It feels like we were just starting to heal from losing General Electric. Turns out, another massive company is ditching us for a neighboring state.
The Hartford Courant says United Technologies Corp is saying sayonara to Connecticut. Again, for another big city due to significant tax breaks. To the tune of millions of dollars.
So, Hartford-based UTC announced it’s dumping $300 million to construct a new “digital research and development center” in Brooklyn, NY. The company will also hire about 250 software engineers.
Obviously, Connecticut is a bit miffed that UTC didn’t want to expand in its home state. I mean, everything they could possibly need is already here, right? Wrong.
Vince Campisi, senior vice president for digital and UTC’s chief information officer, says leaving for the big city was obvious.
“Our biggest motivation is access to talent and having an opportunity to recruit skills. New York presented itself as ‘Silicon Alley.’ We will be the biggest game in town for anyone to join us in this journey.”
But, the biggest motivation was most likely the $10 million promised in employment tax credits. Because money talks.
For the record, though, UTC does have one other out-of-state plant. In Palm Beach Gardens, Florida.
However, this paints an even worse picture for Connecticut. First, we lost one of our biggest businesses and employers to Boston. Then Aetna, another one of the state’s biggest companies, also floated a similar departure.
Now, Connecticut lost a multi-million dollar expansion deal that would have brought even more tax dollars and employees to the state. To lose that is a slap in the face.
So, it goes to show that our state simply can’t compete. There’s so much going wrong that it’s hard to figure out where to start. First, our taxes are too high, which is paired with our out of control spending. Also, our roads are absolutely terrible.
Simply put: Connecticut needs to get its act together or this trend is only going to continue.
Because how the heck did we lose to Brooklyn? It shouldn’t have happened, but it did.
So, what should the state start doing to make sure we don’t miss out on any lucrative expansions or lose anymore businesses to our neighbors?