Why GE May Relocate Its Headquarters Out of Connecticut

General Electric Co. plans to make a decision by the end of the year on whether to move its headquarters of more than 40 years from Connecticut, a choice prompted by what the company considers an inhospitable climate for business in the state.

 

The company has been weighing overtures from other states including New York and Georgia that are eager to lure GE, which has about $150 billion in annual sales.

GE’s considerations expand beyond local issues and tax rates. It is looking at the voting records of each state’s lawmakers on national policy issues, such as the fight to reauthorize the Export-Import Bank, according to a person close to GE. The company considers the bank vital to its exports of heavy machinery.

GE never considered a bid by the city of Cincinnati—where GE is currently shifting hundreds of back-office jobs, and which is also the hometown of Chief Executive Jeff Immelt—because of opposition from some Ohio politicians to reauthorizing the Ex-Im Bank, the person said. The same holds true for Dallas, where the bank faces opposition, the person said.