Jack Welch Dragged into GE Dividend Flap

Immelt touched on a range of other subjects during the interview, though a major theme was American economic competitiveness with the rest of the world. Immelt lamented the fact that the American economy has come to rely so heavily on service and financial jobs, while so much manufacturing work has gone abroad.

"A middle class service job pays half of what a middle class manufacturing job pays," he said.

Toward addressing that concern, GE on Friday announced plans to build a research center in suburban Detroit which is expect to eventually create 1,100 jobs for scientists and engineers. They will work on manufacturing technology and software development.

"America needs a dramatic industrial renewal," Immelt said in a speech Friday at the Detroit Economic Club.