General Electric Co. has plans of moving out of Connecticut to Boston as the new headquarters in order to position itself as a digital industrial manufacturer.
The greater Boston area is home to 55 colleges and universities and is the center of research and development. Focused on changing the world, GE want's to position itself in an environment within a diverse and technologically-fluent workforce.
Several states have tried to court GE to go to them. Such states include Rhode Island, Georgia and Texas. Eventually, GE has decided on Boston after seeing Connecticut as an inhospitable business climate.
Jeffrey Immelt, Chief Executive Officer, said in a statement:
We want to be at the center of an ecosystem that shares our aspirations.
GE relocated to Connecticut in 1974 and since then, GE has sold over $100 billion assets. The known company leading the locomotive, jet engine and oilfield equipment world has been considering Boston out of the 40 locations nationwide. What does GE gain aside from this new move?
Well, the state offers tax relief totaling $145 million. Boston offered as much as $25 million in property tax relief and a $120 million incentive package which makes it the best venue compared to Connecticut's increased taxes.
Boston's Mayor Martin Walsh released a statement welcoming the business:
General Electric's choice to move to Boston is the result of the city's willingness and excitement to work creatively and collaboratively to bring positive activity to our local economy and continue to grow our industries.
Second, Boston is digitally focused as well and GE is clear in its intention in positioning itself as a digital industrial company. The company has expansion plans in providing data analytical capabilities for its heavy-duty equipment. To stamp their move to Boston, GE plans to create a "GE Digital Foundry" for new product development, reports indicated.
