[robr2]

What's worthy of note is that both UTC and GE are setting up the same kind of facility in two of the hotbeds of digital R&D. Both companies still have a tremendous presence in CT but they both found that the people they want to hire aren't in CT.

[JayCT]

Originally Posted by JGBigGreen

The link is to an editorial. It is not supposed to present a balanced viewpoint like you would hope to see in an article.

I said articles on this, not this particular editorial. There have been multiple articles from many different sources and all had a tone that "why did they not build that here?" That said the editorial could have mentioned it too in order to present a balanced view of facts. Jay

[Mr_250]

Originally Posted by JayCT

I said articles on this, not this particular editorial. There have been multiple articles from many different sources and all had a tone that "why did they not build that here?" That said the editorial could have mentioned it too in order to present a balanced view of facts. Jay

To play devils advocate, the article did mention EB adding jobs which seems more in line with CT labor force. CT isn't known for "technology" so I could see why uTC and GE are building elsewhere.

The thing that interests me is that UTC has built or will build in NYC and Florida and along with those create over 700 jobs and well paying ones (Florida jobs have an average salary of $85k). Ct gave them $400m to upgrade and expand but no mention of jobs retained or being created. I didn't see those number in any of the articles I read. Does anyone know how many jobs are being created from this tax credit?

[JayCT]

Originally Posted by Mr_250

To play devils advocate, the article did mention EB adding jobs which seems more in line with CT labor force. CT isn't known for "technology" so I could see why uTC and GE are building elsewhere.

The thing that interests me is that UTC has built or will build in NYC and Florida and along with those create over 700 jobs and well paying ones (Florida jobs have an average salary of $85k). Ct gave them $400m to upgrade and expand but no mention of jobs retained or being created. I didn't see those number in any of the articles I read. Does anyone know how many jobs are being created from this tax credit?

The deal was complicated and much of it tied to investing in New and upgraded facilities including the new Pratt & Whitney Engineering Center, (under construction) a new UTC Research Center (constructed) and improvements at UTC Aerospace (constructed). They had to have certain employment levels but I am not sure what they are since at the time Sikorsky was still part of UTC and they were only considering what to do with them. I can tell you this, Pratt is booming with work and new hires so I think the deal was good for the state.

Speaking of Sikorsky, I see the military is about to announce the ordering of 200 new King Stallion helicopters. That should mean more work at Sikorsky. Jay

[Henry10]

Originally Posted by beerisgood02

Can't wait to see what happens when that same talent realizes they can't raise a family in NYC because the schools are so horrible, amongst other reasons, and want to move to CT.

Originally Posted by SAE72

You don't think UTC did their research before deciding? These are six figure jobs , and Brooklyn is not the Brooklyn that it once was. There are plenty of Private Schools in New York for those with families.

Wrong premise. Many public schools in NYC are very good, and new schools are being built all the time to accommodate families returning to urban living.

Private schools are very competitive, selective, need to take all kinds of tests, etc. Instead families moving into good hoods of the City, rent for 4k, walk kids to the free local "catchment" school, and own RE 2 hours away.

Come to the city on Sunday nights to see family weekenders getting back from the cabin in the Catskills.

Very appealing lifestyle. Best of both worlds.

[htfdcolt]

Originally Posted by JayCT

What annoys me about the articles I read on this is that they fail to mention that UTC has invested in Connecticut facilities in recent years. They are building a $150 million engineering center at Pratt & Whitney and have committed to hiring thousands in the coming years, yet this and other articles do not mention that. Nor does it mention the new research center that UTC built or the money they are investing in other facilities here. Does not present a balanced viewpoint IMHO. Jay

Isn't the UTC investment a direct result of Malloy pouring in a huge amount of money? Plus UTC may be adding engineering jobs in East Hartford but laying off & shedding elsewhere in CT (including the Sikorsky sale). In recent years, UTC has made major investments outside of CT (South Carolina, Florida, NC, and now NY)...and their then-CFO, current CEO, went on record saying that CT is a high cost place to do business.

I think a balanced viewpoint would need to look at net job addition by UTC in CT over the past 5-10 yrs...I would highly doubt that number is positive.

[JayCT]

Originally Posted by htfdcolt

Isn't the UTC investment a direct result of Malloy pouring in a huge amount of money? Plus UTC may be adding engineering jobs in East Hartford but laying off & shedding elsewhere in CT (including the Sikorsky sale). In recent years, UTC has made major investments outside of CT (South Carolina, Florida, NC, and now NY)...and their then-CFO, current CEO, went on record saying that CT is a high cost place to do business.

I think a balanced viewpoint would need to look at net job addition by UTC in CT over the past 5-10 yrs...I would highly doubt that number is positive.

Pretty much all major corporate investments these days have major government incentives attached to them. GE got $166 million to move 200 jobs to Boston. This even happens with corporate expansions in lower cost areas. Don't like it but sadly it is a game every state has to play. Jay

[ayoskillz]

Originally Posted by JayCT

Pretty much all major corporate investments these days have major government incentives attached to them. GE got $166 million to move 200 jobs to Boston. This even happens with corporate expansions in lower cost areas. Don't like it but sadly it is a game every state has to play. Jay

Its more than just money too. People count just as much. A job is not going to move somewhere they dont have people to work

[robr2]

Originally Posted by JayCT

Pretty much all major corporate investments these days have major government incentives attached to them. GE got $166 million to move 200 jobs to Boston. This even happens with corporate expansions in lower cost areas. Don't like it but sadly it is a game every state has to play. Jay

More importantly is that GE expects there to be about 600 new hires in the facility in Boston. Then add the new construction jobs for the headquarters, the airport revenue due to flights in and out of Logan, ancillary spending in the Seaport district, etc. Although $166 seems high, IMHO it will pay off in multiples of that over the next few decades.

[Sigequinox]

Originally Posted by ayoskillz

Its more than just money too. People count just as much. A job is not going to move somewhere they dont have people to work

This is very true statement. We couldnt recruit a candidate in CT at highly desirable company with 45% pay bump and relo expenses. This is one of the more extreme cases, but happens regularly in the 15-30% range +\- relo. Boston does not have such problems for STEM jobs. They can successfully recruit nationally and often don't have to bother as they have huge local talent pool. Boston can also afford premium prices for companies like GE, who simply add to the already established brand and make it even greater powerhouse.