GE's new Seaport headquarters will have approximately 800 workers; 200 from corporate staff and 600 digital industrial product managers, designers and developers split between GE Digital, Current, robotics and Life Sciences at the Seaport District offices. A GE Digital Foundry will be created for co-creation, incubation and product development with customers, startups and partners.

"GE aspires to be the most competitive company in the world," says GE chairman and CEO Jeff Immelt. "Today, GE is a $130-billion high-tech global industrial company, one that is leading the digital transformation of industry. We want to be at the center of an ecosystem that shares our aspirations. Greater Boston is home to 55 colleges and universities. Massachusetts spends more on research and development than any other region in the world, and Boston attracts a diverse, technologically-fluent workforce focused on solving challenges for the world. We are excited to bring our headquarters to this dynamic and creative city."

GE began its headquarters search in June 2015 with a list of 40 potential locations. Boston was selected after a careful evaluation of the business ecosystem, talent, long-term costs, quality of life for employees, connections with the world and proximity to other important company assets, the company states. The headquarters study was in response to the passage of in excess of $1 billion in tax increases imposed by the State of Connecticut last year to close a budget gap.

The company employs approximately 5,000 workers in Massachusetts. In 2014, GE moved its Life Sciences headquarters to Marlborough, and in 2015 GE announced its energy services start-up, Current, would also be headquartered in Boston.

The decision by GE to relocate its headquarters to Boston is a significant victory for both Mayor Walsh and Gov. Baker who lobbied hard to secure the deal and bested proposals by a host of other states including New York, Rhode Island, Texas and Georgia who reportedly vied for the GE headquarters deal.

"General Electric's choice to move to Boston is the result of the city's willingness and excitement to work creatively and collaboratively to bring positive activity to our local economy and continue to grow our industries," says Mayor Walsh. "Boston is delighted and honored to welcome General Electric and its employees to our community and we are confident that this is the start of a strong partnership."

Gov. Baker adds, "Our administration welcomes General Electric's decision to take advantage of the unique resources that our state has to offer, ranging from our innovative economy to top universities. In addition to adding hundreds of high-paying jobs to our state, we look forward to partnering with GE to achieve further growth across a spectrum of industries and are confident GE will flourish in the Commonwealth's inventive economy."

Licking his wounds, Connecticut Gov. Dannel Malloy released a statement that notes that GE's decision to leave the Nutmeg State should serve as a sign that the state should adapt to a changing business climate.

Malloy says that one concern of business is "how states budget, and now is the time to continue our bipartisan efforts to reform our budget, find new ways to pay our pensions, and create a more sustainable and predictable state budget."

He adds, "Taken as a whole, there is no denying that Connecticut has had more good days than days like today. Of course we are disappointed, and we know that many in Connecticut share that frustration. While GE's headquarters may be leaving, I have been assured that the company will continue to have many employees working here in Connecticut. Equally important, GE will continue to work with and support many smaller businesses throughout our state."