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UPDATED: Malloy Takes Credit for UTC Investments … Made Possible by GOP Tax Cuts

May 23, 2018 By Staff
UPDATED: Malloy Takes Credit for UTC Investments … Made Possible by GOP Tax Cuts

United Technologies is hiring for 35,000 jobs in the next five years, with Connecticut a focus of their efforts, in part thanks to the GOP tax bill. Dan Malloy is trying to take credit.

On Wednesday, United Technologies (UTC) announced it will hire 35,000 people, and make $15 billion in research and development (R&D) and capital expenditures, in the next five years. UTC credited the GOP tax bill in part for the investments.

United Technologies Corp. (NYSE: UTX) today announced plans to hire 35,000 people and make investments of more than $15 billion in research and development (R&D) and capital expenditures (CapEx) in the United States over the next five years (2018-2022).

…$15 Billion Investment Will Drive Innovation Efforts

The competitive tax system resulting from U.S. tax reform is encouraging global companies, such as United Technologies, to make long-term investments in innovation in America.

UTC cautioned that some of the job openings are the result of “retirements or normal turnover,” but noted “several thousand positions are expected to be net-new jobs that do not exist today.”

While UTC’s statement does not pair the hiring announcement with its comments on tax cuts, UTC clearly sees the GOP tax bill as a win for their company, and for American innovation.

Democratic gubernatorial candidate Ned Lamont celebrated the news:

It’s unclear where Lamont stands on the GOP tax bill, but he is opposed to tax cuts at the state level.

Gov. Dan Malloy (D-Conn.) responded on Wednesday by taking credit for the move, even though UTC did not cite any Connecticut legislation as paving the way for these investments.

NOTE: This story was updated to reflect Malloy’s response.