Current News

Vermont housing affordability improved significantly in 2008, the second year of improving affordability. This is the main conclusion of the annual affordability study performed by The Vermont Economy Newsletter. The study was based on an analysis of all the residential housing sales in Vermont from 1987 to 2008.
The share of median family income needed to finance the payments on a median priced home in Vermont fell to 17.2% in 2008, the lowest percent of income needed to service a mortgage since 2004, said Art Woolf, co-author of the study.
Housing prices fell by 1% in 2008, according to Vermont property transfer tax data from the Vermont Department of Taxes, said Dick Heaps, the study s co-author. At the same time, the median family in Vermont earned $68,000, an increase from 2007, and mortgage rates fell from 6.3% in 2007 to 6.0% in 2008. All three of these factors contributed to the improvement in affordability.

The third annual celebration of National Entrepreneurship Week (NEW) is February 21 - 28, 2009. Launched in response to a congressional resolution in 2006 advocating recognition of entrepreneurship at the local, state and national level, NEW celebrates the heritage of entrepreneurial leadership in America, and promotes entrepreneurship education as a lifelong learning process. This year, NEW is hosted by the Consortium for Entrepreneurship Education.

In response the projected $28 million UVM budget shortfall, President Fogel has announced that the university's general fund will be reduced by nearly $11 million in the first phase of a budget reconciliation. In phase two, additional cuts of $4 million might be made depending upon revenue projections. Employees that could be affected will be informed by Friday, February 20. Fogel asserts that he has been working with all members of the UVM community to mitigate negative effects of the budgetary actions.
The following was sent to all University of Vermont students from UVM President Daniel Fogel on February 17, 2009:

Today, the Senate passed a bill that encourages large commercial trucks to travel on Vermont’s interstate highways by reducing the penalty for overweight violations of the federal weight limit to one dollar. In some cases, trucks that exceed the federal weight limit of 80,000 pounds on the interstate will avoid paying significant penalties by traveling on secondary roads. With S93, An Act relating to Commercial Vehicle Operation on the Interstate System, those trucks are expected instead to stay on the interstates. The bill received broad bipartisan support and was passed unanimously through all stages of passage.
“The current system causes large commercial trucks to travel on our local state highways and through our downtowns,” said Senator Dick Mazza, Chair of the Senate Transportation Committee. “This traffic disrupts downtown business and damages our roads.”

Green Mountain Power has filed a request with the Public Service Board to lower the premium its customers can choose to pay to support the development of renewable energy in Vermont. Currently, under the GreenerGMP program, customers can opt to pay four cents per kilowatt hour more than their normal rate to help GMP support renewable energy projects. The company is requesting the fee be lowered to three cents per kWh.
GreenerGMP gives our customers a way to act on their own commitment to reducing greenhouse gas emissions. By making it less expensive for them to participate, we hope more customers will join us in supporting new renewable projects right here in Vermont, said GMP president and chief executive officer Mary Powell.
Green Mountain Power supports renewable projects by purchasing the power and the Renewable Energy Credits they generate. Because the cost to buy RECs has dropped, we want our GreenerGMP rate to reflect that, Ms. Powell said.

The Office of Vermont State Auditor Tom Salmon, CPA, introduced an updated website today for citizens and state employees with ideas for savings or concerns about potential fraud, waste or abuse in government programs. These are not ordinary financial times, said Auditor Salmon in a statement. It has never been more urgent to remind everyone involved in government spending that the money comes from the people and should be spent wisely and efficiently, he noted.

On March 3, the State Treasurer s Office will offer approximately $50 million in general obligation bonds to raise needed funds for the construction and maintenance of a wide range of State building and transportation projects.
The opportunity to purchase the State of Vermont bonds will be offered first to Vermont residents and businesses. Any bonds remaining after Vermonters have had the opportunity to invest will then be made available to retail and institutional investors from outside of the state. Bonds may be purchased in $1,000 increments.
We want to make certain that Vermonters are aware of the availability of these bonds, which my office issues on an annual basis, said State Treasurer Jeb Spaulding.

The search is open for the new President of the Vermont Chamber of Commerce. A search committee, comprised of leading Vermont employers from diverse business sectors and sizes all around the state, has been convened by Vermont Chamber First Vice Chair Mark Saba.
Saba stated, Vermont s vibrant and diverse business community defines the Vermont Chamber s goals and priorities. The next President will take the reigns of the Green Mountain State s largest member-driven employer association.
Saba, Chair of the search committee, owns two auto dealerships in Central Vermont, and one in Rutland. As the Voice of Vermont Business, the Vermont Chamber, our new President, and our talented staff, will be on the forefront of growing Vermont s economy while enhancing the quality of life we all cherish, Saba said. The new Vermont Chamber President will have big shoes to fill.

Speaker of the House Shap Smith along with Agriculture Committee Chair Carolyn Partridge announced the House passage of a bill yesterday that will create more economic opportunities for Vermont farmers. H.58, An Act Relating to Goats Milk Standards, will allow farmers more flexibility to produce goats milk for processing and consumption.
As a farmer myself, I know how important it is to think creatively about how we can give our farmers more opportunities to succeed, said Rep. Partridge. This bill preserves our high standards for food safety while giving farmers another economic development tool.
The bill allows goat farmers to maintain a slightly higher somatic cell count in their herds. Rep. Partridge explained that goats have a different biology than cows, which requires different biological standards to maximize production and ensure safety.

Joan Goldstein has been named the new Executive Director of Green Mountain Economic Development Corporation (GMEDC). Goldstein comes to the position after several years as a Business and Technology Advisor for the Vermont Small Business Development Center and as an adjunct accounting, economics, and small business management instructor for Community College of Vermont and the Vermont Technical College. Joan previously conducted business for herself as an eBay selling consultant and she also brings a wide perspective from her 20 plus years in the financial services industry with international sales, marketing, client and project management experience. She has an MBA in Finance and an undergraduate degree in Economics.
Her predecessor, Neal Fox, has left to pursue his many other interests, including serving on the Board of Directors and the Executive Committee of GMEDC.

Today Secretary of State Markowitz announced a new town meeting holiday to permit working Vermonters to take time off to attend their town meeting. Markowitz said, Town Meeting Day is one of the democratic high points of the year. It is a time for neighbors to discuss the civic issues of their community, elect local officers and vote on budgets. The legislature created the town meeting holiday to ensure that every Vermonter has an opportunity to participate.
The new law provides that, subject to the essential operation of a business or entity of state or local government, an employee has the right to
take unpaid leave from work to attend town meeting. Markowitz said, The new law treats attendance at town meeting the same way we treat serving on jury duty by providing employees with unpaid leave time. It also balances the legitimate needs of employers to continue their operation while enabling most employees to participate in town meeting.

$45 million project would add two floors and 1,400 spaces without taxpayer cost
At a press conference on Wednesday, February 11, 2009, Brian Searles, Director of Aviation at Burlington International Airport, unveiled plans for a major expansion to the airport s parking facilities.
The need for additional parking at the airport has become acute, said Searles. Enplanements for Calendar Year 2008 were up 7.3% over 2007. In 2008, the existing garage was filled to capacity at least once nearly every day from February through October. Searles added that when the primary lot is full, vehicles must be moved to the Park & Shuttle location, or even to off-site temporary lots. The result is inconvenience to customers and lost revenue.