UTC moving more HQs out of Connecticut

[beerbeer]

United Technologies Corp. declined to comment Wednesday on a published report that the company plans to move 450 jobs into a new $115 million office building in south Florida. It is unclear where the work would come from, but the report, published Wednesday on the Palm Beach Post website, calls the project a regional headquarters for its Otis Elevator and Carrier businesses, which are now based in Farmington.

 

Hamilton Standard (UTC Aerospace Systems) has already moved to North Carolina.

 

The anti-business climate in the state capital has kept Connecticut far behind other states in economic and job growth. Keep an eye on this one.  They are deserting the state faster than anyone expected.

 

 

[beash19]

Otis North America was based out of 1 Farm Spring Rd.  Nearly all but their customer service department Otisline, have left for FL already.  The rest of the Farm Spring Rd campus in Farmington is ruled by Carrier/BIS but those other buildings are dwindling in numbers quickly.  When Carrier took over Otis and began to call itself BIS, Otis' leadership disappeared and the company began to disperse from CT.  It's been a steep downhill fall. 

The last Otis organization to remain in CT will be the Service Center in Bloomfield because of the logistics of moving millions of parts, manufacturing facilities and finding new competent employees...that is, until it becomes under direct management from BIS.  At that time, it will likely be absorbed by the massive, disorganized hole that is the Otis New Equipment facility in Florence, South Carolina.  UTC does not and never will, learn from its mistakes.

[beerbeer]

Otis North America was based out of 1 Farm Spring Rd.  Nearly all but their customer service department Otisline, have left for FL already.  The rest of the Farm Spring Rd campus in Farmington is ruled by Carrier/BIS but those other buildings are dwindling in numbers quickly.  When Carrier took over Otis and began to call itself BIS, Otis' leadership disappeared and the company began to disperse from CT.  It's been a steep downhill fall. 

The last Otis organization to remain in CT will be the Service Center in Bloomfield because of the logistics of moving millions of parts, manufacturing facilities and finding new competent employees...that is, until it becomes under direct management from BIS.  At that time, it will likely be absorbed by the massive, disorganized hole that is the Otis New Equipment facility in Florence, South Carolina.  UTC does not and never will, learn from its mistakes.

 

As a long time UTC stock holder, it's hard to pinpoint any mistakes.  They return much better than the S&P.  The company grows about 15% a year. And there is a nice dividend.

I grew up in Connecticut but would never start a business there. You really can't blame any company that moves away.  The legislature is practically driving companies out of state.

[drc72]

What a surprise! I'm constantly talking to business owners all around the State, and they are tired of the anti-business climate. Many want to leave. Malloy has been a complete disaster.

[Richhamleigh, DC]

Do you ever get tired of whining? The only thing that makes life "better" in places like Georgia or the Carolinas or Texas is (maybe) the weather. If you think taxes are cheaper here, keep dreaming.

Regulations? Don't care about safe drinking water or schools that aren't falling apart? Don't need workers who can articulate a sentence? Don't care about living next to houses without indoor plumbing or having a junkyard open up next door? Don't need cell service or high speed internet? Move South and bring your money with you. The GOP here will be happy to take it, smile to your face, say "bless yer heart", and laugh at you when you leave the building.

News flash....companies are moving here because of better infrastructure, workers or even cheaper cost of living. They are moving out of Connecticut because the bribes are bigger. "Publically-funded" incentives, tax breaks and free land, folks...all paid for by....the local taxpayers.

Maybe instead of whining, you'd get up off your couches and work to make Connecticut more like Massachusetts (not exactly the poster child for the types of policies the GOTP is espousing these days) or even New York. People don't want to move to a place where the residents and local media like the Hartfor Courant soend 90% of your time complaining and acting like victims. Connecticut is remarkable. The grass is not always greener somewhere else.

[beerbeer]

Do you ever get tired of whining? The only thing that makes life "better" in places like Georgia or the Carolinas or Texas is (maybe) the weather. If you think taxes are cheaper here, keep dreaming.

Regulations? Don't care about safe drinking water or schools that aren't falling apart? Don't need workers who can articulate a sentence? Don't care about living next to houses without indoor plumbing or having a junkyard open up next door? Don't need cell service or high speed internet? Move South and bring your money with you. The GOP here will be happy to take it, smile to your face, say "bless yer heart", and laugh at you when you leave the building.

News flash....companies are moving here because of better infrastructure, workers or even cheaper cost of living. They are moving out of Connecticut because the bribes are bigger. "Publically-funded" incentives, tax breaks and free land, folks...all paid for by....the local taxpayers.

Maybe instead of whining, you'd get up off your couches and work to make Connecticut more like Massachusetts (not exactly the poster child for the types of policies the GOTP is espousing these days) or even New York. People don't want to move to a place where the residents and local media like the Hartfor Courant soend 90% of your time complaining and acting like victims. Connecticut is remarkable. The grass is not always greener somewhere else.

You're confusing whining with reality. The taxes and cost of doing business are much lower in Carolina (both of them). I own a company in Virginia. Connecticut would kill us.

 

Letting companies keep more of their own money is not bribes. They leave Connecticut because they are punished for making a profit. Because Connecticut's dopey environmental laws (that accomplish nothing) make energy costs go through the roof.

 

Connecticut has a quality of life that few states can match.  But since the Democrats got a stranglehold on the legislature, both companies and jobs have been leaving in droves and Connecticut is LAST in the country in economic growth.  And if you can't see it, you're living in denial

 

It may sound like whining to you, but it is simply the truth. Here's a question for you. Why are companies fleeing?

[The Voice of Reason]

you guys are funny because you two are in agreement but from a differing perspective

[JimSawhill]

DRC72... I have to agree... Malloy is another failure. I wish we had Dems like Ella Grasso or O'Neil instead of the tax and spenders. I hope voters will wake up, but I doubt it.

Phillydog... the south doesn't have indoor plumbing because it is where conservatives are moving to? Really? I live in the south and my elected RINOs are worse then a few Dems who is on the County Commission. Oh, my 5 bedroom home had 7 baths..all INDOORS!!! So is everybody else in the neighborhood.

[The Voice of Reason]

I have to say that the real main reason that the HQ moved to Farmington and that the BIS re-org moved many jobs to Syracuse and Florida is part of what the philly guy said... the part about state bribes.  I mean the workforce is better here but not for manufacturing...

 

we are better at high tech manufacturing but likely not to any significant degree.

 

For lower tech manufacturing, the folks of Athens Georga and Florence South Carolina and of course mexico have done just fine for UTC.

 

so we cant realistically claim that our workers keep jobs here.  we lose jobs because there are very few good greenfield development sites here with appropriate transportation.  Also, in the south there are much larger states than CT that can give away 100+ million to pay for the development of the plant and provide job training.

 

CT cant afford that as a small state.  Mass does better but are much larger than CT economically and population wise.

 

West Palm also houses most of the UTC execs 2nd or 3rd homes.

 

they each have one in Farmington or Simsbury, and maybe one in Watch Hill or Newport  and of course Stuart FL

 

hell if CT is offering 1-200 miloion

and Florida is offering 1-200 Million but you have a warm weather beach house there...

 

option 2 wins

 

part of the reason more HQ jobs also went to Charlotte is because Goodrich owned a brand new HQ there, so    ya might as well use it.

 

there may be a time they move out of Charlotte, but not untill that investment runs it course and the best talent from the area is brought onboard.

 

UTC is not a CT company and has not been for quite some time.

 

its publicly traded and therefore owned by most of the world.

the company leaders are from all over also.  Current leadership comes from the mid-west, past leadership was french canadian!

 

the biggest companies in the world are truly global entities and they typically adjust their footprint to match.

[drc72]

Do you ever get tired of whining? The only thing that makes life "better" in places like Georgia or the Carolinas or Texas is (maybe) the weather. If you think taxes are cheaper here, keep dreaming.

Regulations? Don't care about safe drinking water or schools that aren't falling apart? Don't need workers who can articulate a sentence? Don't care about living next to houses without indoor plumbing or having a junkyard open up next door? Don't need cell service or high speed internet? Move South and bring your money with you. The GOP here will be happy to take it, smile to your face, say "bless yer heart", and laugh at you when you leave the building.

News flash....companies are moving here because of better infrastructure, workers or even cheaper cost of living. They are moving out of Connecticut because the bribes are bigger. "Publically-funded" incentives, tax breaks and free land, folks...all paid for by....the local taxpayers.

Maybe instead of whining, you'd get up off your couches and work to make Connecticut more like Massachusetts (not exactly the poster child for the types of policies the GOTP is espousing these days) or even New York. People don't want to move to a place where the residents and local media like the Hartfor Courant soend 90% of your time complaining and acting like victims. Connecticut is remarkable. The grass is not always greener somewhere else.

"Yawn" more democratic talking points. By the way I'm independent, not GOP(which are not anything great either), But your living on another planet if you think the democrats are not destroying this state. I'm just realistic to the fact that high taxes and regulations are destroying any incentive for real economic growth here. And yes I do believe this state has a lot of potential. By the way when a company moves here, more than likely Malloy offered them bribes. Spare me the the clean water BS, the Feds already mandate that. The state just takes it unnecessarily further. As for schools falling apart? Take a look at the Hartford school that was recently closed for health risks to the kids. Again with the amount taxes paid, that shouldn't of even been a problem. Oh by the way all that money from the eventual tolls will go to the general fund, not a lock box for the roads. I could go on, but what's the point? You'll keep voting in the same corrupt politicians.

[The Voice of Reason]

delving into politics is a dangerous path but I was thinking... Im glad Mallow was re-elected because he and Pedro work well together at buildinng Hartford up.  Honestly... other politics aside,,, thats a big plus.  if during the next few years we keep this rolling and get a new arena and some additional state and federally backed project started in Hartford, the city will reach a point where its momentum will carry the day.. then you guys can have any leader you want in... as long as they are mass transit friendly

[drc72]

delving into politics is a dangerous path but I was thinking... Im glad Mallow was re-elected because he and Pedro work well together at buildinng Hartford up. Honestly... other politics aside,,, thats a big plus. if during the next few years we keep this rolling and get a new arena and some additional state and federally backed project started in Hartford, the city will reach a point where its momentum will carry the day.. then you guys can have any leader you want in... as long as they are mass transit friendly

I hope your right! I would love to see CT become an economic powerhouse again! I just don't have faith in our politicians anymore considering all that's going on. But your right politics can get nasty, I guess I'm just tired of both parties.

[The Voice of Reason]

haha so true.

 

but Yeah, I just like that everyone is fighting for Hartford right now and if it lasts long enough... we wont need politics to play a roll.. economics will and momentum will

[beerbeer]

Hartford caught with pants down by UTC move to Farmington.

 

http://www.hartfordbusiness.com/article/20150330/PRINTEDITION/303269937/1002

 

Moved to campus vacated by Otis when its headquarters left state.  That can't be reassuring.

[drc72]

Now that the new state budget has passed, GE has been talking about a possible move out-of-state. And from all accounts they seem pretty serious about it.

[Richhamleigh, DC]

You're confusing whining with reality. The taxes and cost of doing business are much lower in Carolina (both of them). I own a company in Virginia. Connecticut would kill us.

 

Letting companies keep more of their own money is not bribes. They leave Connecticut because they are punished for making a profit. Because Connecticut's dopey environmental laws (that accomplish nothing) make energy costs go through the roof.

 

Connecticut has a quality of life that few states can match.  But since the Democrats got a stranglehold on the legislature, both companies and jobs have been leaving in droves and Connecticut is LAST in the country in economic growth.  And if you can't see it, you're living in denial

 

It may sound like whining to you, but it is simply the truth. Here's a question for you. Why are companies fleeing?

 

OIC, so environmental regulations are a bad thing?  The "cost" of doing business in North Carolina isn't on business, it's on the consumer and the workers.  That's great for greedy business owners but it stinks for the working slobs.  North Carolina charges 7% sales tax on groceries (which also cost more here than in Connecticut).  The wealthy can purchase potable water when the drinking water because contaminated.  It's not business that cleans up the toxic waste spills left behind when they close up shop, it's the poor slobs who live in the neighborhood.  You live in northern Virginia and operate a business in northern Virginia.  If anyone should be kissing the government's behind it's someone in the metro DC area.  You wouldn't have a job or a business if it weren't for government spending.  Federal government spending, that is -- money contributed to Virginia's economy by the rest of us. 

Now that the new state budget has passed, GE has been talking about a possible move out-of-state. And from all accounts they seem pretty serious about it.

 

GE's been talking about it for years.  They want to move to New York. 

DRC72... I have to agree... Malloy is another failure. I wish we had Dems like Ella Grasso or O'Neil instead of the tax and spenders. I hope voters will wake up, but I doubt it.

Phillydog... the south doesn't have indoor plumbing because it is where conservatives are moving to? Really? I live in the south and my elected RINOs are worse then a few Dems who is on the County Commission. Oh, my 5 bedroom home had 7 baths..all INDOORS!!! So is everybody else in the neighborhood.

 

You don't live in "the South" Jim -- you live in a bubble that real Southerners refer to as "containment areas for relocated Yankees".  You couldn't stand to live in the real "South".  It would offend your senses.