GE Move to Boston Represents Watershed for Economy

Posted by Christopher Geehern on Jan 13, 2016 2:55:26 PM

Today’s decision by General Electric Company to locate its corporate headquarters in Boston represents a watershed for the Massachusetts economy, the commonwealth’s most influential employer association said.

GE.jpgAssociated Industries of Massachusetts, which counts GE among its charter members, is proud to have played a significant role in the months of discussions that took place among the company, Boston and state officials and several cornerstone Bay State employers. The decision burnishes Greater Boston’s already strong reputation as a rapidly growing center of ideas and innovation.

“It’s a great day for Massachusetts as General Electric Company, one of the most respected companies in the world and a charter member of Associated Industries of Massachusetts (AIM), has chosen to locate its corporate headquarters in Boston,” said AIM President and Chief Executive Officer Richard C. Lord, who participated in a meeting with GE executives in the North End of Boston in September.

“GE’s move brings a host of benefits to the Massachusetts economy, from top-level jobs to innovation to an unmatched global market presence. AIM and its 4,500 member employers welcome GE headquarters to the commonwealth and congratulate the Baker and Walsh administrations for recognizing that taxes, work force and other elements of the business climate really matter in corporate location decisions.”

The company said Boston is a logical location for a company seeking to marry manufacturing with advanced technology.

“GE aspires to be the most competitive company in the world,” GE Chairman and CEO Jeff Immelt said in a statement.

“Today, GE is a $130 billion high-tech global industrial company, one that is leading the digital transformation of industry. We want to be at the center of an ecosystem that shares our aspirations. Greater Boston is home to 55 colleges and universities.

“Massachusetts spends more on research and development than any other region in the world, and Boston attracts a diverse, technologically-fluent workforce focused on solving challenges for the world. We are excited to bring our headquarters to this dynamic and creative city.”

GE will bring roughly 800 jobs to Boston - 200 from corporate staff and 600 digital industrial product managers, designers and developers split between GE Digital, Current, robotics and Life Sciences. A GE Digital Foundry will be created for co-development, incubation and product development with customers, startups and partners.

GE already has a significant presence in Massachusetts, with nearly 5,000 employees across the state in businesses including Aviation, Oil & Gas and Energy Management. In 2014, GE moved its Life Sciences headquarters to Marlborough, and in 2015 GE announced its energy services start-up, Current, would also be headquartered in Boston.

AIM worked with Governor Charlie Baker and Boston Mayor Marty Walsh to bring a handful of business leaders together to meet with GE’s site selection team for a dinner at Tresca in the North End on September 14. Representatives from two AIM member companies – EMC and State Street Corporation – joined Lord, Baker, Walsh and Secretary of Housing and Economic Development Jay Ash.

“One of the strengths I talked about was the fact that the governor, Legislature and the mayor have worked together in a bipartisan manner to create a predictable business climate,” Lord said.

He noted that GE was the second company to join AIM in 1915 and that GE Executive Richard Rice, served as the first chairman of the association from 1915-1917.

Topics: Massachusetts economy, Technology, Jobs

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