Current News

Vermont Business Magazine Bennington County Senator Dick Sears and Senator Brian Campion, and Lt. Governor Phil Scott, are applauding a new partnership between the Bennington County Regional Commission and the Bennington County Industrial Corporation. Starting on February 1, the two organizations will begin working under one roof with the goal of promoting economic development in southwestern Vermont.

This new partnership is a positive development for the region, and will make processes more efficient, in addition to saving money on operating costs. “Beginning on February 1, there will be a single, streamlined staff fully focused on fostering Bennington’s business community,” said Sen. Sears. “I have great respect for the teams at BCIC and BCRC, and look forward to seeing what they can accomplish together.”

Vermont Business Magazine In response to a growing regional and national skilled labor shortage, GW Plastics is leading the way in workforce training, career development, and community educational outreach through their innovative high school program. Last week, GW Plastics celebrated the graduation of their second "School of Tech" class and is proud to announce the steady growth of the program. 

Vermont Business Magazine Governor Peter Shumlin and the Vermont Advisory Council on Historic Preservation have awarded State Historic Preservation grants to 12 municipalities and non-profit organizations for the rehabilitation of historic buildings that are a vital part of Vermont’s iconic character. This year’s awarding of $199,367 in matching Historic Preservation grants is an essential tool for community renewal, economic development, and job growth.

“The communities and non-profit organizations seeking this competitive grant funding must be congratulated for their commitment to enhancing economic, educational, and cultural benefits through the preservation of these landmark buildings,” said Noelle MacKay, Commissioner of Housing and Community Development. “These projects will leverage over $560,000 in additional investment and jobs.”

Vermont Business Magazine Despite a record winter in New England last year, year-over-year home sales increased by 9% from 2014 to 2015 according to The 2016 RE/MAX INTEGRA, New England Housing Forecast. Single-family home transactions increased 12.6% in Vermont with 5,459 homes sold in 2015, according to NNEREN. Condominium transactions rose 1.3% with an average median selling price of $189,000. An affordable housing market in Vermont led to an increase in sales in 2015. 

Median sale prices for single-family homes in Vermont remained the same at $205,000, and total volume increased by 10.5%. Single-family homes stayed on the market for an average of four fewer days in 2015, while condominiums were sold in ten fewer days on average.

According to The Vermont Realtor’s Association, 89% of homes were sold for their asking price in 2015.

Vermont Business Magazine The Champlain Housing Trust announced today that it has purchased the Ethan Allen Apartments in Essex from the University of Vermont. The property, with 31 apartments in 11 buildings, was sold for $3.9 million. “We are excited to acquire this property, and appreciate UVM’s desire to work with us to eventually create more affordable homeownership opportunity,” said Michael Monte, chief operating and financial officer for Champlain Housing Trust (CHT).

The organization will offer existing tenants an opportunity to sign a new lease in June. Eventually, 19 of the 31 apartments will slowly be converted to affordable homeownership through CHT’s shared equity program.

The remaining twelve apartments will remain for rent, and will provide future flexibility for CHT to address affordable housing needs for people in need.

Vermont Business Magazine Sugarbush Resort announced this past Tuesday that it is 100% open. With 111 trails and 484 acres of skiable terrain, Sugarbush has the most open terrain in the East. The resort has received a combination of steady snowfall and cold snow-making temperatures over the last few weeks which has allowed ropes to continue dropping. The resort received over a foot of natural snow in the last week alone.

Castlerock Chair at Lincoln Peak, which accesses an area offering all-natural snow terrain for experts only, began spinning for the publicon Tuesday. And Slide Brook Express, the chairlift that connects Lincoln Peak and Mt. Ellen, will open to the public Friday, Jan. 22^nd.  The opening of Castlerock and Slide Brook Express are emblematic of good natural snow conditions.

Vermont Business Magazine Vermont Gas is celebrating 50 years of bringing clean, affordable natural gas service to families, businesses and institutions in Chittenden and Franklin counties.  The company first began serving customers in 1966 and today provides service to 18 Vermont towns, with expansion planned to several more communities in 2016.

“For the past 50 years, this company has provided a clean, safe, affordable and reliable heating option that now serves 50,000 customers,” said Don Rendall, President and CEO of Vermont Gas. “As we look forward, this company is committed to bringing energy choice and opportunity to Vermont families and businesses to reduce emissions, increase energy efficiency, and expand alternatives such as renewable gas from landfills and dairies. We will do all this while maintaining affordable and competitive rates.”

Vermont Business Magazine Merchants Bancshares, Inc (NASDAQ: MBVT), the  parent  company of Merchants Bank, today announced net income  of $2.31 million, or $0.36 per basic and diluted share for the fourth quarter of 2015. The fourth quarter of 2015 included $1.6 million of merger-related expenses, net of tax, related to the acquisition of NUVO Bank & Trust Company, which closed onDecember 4, 2015, and retirement costs net of tax. Excluding these items, the Company's core net income was $3.94 million or $0.61 per basic and diluted share. This compares to net income of $2.50 million, or $0.40 per basic and $0.39 per diluted share, for the fourth quarter of 2014. For the year ended December 31, 2015, net income totaled $12.62 million, or $1.98 per basic and diluted share, compared to net income of $12.13 million, or $1.92 per basic and $1.91 per diluted share for the year ended December 31, 2014.

Vermont Business Magazine People's United Financial, Inc (NASDAQ: PBCT), parent of People's United Bank, today reported net income of $70.8 million, or $0.23 per share, for the fourth quarter of 2015, compared to $64.7 million, or $0.22 per share, for the fourth quarter of 2014, and $68.4 million, or $0.23 per shar

Vermont Business Magazine In his annual, and final, Budget Address, Governor Peter Shumlin delivered to the Vermont Legislature today his sixth balanced budget. He told legislators that the fiscal year 2017, $5.8 billion spending plan does not raise income, sales, or rooms and meals tax rates. The fiscal year begins July 1, 2016. The budget includes $1.53 billion for the General Fund. Expected General Fund revenues were lowered by economists on Tuesday by $9.1 million. The governor’s proposed budget closes a $68 million budget gap and is the first since 2009 that does not rely on the use of one-time funds to pay for on-going state expenses. The most noticeable tax increase is an expansion to physicians and dentists of the provider tax that is already paid by hospitals and nursing homes. Under his proposal, hospitals and nursing homes would continue to pay 6 percent, while dentists and physicians would pay less than half of that, or 2.35 percent.

by Mike Faher/The Commons Three states are joining Vermont’s quest for a “robust” federal review of trust-fund spending at the Vermont Yankee nuclear power plant in Vernon. In new federal filings, attorneys general for Connecticut, Massachusetts, and New Hampshire voice support for Vermont’s stance — outlined in a November petition — that decommissioning funds are being drained improperly.

Vermont Business Magazine Over the past four months, Vermont’s Agency of Agriculture, Food, and Markets (VAAFM) has embarked on an extensive outreach effort to solicit feedback on the new draft Required Agricultural Practices (RAPs). The response from the farming community and the public-at-large has been significant. Nearly 800 people attended more than 30 meetings across the state to voice their opinions, and 169 Vermonters submitted written comments. The Agency is now in the process of consolidating this feedback and re-drafting the RAPs to reflect the community’s input.