GE officials announced that the company will move its headquarters to Boston, bringing jobs, revenue, and a whole lot more.
American industrial manufacturing giant GE will say goodbye to its headquarters in Fairfield, CT as it prepares to move to a new facility in Boston. According to a report from the Boston Globe, GE is the biggest company to ever relocate to Boston.
GE officials estimate that the move will bring roughly 800 jobs to the Boston area, and the company hopes to draw on the city’s talented pool of technology workers to pursue further innovation in a wide range of fields.
According to chief executive Jeffrey R. Immelt, “We want to be at the center of an ecosystem that shares our aspirations.”
GE is nearly 124 years old, and is currently in the process of transforming from a finance business model to a company that will focus on clean energy, flight technology, and health sciences. Its current market share is almost $290 billion, and leaders in the company want to be sure that they can compete in an ever-changing market where software and communications technologies are becoming increasingly important.
MA Governor Charlie Baker and Boston Mayor Martin J. Walsh have worked in tandem throughout the summer to help convince GE officials to make the move to the city. Officials cite high Connecticut taxes and an “unfriendly” business environment as the primary reasons for the move.
The company has not yet decided on a site for its new headquarters, but will likely choose an area along the South Boston Waterfront. City officials have offered the company a generous property tax relief package, with some estimates as high as $25 million.
GE pulls in nearly $130 billion in revenue each year, and ranks eighth on the Fortune 500 list. Its move will make it the largest publicly traded company in Massachusetts. Connecticut will be sad to see the company go; Goverrner Daniel Malloy said of the move, “Taken as a whole, there is no denying that Connecticut has had more good days than days like today.”
A press release from GE’s newsroom outlining the upcoming move can be found here.