OREANDA-NEWS. 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.

“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.