Relocation of Aetna Executives.
The trend in corporate America to move headquarters from relatively quiet “suburban campuses” to more dynamic cities has hit Connecticut’s ego pretty hard.
GE and soon Aetna’s headquarters’ relocations have amped up the narrative for Connecticut and played into the “bad for business” image.
Forbes Magazine used the GE relocation to whip Connecticut, over its many anti-business, and bad business environment policies. While there are many bad for business qualities in Connecticut, from labor regs, to energy costs, to bad attitudes towards business, none of those are at play for GE or Aetna, the corporate trend is well documented and understood, here is the NYT reporting on it last year.
Relocation to Boston, New York or other big cities is not about saving money, the costs are two times or more as much for administrative workers and real estate and taxes are higher not less, by two or three times. As the case was in GE most workers moving to Norwalk, not Boston, the vast majority of Aetna employees will remain as well.
We’re unlikely to be called a booster, the core of our reporting for more than two decades has been to focus on Connecticut’s “bad business environment” but headquarters’ relocations are not about that.
Beyond that, what we’ve recently discovered in our reporting that there is a new narrative in the wings, for Connecticut’s business story, that should emerge. You can expect reporting in the upcoming months as we explore beyond the numbers, Connecticut new business reality and frankly you will be surprised.