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General Electric Breaks Ground on New Boston HQ

May 8, 2017 By Staff
General Electric Breaks Ground on New Boston HQ

Leaders from Connecticuts business community have urged lawmakers to see the state's fiscal nightmare as a "wake -up call" on the state's bad economic forecast.

Today, General Electric (GE) is breaking ground in Boston on its new headquarters. National Review echoed others in calling GE’s departure from Connecticut for Boston another “sad marker” in Connecticut’s economic decline:

GE’s decision to leave Fairfield for Boston is another sad marker in the downhill slide brought about by Connecticut’s high-tax, high-regulation, anti-business policies of the last 25 years.

While Connecticut’s tax revenue is in a “free fall,” state leaders face a $5 billion-plus deficit over the next two years:

More importantly, the escalating erosion means income tax projections for the next two fiscal years must be downgraded by $500 million and $600 million, respectively, Gov. Dannel P. Malloy’s administration said Thursday.

Leaders from Connecticuts business community have urged lawmakers to see the state’s fiscal nightmare as a “wake-up call” on the state’s bad economic forecast:

Joe Brennan, president of the Connecticut Business and Industry Association, updated about 300 business owners, managers and others about the state’s ballooning deficits. Businesses gathered to review the state’s economic outlook.

While GE breaks ground on its Innovation Point headquarters, a “$200 million, 390,000-square-foot building” being constructed in heart of Boston, Connecticut is feeling left out.

The “innovation” piece is reflective of GE’s 125-year history, and the innovative products it has brought to the market — everything from lightbulbs to appliances to jet engines, he said. The “point,” meanwhile, reflects both the Fort Point neighborhood and the “acceleration point” of GE as it transforms into what it has dubbed a “digital industrial” company.

If Connecticut hopes to regain its once-booming economic growth, state leaders will need to address the state’s “bad for business reputation.”