General Electric’s HQ could be on the move
General Electric could be searching for a new headquarters location, the Connecticut Post reports.
The conglomerate company, which is based in Fairfield, Conn., said Monday it could move its operations if the state’s new budget passes as proposed because it would include significant tax increases on corporations.
“Reports that Connecticut officials intend to raise taxes by another $750 million are truly discouraging,” the company’s statement read. “Retroactively raising taxes again on Connecticut’s residents, businesses and services makes businesses, including our own, and citizens seriously consider whether it makes any sense to continue to be located in this state.”
GE employs 5,700 people in Connecticut, and 800 of them work at the company’s headquarters. It has been decreasing its workforce in the state in recent years.
GE’s global operations center is under construction at the Banks in downtown Cincinnati. The location was chosen after a long search process in the area fueled by CEO Jeffrey Immelt, who grew up in Greater Cincinnati. GE’s Aviation division is also headquartered in Evendale. Whether or not the Queen City could be considered if GE does decide to move its main office isn’t clear.