Current News

Vermont Business MagazineA new report entitled “Clean Energy Momentum: Ranking State Progress” and published Thursday by the Union of Concerned Scientists highlighted Vermont for its success in developing a clean energy economy. Vermont ranked second nationally, only bested by California. The report scored states on 12 metrics in the three broader areas of technical progress, direct visible effects on daily lives, and policies to build momentum for the future. Vermont earned top-five scores in energy savings, electric vehicle adoption, and energy efficiency policy and 10 top-10 appearances, the most of any state.

Vermont Business Magazine Vermont’s unemployment rate held steady in March, but the metrics were mixed as the labor force and jobs (adjusted) grew, but nonfarm employment and unadjusted jobs both fell, while the number of unemployed increased slightly. The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for March was 3.0 percent. This reflects no change from the revised February rate. The national rate in March was 4.5 percent, down two-tenths.

Vermont Business Magazine Weekly unemployment claims fell by over a hundred last week, as claims were down from a year ago, as they've been most weeks this year. As expected, by industry, Services reported the most claims (65 percent of the total), as Manufacturing saw a modest increase (69 up from 40). Services typically reports the most claims.

For the week of April 15, 2017, there were 646 claims, down 118 from the previous week's total and 163 fewer than than they were a year ago.

Altogether 6,121 new and continuing claims were filed, a decrease of 184 from a week ago, and 707 fewer than a year ago.

The Department processed 0 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08).

Vermont Business Magazine After what it called "careful analysis" of their fiscal year (FY) 2016 budget performance, the Green Mountain Care Board today ordered six Vermont hospitals to reduce their rates by a total of approximately $15 million. In making this determination, the Board and its staff reviewed the hospitals’ key performance indicators, past budget performance, staffing needs, operating surplus, capital expenditure needs, and how the hospitals compare with their state, regional, and national peers.

The Board said in a press release that it took into consideration comments received from members of the public as well as each hospital’s unique circumstances, including its health care reform efforts and community needs. Additionally, the Board recognized the ongoing uncertainties that hospitals face as the state and federal governments propose and implement statutory and regulatory changes that affect hospital revenues and financial performance.

Vermont Business Magazine The Vermont Mayors Coalition today announced "strong support" for Governor Phil Scott’s $35 million Housing Revenue Bond, which is currently under consideration by the Legislature. In a letter to the governor and legislative leaders, the Vermont Mayors Coalition urged lawmakers to take action on the Housing Revenue Bill during this session rather than in small increments, in order to make a substantive change to the state’s affordable housing stock while interest rates and construction costs remain low.

Vermont Business Magazine In what will likely be its final quarterly report, Merchants Bancshares, Inc (NASDAQ:MBVT), the parent company of Merchants Bank, today announced net incomeof $3.6 million and $0.52 per diluted share for the first quarter of 2017 compared to net income of $3.1 million or $0.45 per diluted share in the fourth quarter of 2016 and $3.5 million in net income or $0.50 per diluted share in the first quarter of 2016. Excluding Community Bank System, Inc merger costs, net of tax, the company's adjusted net income was $4.5 million or $0.66 per diluted share for the first quarter of 2017. This compares to adjusted net income of $5.1 million or $0.73 per diluted share on a linked quarter basis and adjusted net income of $3.8 million or $0.55 per diluted share in the first quarter of 2016.

Vermont Business Magazine Governor Phil Scott's office and the teacher's union are exchanging heated words over how to hold down school spending by reducing health insurance costs. The governor wants the teachers to collectively negotiate with the state over health insurance plans, while the teachers union insists on maintaining that health plans be dealt with locally. Both sides agree that health insurance premium increases have been a major driver of school budget increases. Generally, local school boards and the union (Vermont National Education Association) have had tough negotiating sessions over increasing the share teachers pay in premiums, in order to mitigate the hike in health care costs.

Vermont Business MagazineStarting on Monday, April 24, the College Street Garage will be closed as it undergoes necessary structural repairs. Work will begin under the management of Structure Preservation Systems, LLC. Over the next four months $2.1 million in repairs and improvements will be completed at the College Street Garage. The City of Burlington expects to preserve the garage to allow for at least 20 more years of use as a parking facility as a result of this investment.

Vermont Business Magazine Darn Tough Vermont, the fastest growing American manufacturer of premium performance outdoor and lifestyle socks, announced today that its multi-quarter growth run continues with first quarter revenue up 28 percent year-over-year. Company performance increased across all categories, the company said in a press release, indicating that the brand’s unconditional lifetime guarantee and Vermont, USA-based manufacturing continues to resonate with consumers demanding quality socks.

Vermont Business Magazine An initiative of the Rutland Redevelopment Authority (RRA) and the City of Rutland to improve aesthetics and safety along one of the key gateways into downtown is ready to commence. The Gateway Improvement Project construction contract has been awarded to Parker Excavation, of New Haven, VT. Work is set to begin in mid-June and is expected to be completed by the end of August.

Vermont Business Magazine Throughout the legislative session, Governor Phil Scott has repeatedly pointed to opportunities to save money in the Education Fund through the Vermont Education Health Initiative (VEHI). New VEHI health plans for school employees will cost substantially less than the old plans. The Governor has developed a policy proposal – through collaboration with the Vermont School Boards Association (VSBA) and the Vermont Superintendents Association (VSA) – that ensures up to $26 million in annual savings from these plans are returned to taxpayers or invested in other education priority areas and that teachers will not pay more for healthcare premiums.

Vermont Business Magazine TransCanada Corporation (TSX: TRP) (NYSE: TRP) announced in a press release today that it has completed the sale of its hydroelectric generation assets to Great River Hydro, LLC, an affiliate of ArcLight Capital Partners, LLC for US $1.065 billion. The sale includes 13 hydroelectric facilities, stations and associated dams and reservoirs on the Connecticut and Deerfield Rivers. The assets are located in New Hampshire, Vermont and Massachusetts with a total generating capacity of 584 megawatts (Vermont Yankee's output was 605 MW). The bulk of this generation is on the Connecticut River.