General Electric To Move Headquarters To Boston

Published January 13, 2016 at 1:52 PM EST

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A sign outside the corporate headquarters of the General Electric company is pictured on September 18, 2003, in Fairfield, Connecticut. (Stan Honda/AFP/Getty Images)

General Electric is moving its global headquarters from Connecticut to Boston.

GE Chairman and CEO Jeff Immelt said Wednesday that the Boston area has a diverse, technologically fluent workforce that fits with its aspirations.

Several states have been competing to lure the company from Fairfield since GE announced in June that it was unhappy about legislative tax proposals and thinking about a move.

Connecticut’s General Assembly later passed a revised budget that scaled back some of the business-related tax increases, but GE continued hearing pitches from other states as it said it was seeking a more business-friendly home.

The company employs about 5,700 people in Connecticut, including 800 at its headquarters.