits – and that’s made corporate planning difficult because of constantly shifting taxes. But state leaders say it’s a disappointing loss.

“You win some and you lose some and luckily we’ve won more than we’ve lost but this hurts,” said Governor Dannel Malloy, (D) Connecticut

“Even though they have high taxes they have predictability and sustainability on where they’re going forward. We have not provided that,” said Sen. Len Fasano, (R) North haven)

GE also has operations in Plainville, Norwalk and Stamford. Those will not be affected by the move.

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