Current News

Vermont Business Magazine Average gasoline prices in Vermont are $3.24 per gallon, up 4.2 cents per gallon from last week's $3.19/g. The lowest price in the state yesterday was $2.93/g while the highest was $3.39/g, a difference of 46.0 cents per gallon. The national average price of gasoline has risen 8.7 cents per gallon in the last week, averaging $3.26/g today.

by Robert F. Smith, The Commons What was the bustling industrial center of Bellows Falls a hundred years ago has slowly been converted over the past two decades into an exceptional public park. An area polluted, abandoned, and neglected for most of the past century has been the focus of volunteer citizens working to convert the 8-acre former industrial site into an inviting, environmentally safe outdoor space for the community. But somewhat hidden away and accessed from the village only through the alley-like, narrow Mill Street, even some local folks don't even know that it exists. The site of the now-14-year-old Bellows Falls Historic Riverfront Park and Trail System was initially developed in the mid-1800s by the lumber and papermaking industry.

Vermont Business Magazine The U.S. Department of Commerce today announced $1.5 billion in planned direct funding for GlobalFoundries (Nasdaq: GFS) as part of the U.S. CHIPS and Science Act. This investment will enable GF to expand and create new manufacturing capacity and capabilities to securely produce more essential chips for automotive, IoT, aerospace, defense, and other vital markets. The investment includes modernization of GF’s longest continuously operated fab and the nation’s first and largest Trusted 200mm facility in Essex Junction, Vermont. The $125 million project will upgrade existing facilities, expand capacity as well as create the first U.S. facility capable of high-volume manufacturing of next-generation gallium nitride (GaN) semiconductors for use in electric vehicles, power grids, data centers, 5G and 6G smartphones and other critical technologies.

Vermont Business Magazine Over 85 non-profit trail stewards, outdoor business owners, ski area managers, and municipal leaders came to the Statehouse in Montpelier on Friday for the inaugural Vermont Outdoor Recreation Day and to advocate for strategic investment for the future of outdoor recreation in Vermont. The outdoor recreation economy brings $1.9 billion annually into Vermont, amounting to 4.6% of State GDP. Nationally, Vermont ranks second only to Hawaii for outdoor recreation contribution as a percentage of state GDP, according to the US Bureau of Economic Analysis. The Vermont Trails and Greenways Council (VTGC), Vermont Outdoor Business Alliance (VOBA) and the Vermont Ski Areas Association (Ski Vermont) held a press conference seeking State funding for a comprehensive economic impact study, trail stewardship, flood recovery, and climate resiliency and adaptation.

Vermont Agency of Agriculture Food & Markets What does the next 10 years in dairy look like?  Come to the Northeast Dairy Innovation Summit to find out! A dairy system that works for farmers, processors, and consumers isn’t out of reach – but it does require innovation across the sector.  At the Summit, you’ll hear from farmers and processors who are leading the way toward a profitable and resilient dairy sector. You’ll find workshops on farm technology, climate-smart strategies to increase profit, processing and packaging solutions, workforce development, and growing opportunities for goat and sheep dairy. Early bird registration ends on March 1st.  Register today for the best rates, with special discounts for farmers, processors, and students.

by Olga Peters, Vermont Business Magazine Lamoille County’s economy is cooking. Its bread and butter is tourism, with two four-season resorts and associated businesses. Manufacturing also fuels the economy. It is a sector of economic development that specialists like Patrick Ripley want to grow. The Stowe area is second to Burlington for the number of room and meal taxes it sends to the state. “Lamoille County is a great place — you should come visit,” said Stowe Town Manager Charles Safford. But there’s a catch: The cost of living in Lamoille County is beyond the means of many who would like to live there.

by Olga Peters, Vermont Business Magazine Keep an eye on these projects in the works in Lamoille County: Johnson Light Industrial Park: The town of Johnson is developing the Jewett Property into a new industrial and commercial park. The estimated project budget is $1.7 million. Last year, the municipality received a 2023 Catalyst Award. Grant through the Northern Boarders Regional Commission for $861,945. The money will fund infrastructure work at the property. The Jefferson Granary: Ben Waterman plan to revitalize the former warehouse into a food hub and retail space. Waterman acquired the warehouse from its original owners, the McGovern family, who constructed the first part of the warehouse in the late 1920s. Also keep an eye on: Smugglers’ Notch natural resources and parking upgrade and the Wolcott Community Wastewater System vote.

Vermont Business Magazine Fitch Ratings has assigned a 'AA+' rating to the following Vermont Housing Finance Agency (VHFA) multiple purpose bonds: $20.0 million 2024 series A (Non-AMT) (Social Bonds); $15.0 million 2024 series B (Federally Taxable); The Rating Outlook is Stable. The 'AA+' rating reflects the continued strengthening of the program's asset quality, as indicated in the growing percentage of the mortgage-backed securities (MBS) portion of the portfolio; the program's continued financial strength demonstrated by the FY23 results and cash flow asset parity levels; and the low percentage (2%) of variable rate debt exposure. VHFA expects to finance single-family new issuance through the purchase of MBS going forward, which will lead to a continued increase in the portfolio's MBS composition.

by Kristin Warner, VBSR Vermont sets the national standard for socially responsible businesses. Our state has the most B Corporations per capita in the country - for-profit businesses certified for meeting standards of excellence in environmental and social responsibility, compliance, and transparency. At Vermont Businesses for Social Responsibility (VBSR), we are 700 members strong and proud of our collective work to leverage the power of business to support Vermont communities. But despite our state’s business successes, pathways to entrepreneurship remain limited for many Vermonters. That’s why VBSR is supporting H.769, a bill to establish a Baby Bonds program in Vermont and ensure a birthright to capital for Vermont’s most vulnerable. The program would invest $3,200 for every Vermont child born on Medicaid. Individuals could claim their baby bond between ages 18 and 30, with the initial investment projected to grow to $11,500 by age 18 and $24,500 by age 30. 

by Sara Byers, Shelburne, Vermont I learned long ago that the line between my life and those suffering with substance misuse, homelessness, and mental illness is simply non-existent. When I look at Howard Center, I see an organization steeped in genuine concern for us collectively and for each human being. In that fleeting moment you are ready, where is the door? When you fall down, collapsing into your pain, where is the hand that lifts you out of overwhelming shame? When others seem to look at you as sub-human, who reminds you that you are loved? Many of us can never imagine ourselves in a space where we would need Howard Center services. 

Leonine Public Affairs With Town Meeting break and the March crossover dates fast approaching, policy committees in the legislature were engulfed in bill markup this week. Legislation relating to neonicotinoid pesticides, the public library system, vehicle towing, Act 250, regulation of dams, regulation of cannabis and regulation of PFAS are a few of many policy debates heating up across House and Senate committees. As anticipated, the House and Senate agreed this week to appoint a committee of conference to work on the Budget Adjustment Act (BAA). This is the first step in the negotiation and reconciliation of the BAA between the two chambers. 

by Holly Sullivan Community News Service Vermont could ban pet stores from selling dogs, cats and wolf hybrids under a bill in the House agriculture committee. The legislation, H.567, is sponsored by Rep. Emilie Krasnow, D-South Burlington, who introduced it to committee members Jan. 31. The bill, Krasnow said, aims to prevent Vermont from becoming a place for puppy farms or mills — commercial dog breeding operations that raise animals in poor conditions. “There are seven other states that have this bill now, and the Maine bill has been working since 2019,” she said in an interview. The Vermont bill is modeled after that state’s. Multiple states in the Northeast are considering similar legislation: Massachusetts, New Hampshire and New Jersey.