Stamford Officials Voice Disappointment Over GE Decision

City and state officials on Wednesday voiced dismay and disappointment with General Electric’s decision to relocate its corporate headquarters from Fairfield County to the waterfront of Boston, MA.

State Rep. William Tong (D-Stamford, Darien) said in a statement, the conglomerate’s decision “it’s not about taxation, it’s not about business taxes, it’s not about unitary/combined reporting, and it’s not about going to a lower tax jurisdiction. This is about GE’s business. “

When news first leaked last summer that GE was considering a move, fingers were pointed to the state’s budget that included increased taxes. After much maneuvering, the legislature approved a revised budget plan in hopes of retaining the Fairfield-based corporation and the thousands of jobs it has in the state.

Despite their efforts, Tong said in a statement on Wednesday, “What is also clear is that Connecticut must focus on being even more competitive, even more focused on technology and innovation, bio-science and digital media, and more directed in how we compete in the global marketplace.”

Tong added, “Today, General Electric made a business decision that it wants to be in Boston, an emerging center of innovation and technology. GE’s business has dramatically changed its business and focus—as evidenced by its sale of GE Capital—and it is transforming away from financial services into a very different company. GE has been extremely successful, over many decades, running its business out of Fairfield, but it made a decision to go in a different direction. GE will no doubt continue to be successful as it continues to have a significant number of its employees in Connecticut for years to come.”

Stamford Mayor David Martin said in a statement, “Certainly this is a disappointment. GE has done so much for Stamford, especially the Stamford Public Schools and we are thankful for their generous philanthropy. While we have every reason to believe that some GE jobs will remain, we had hoped that GE’s corporate headquarters would stay in Fairfield County.”

GE’s subsidiaries employ more than 1,000 workers in Stamford.

Martin also said, “We live in an increasingly dynamic world where companies will move in and out of our state. GE’s loss to Fairfield County will be felt but we will continue to work to attract businesses of all sizes to Stamford and Fairfield County.”

And to that end, earlier this week, the city announced that it has established a new Small Business internet portal to help businessmen set up business in the city. The website offers guidance ranging from how to set up a new business to to negotiating the permitting process governed by various city agencies.

Related stories:

• Making It Easier to Open a Small Business in Stamford
• Malloy: GE’s Move to Boston ‘Hurts’
• UPDATE: GE Issues Statement on Move to Boston