Current News

by Mike Smith The Washington Post editorial board recently criticized the details of Sen. Bernie Sanders’ single-payer health care plan. The Post said, “If Mr. Sanders is to close the sale with voters, he must show he has learned from socialism’s mixed history abroad and devised an updated version that will work in the United States. Judging by the sketchy single-payer health-care plan he unveiled just before Sunday’s Democratic debate, Mr Sanders is not up to the challenge.” The Post goes on to assail Sanders’ health care plan because it lacks cost containment details, is overly optimistic about savings and underestimates true costs. 

Vermont Business Magazine For the eighth year, thousands of Vermont youngsters in need will be able to enjoy warm, high-quality socks again this winter. Blue Cross and Blue Shield of Vermont’s “Blue Socks for Kids” project volunteers delivered 8,400 pairs of premium, Vermont-made merino wool socks to the state’s community action agencies and homeless shelters in December for distribution to children in need of warm clothing just before the holiday season. Blue Cross and Blue Shield of Vermont, Cabot Hosiery Mills/Darn Tough Vermont, and the state’s community action agencies and homeless shelters again joined forces to improve the health and comfort of Vermont children.

Vermont Business Magazine Mack Molding, a leading custom plastics molder and supplier of contract manufacturing services, recently opened its doors to give students from the Dorset, Vt.-based Long Trail School an inside look at running a business in the Green Mountain State. “As a manufacturer, people are among the most important contributors to our success,” said Mack Molding President Jeff Somple, “and as a Vermont business, we recognize the importance of inspiring the state’s next generation of engineers, technicians and professionals. These students are the future of Vermont and its businesses, and through programs like our Made in Vermont Days, internships and school visits, Mack hopes to inform them of the exciting career paths right here at home.” 

Vermont Business Magazine More than 50 Green Mountain Power lineworkers, supervisors, safety personnel and mechanics are heading to Long Island this afternoon to be ready to help restore power when the massive snowstorm hits the mid-Atlantic region. Near record amounts of snow are expected, with states of emergency already declared in several states.

“Our southern neighbors are facing potentially devastating damage, and we are so pleased that we have workers ready and able to help them in their time of need, just as they help us when we are hit with big storms,” said Dorothy Schnure, GMP spokesperson. “Our crews have the skills, experience and strong work ethic that always make them a welcome addition to crews in other states.”

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.