January 15, 2016
On the Web
A Note Regarding GE
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 its shift in business strategy.
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. Those who would seek to paint GE’s departure as an economic referendum should have their motives examined very closely.
The reality is that Connecticut is investing in a bioscience corridor which stretches from Jackson Labs in Farmington to Alexion in New Haven. 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 the state.
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.
We can use this event as a guidepost to continue making our state more attractive for high-tech and software companies of the sort that GE is rebranding and repositioning itself to be and as we have made it in recent years for cutting-edge bioscience and advanced manufacturing. GE is still a significant Connecticut employer with facilities throughout the state, and I am committed to fostering creative excellence in our state.
Connecticut Ranked in Top Five of Most Innovative States
The Bloomberg U.S. Innovation Index just ranked Connecticut as one of the top five most innovative states in the country.
Bloomberg scores states based on six equally weighted metrics: Research and Development intensity; productivity; high-tech density; concentration of science, technology, engineering and mathematics (STEM) employment; science and engineering degree holders; and patent activity.
Innovation is crucial to Connecticut’s economic competitiveness. I’m proud that we remain one of the leaders in the country thanks to our state’s investments and forward thinking.