GE Releases Economic Impact on Massachusetts Report
NEC member General Electric (GE) recently released an economic impact analysis (EIA) of the company’s operations in Massachusetts.
The report, “General Electric’s Impact on the Commonwealth of Massachusetts’s Economy,” was conducted by Frost & Sullivan, a business economic intelligence and research company, and breaks down GE’s impact into five categories: total economic impact, employment, labor compensation, charitable impact, and investment. GE contributed $6.31 billion to the Massachusetts economy in 2016 through the company’s total production output in the state. GE’s operations in Massachusetts support 17,829 jobs; 4,750 of which come from GE, 4,921 come from supply chain partners, and 8,158 supported by the spending by GE employee households. These direct, indirect, and induced jobs generated $2.352 billion in labor compensation in 2016 due to GE’s presence in Massachusetts. The analysis also found that GE donated $13.26 million in charitable contributions while GE employees volunteered over 6,650 hours to charities in Massachusetts. The total impacts also do not include investments GE has made in the state for future operations, including the company’s headquarter relocation to Boston and the opening of GE Healthcare’s new Life Science headquarters in Marlborough.
The New England Council thanks GE for its continued investment in Massachusetts and the entire New England region, which contributes to the strengthening of the region’s economy and provides jobs to thousands of New England residents. Read more on the GE Report’s webpage.