- Total Economic Impact on the Capital District—$4B in 2014
- $1 in Every $7 Generated in the Schenectady County Economy is Due to GE
- $4.7M in Charitable Contributions Made Last Year from Employees and Company
SCHENECTADY, N.Y.—May 8, 2015—GE (NYSE: GE) announced today that the first-ever economic impact study of its operations in the New York Capital District shows that the company, which has a long legacy in the region, remains committed to its local operations, a major economic driver in the area.
“GE in the Capital District today is different than it was 10, even 15 years ago,” says Jeff Connelly, vice president, Global Supply Chain, GE Power & Water. “The portfolio has changed, and we were long overdue for an assessment on the economic footprint GE has in the region. The study reaffirmed what we’ve known intuitively all along—that GE is an integral part of the local economy.”
Key findings from the study include:
- In Schenectady County alone, $1 of every $7 generated in the economy is due to GE. Also, for every 13 jobs in the region, one of them is a GE job or has been created because of the work the company does with area suppliers or because of employee spending in the county.
- In the Capital District, GE operations have a total economic impact of more than $4 billion. That translates into supporting one in every 27 jobs. GE generated—directly and indirectly through business interactions in the area—$198.9 million in state and local taxes last year, funding everything from schools to road improvements.
GE retained the services of Tripp Umbach, a private research organization, to conduct a study on the economic, community and social benefits of GE operations in New York’s Capital District. To read the study in its entirety, please visit https://www.gepower.com.
“The value GE brings to the community is really a reflection of our employees’ hard work and the contributions they make every day on the job and in the community,” Connelly says. “Our jobs are important to each of our families and to the local economy, but their impact also is felt with the 47,000 hours of volunteerism in addition to more than $4.7 million contributed to charities by employees, retirees and our company in 2014.”
GE employs approximately 7,000 people in the Capital District. GE Power & Water is headquartered in Schenectady, along with GE Renewables and GE Power Generation. GE Global Research, GE Healthcare, GE Licensing and other corporate operations are located in Schenectady, Albany and Saratoga counties.
GE (NYSE: GE) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world. www.ge.com.
About GE Power & Water
GE Power & Water provides customers with a broad array of power generation, energy delivery and water process technologies to solve their challenges locally. Power & Water works in all areas of the energy industry including renewable resources such as wind and solar; biogas and alternative fuels; and coal, oil, natural gas and nuclear energy. The business also develops advanced technologies to help solve the world’s most complex challenges related to water availability and quality. Power & Water’s six business units include Distributed Power, Nuclear Energy, Power Generation Products, Power Generation Services, Renewable Energy and Water & Process Technologies. Headquartered in Schenectady, N.Y., Power & Water is GE’s largest industrial business.
For more information, contact:
Todd Alhart Thomas Schwendler
GE Global Research Center GE Power & Water
+1 518 387 7914 +1 518 385 2062