Whistling Past the Graveyard

Eli,

GE's move to Boston has many reasons but to argue, "It is clear that GE’s decision has nothing to do with taxes, or even business costs, and cannot fairly be viewed as a referendum on Connecticut’s growing economy" seems foolish.

Statements from Senate President Martin M. Looney & Majority Leader Bob Duff

Senate President Martin M. Looney (D-New Haven) and Majority Leader Bob Duff (D-Norwalk) today released the following statements regarding General Electric’s (GE) plan to move its headquarters to Boston.

“General Electric is rebranding its image and shifting its central business platform away from heavy industry and financial services to digital software and technology, changing the very structure and composition of its headquarters. While I am disappointed that GE has chosen to relocate its headquarters, given all the facts, moving some of their employees to Boston’s Seaport matches their shift in business strategy,” said Sen. Looney.

“It is clear that GE’s decision has nothing to do with taxes, or even business costs, and cannot fairly be viewed as a referendum on Connecticut’s growing economy. Connecticut’s unemployment rates have dropped to the lowest level since March 2008. In 2015, Connecticut saw the sixth-largest unemployment drop in the country. In fact, GE just increased its workforce in Connecticut after purchasing Alstom Energy, adding 1,200 jobs in Windsor and Bloomfield,” continued Sen. Looney.

“Those who would seek to paint GE’s departure as an economic referendum should have their motives examined very closely. The 16 Fortune 500 companies that still proudly call Connecticut home, a number that places Connecticut by far as number one in the nation for most Fortune 500 headquarters on a per capita basis, will continue to prosper here, as will the new businesses that move to our state every single day,” Sen. Looney concluded.

“While I am disappointed that GE is moving approximately 200 jobs to Boston, it is, however, an undeniable fact that Connecticut’s economy is growing and creating jobs and we are training our workforce to compete in a global economy. Businesses around the country and the globe know Connecticut for its business competitiveness, worker productivity, and highly educated workforce. That’s why GE will still have thousands of employees in Connecticut” said Sen. Duff.

“2015 brought the sixth-largest drop in unemployment in the nation to Connecticut. Last month, the largest mattress manufacturing company in the country, Serta Simmons Bedding, announced 200 new jobs were moving to Connecticut from Massachusetts. Just days later, the headquarters of Deutsch Family Wine & Spirits left New York for Connecticut bringing more than 100 new or relocated jobs. Meanwhile, communication companies Frontier and Comcast are continuing to invest and recently announced they were each adding 150 to 200 new jobs,” continued Sen. Duff.

“Connecticut remains the number one state for Fortune 500 company headquarters per million residents. Among the sixteen headquarters here in Connecticut are aircraft manufacturer United Technologies, health insurance leaders Aetna and Cigna, and well-known companies like Xerox, Priceline and Stanley Black & Decker. Our state offers a quality of life that is second to none, and we will continue to grow jobs and attract new businesses to Connecticut,” concluded Sen. Duff.

Bill