General Electric on Wednesday announced that it is moving its corporate headquarters from Fairfield to Boston.

Speaking of the move, CEO Jeff Immelt said, "Boston attracts a diverse, technologically fluent workforce focused on solving challenges for the world."

GE's 85-acre Fairfield campus draws more than $1.5 million in taxes every year and pumps millions of dollars into the local economy.

Gov. Dannel P. Malloy said the state offered GE plenty of incentives to stay put, including the major tax changes the conglomerate demanded. He said GE was also frustrated with an inability to tap into the New York job market.

According to Fairfield First Selectman Michael Tetreau, the move will gradually happen between this summer and 2018. Tetreau and Malloy both said that other companies have expressed interest in purchasing GE's massive campus; however, GE could still sell the space to a nonprofit for a considerable tax break.

During early speculation, GE said the move was over taxes, but the company wound up turning down offers from much cheaper states like Georgia and Texas.

A number of experts on Wednesday said the move is simply about GE rebranding itself as a tech company and wanting to be in a city in which those kinds of workers want to live.