Why is GE Relocating to Boston? A Look into Boston’s Attractive Business Climate
Over the last few months, you may have heard something about General Electric’s relocation to Boston - how could you miss it?
There’s no shortage of speculation about the corporate giant (8th largest in the US) and its move to Boston. Financial incentives and the city’s walkable urban environment have both been cited, but really, it’s all about GE’s mission to reinvent itself.
And as with any vision to innovate, GE’s long-term success lies in the hands those contributing. So who is GE looking for? The short answer? Young talent. The long answer? Read on to learn of Boston’s strongest asset.
GE Is Relocating to Boston to Leverage Demographics
Boston’s Population is Unique
Boston is a young city, and that’s an understatement. As explained by Mayor Marty Walsh, and backed by Boston Redevelopment Authority Research Division Analysis, “In Boston, we have the highest proportion of young adults of any major U.S city.”
Boston has gone so far as to launch a city-wide initiative, ONEin3, which we're proud to announce our own Oliver Madden is a member of, to facilitate communication between young leaders and the City government.
Trends among Boston's Young Adults are Astonishing
Here’s what they look like, in Boston, at a glance:
35% of Bostonians are between the ages of 20-34.
60% were born outside of Massachusetts, adopting Boston as home.
72% rent their home.
58% walk bike or take public transportation to work.
Given all this, it’s no surprise that Boston’s millennials are strong economic drivers for the city:
Their expenditures add over $1 Billion annually to the Gross City Product.
They make up 48% of the city’s workforce.
GE Cannot Wait to Work With Boston’s Millennials
GE CEO Jeffery Immelt said it himself, "This is really about the vibe.”
In a move to reinvent itself around the Industrial Internet, GE is becoming a 124-year-old startup - and like other Boston startups, it’s seeking to benefit from, as Governor Charlie Baker says, the state’s “intellectual capital”. Boston alone houses some 60 colleges and universities - they don’t call it The Athens of America for nothing.
What’s the biggest economic development driver in your city? How are you attracting young talent to your community? Do you have the right infrastructure and amenities that young generations demand?