Locals Worry as GE Leaves Connecticut Town

In this Thursday, Jan. 14, 2016 photo, the sun shines on shops along Post Road in Fairfield, Conn. General Electric said Wednesday it will begin relocating its global headquarters from its suburban campus in Fairfield to Boston in the summer, and complete the move by 2018. General Electric’s relocation has many in Fairfield fretting over the loss of tax revenue, charitable spending, and the prestige that comes with being home to a $130 billion company. AP Photo/Michael Melia

FAIRFIELD, Conn.—It’s not just the loss of loyal customers that worries jeweler Howard Diamond, or the extra tax burden that businesses like his may have to carry as General Electric pulls the plug on Fairfield. As he approaches retirement and thinks about selling his home in town, he also fears an exodus of GE employees driving down real estate values.

“You feel badly for yourself, but you feel badly for everybody else, too,” said Diamond, an owner of Fairfield Center Jewelers.

In this Thursday, Jan. 14, 2016 photo, Howard Diamond, an owner of Fairfield Center Jewelers, stands inside his store in Fairfield, Conn. Diamond is among those in town who are worried about the impact the city will suffer when General Electric moves its headquarters from Fairfield to Boston. AP Photo/Michael Melia