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This is great. Makes me think Connecticut has a chance at nabbing Amazon.
Interestingly I was in the company this weekend of several millenials who worked in Boston. Their major conversation was the significant problems they are facing in Boston with rentals. Three of the four are facing significant rent increases in the coming months and are debating what to do about them. One is facing an $800 per month increase!!! I was shocked and asked them to confirm that amount. They said yes and that is not on a super-luxury apartment. It is for a mid-level 2 bedroom apartment. They are considering moving further out of the city and mentioned Canton, MA as a possible location for more affordable rents but their commute would be nearly an hour. Another is seriously considering leaving Boston to return to Hartford though their career at their current company is going extremely well. Still the significant rent increases more than eat up any advancements they are getting in the foreseeable future. They all said their friends are facing similar issues as the city is getting more and more expensive and less and less livable. I thought that said a lot since these are the generation that big companies are trying to entice. Kind of hard to do that when they can't afford to live near where they work. Jay
Yes, absolutely Jay. I feel lucky for having purchased a condo in Harvard Square, Cambridge right after the 2008 meltdown and I have family in the Boston area, so finding a place is not an issue for me. However, rents in Boston have been climbing with no end in sight: greater demand due to a strong economy, landlords asking exorbitant rents, and the lack of affordable housing is definitely impacting the possibility of millennials and others to live near where they work. I am not sure how sustainable this will be for Boston.
CT can definitely capitalize off of Boston. There are plenty of people who would be willing to move from MA to CT as the state offers a very good QoL, quaint towns & villages, and many reasonable housing options.
Sorry to hear that. Immelt took GE in a direction it probably never should have gone. They did a knee-jerk reaction to the financial meltdown of 2008 by selling off GE Capital assets that did so well for them in the past and got away from their industrial roots by selling off their appliance and lighting divisions that were the solid base the company was built upon. To me this is just CEO ego rather than solid decision making. Even the move to Boston was more ego than solid long-term decision making. The unfortunate fallout for all of this is loss of jobs for the everyday workers like your friend. I am sure she will have no trouble finding a new job though. Wishing her the best. Jay
It looks like GE may be broken up into smaller companies in order to address the company's current financial problems. The Hartford Courant recently had an interesting editorial about the fact that the two companies that left Connecticut, GE and Alexion, both have seen their stock prices nose dive significantly. Coincidence? Jay
It looks like GE may be broken up into smaller companies in order to address the company's current financial problems. The Hartford Courant recently had an interesting editorial about the fact that the two companies that left Connecticut, GE and Alexion, both have seen their stock prices nose dive significantly. Coincidence? Jay
I wonder what this means for their new Boston HQ? It was already delayed.. then they started laying people off in Boston. Bet their plot goes up for sale soon. They havent started the tower yet, so someone would snap it up.
I wonder what this means for their new Boston HQ? It was already delayed.. then they started laying people off in Boston. Bet their plot goes up for sale soon. They havent started the tower yet, so someone would snap it up.
Thus far the layoffs in Boston have been corporate people most of whom came from FFC. GE doesn't get any tax breaks until they employ at least 400 people at HQ by 2019 - there were 250 before the layoffs - and won't reap the entire benefit without the full 800 they promised by 2024.
Currently, the renovation of 2 existing buildings is underway with an anticipated opening of 2019 - as planned. GE delayed the start of the tower by 2 years to 2019 with a completion target of 2021. As for selling the plot, GE doesn't own the land. They and a state economic agency are working together on developing the project with the state maintaining ownership of the existing buildings and GE the new building.
GE says they are committed to the new HQ. If they were to split, I think that they would probably stay but as a scaled down version but would give up many of the tax breaks.
Boston seems to already have the issues that's causing Amazon to look beyond Seattle. It's economy is on fire.
If you think Amazon is going there, could be a great place for R.E investment. Pricy though.
Things are looking even worse for GE. The former Connecticut based company that still has significant offices and employees here, has a major deficit ($31 billion) in its pension fund which is going to make it hard for the company to move forward in the future. What is most glaring is that the fund had a $14.6 billion surplus 16 years ago when Jeffery Immelt took over. Just goes to show you how bad his tenure was for GE. I find it pretty hippo-critical of Immelt that he had the nerve to criticize the State of Connecticut for its handling of finances when he was doing the same or worse at GE. At least Malloy was not living a lavish lifestyle on the company's dime with ridiculous things like have multiple private jets standing by to whisk him from meeting to meeting just in case the one he is on has a problem. I am not saying we can or should compare a government to a business but a person that was as vocal as Immelt was a couple of years back should have been practicing what he preaches. JMHO, Jay
Things are looking even worse for GE. The former Connecticut based company that still has significant offices and employees here, has a major deficit ($31 billion) in its pension fund which is going to make it hard for the company to move forward in the future. What is most glaring is that the fund had a $14.6 billion surplus 16 years ago when Jeffery Immelt took over. Just goes to show you how bad his tenure was for GE. I find it pretty hippo-critical of Immelt that he had the nerve to criticize the State of Connecticut for its handling of finances when he was doing the same or worse at GE. At least Malloy was not living a lavish lifestyle on the company's dime with ridiculous things like have multiple private jets standing by to whisk him from meeting to meeting just in case the one he is on has a problem. I am not saying we can or should compare a government to a business but a person that was as vocal as Immelt was a couple of years back should have been practicing what he preaches. JMHO, Jay
We absolutely should be making the comparison, since many people including many on this forum believe Govt should be run like a business.
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Jay
