Current News

Vermont Business Magazine Less than two months after a historic low, Vermont's weekly unemployment claims have surged to over 700. For the week of September 26, there were 286 claims. Not to be alarmed, they're still lower than last year.

New, regular benefit claims for Unemployment Insurance in Vermont for the week of November 7 were 704, an increase of 77 from the previous week's total and 129 fewer than they were a year ago. Generally, claims have been running below last year's totals. Total claims were up a little in most regions of the state for the week, but down everywhere for the year. By industry, claims increased for Manufacturing and were slightly up for Construction. As has been the trend, Services led all categories with 53 percent of all claims.

Vermont Business Magazine The State Treasurer’s Office is currently holding approximately $71 million in unclaimed financial property. The office is now in the midst of its fall outreach campaign and State Treasurer Beth Pearce is encouraging Vermonters to check for their name in the unclaimed property database. “We are always actively encouraging Vermonters to check for their name, business or non-profit organization in the unclaimed property database,” said Pearce. “In this past year, we received more than $10 million in new unclaimed property. We encourage people to develop the habit of checking at least once a year to see if there’s anything listed for them.”

Vermont Business Magazine Northern Power Systems Corp (TSX: NPS), a next generation renewable energy technology company, today announced financial results for its third quarter ended September 30, 2015. Revenue for the three months ended September 30, 2015 was $16.7 million, compared to $15.0 million in the third quarter of 2014. GAAP net loss for the third quarter of 2015 was $0.5 million, compared to a net loss of $0.3 million in the prior year third quarter.

Vermont Business Magazine Governor Peter Shumlin has ordered the Vermont state flag to be flown at half-staff in honor former Vermont First Lady, State Senator, and Lieutenant Governor Barbara Snelling who passed away last week. Flags will be lowered for three days starting Friday morning at sunrise. “Barbara Snelling served Vermont with great distinction in roles big and small. Whether in service to her state or community, Barbara will always be remembered for her compassion and dedication and for overcoming great personal tragedy to continue to give back to the state she loved.” A public celebration of Snelling’s life will be held on Friday at 2 pm at the Vermont State House in Montpelier.

Vermont Business Magazine Sugarbush Resort has begun snowmaking for the 2015/16 winter season. The guns fired up last weekend on Jester and Organgrinder at the top of Lincoln Peak and FIS, Elbow, Rim Run, and Panorama at Mt. Ellen. Guns were on Saturday night through Sunday morning as conditions allowed. The resort has since turned the guns off until proper temperatures return, which could be as early as this coming weekend. The resort expects to open on Saturday, November 21^st, weather permitting. It typically takes three or four days of good snowmaking temperatures to be able to open top to bottom.

by Timothy McQuiston Vermont Business Magazine Several years ago, transportation officials in Vermont had an economic development idea to use the popularity of the ski industry to expand the state’s regional airports near those resorts. Newport is the latest beneficiary. Development at the airports would not only organically benefit the ski resorts, but it would boost regional economic development. But it’s been only in the last couple of years that millions of dollars has been allocated and work has been done.

The newly named Northeast Kingdom International Airport (formerly Newport State Airport) in Coventry cut the ceremonial ribbon on what has been $17.1 million in upgrades. They include: extending the runway another 1,000 feet to 5,300 feet to allow for commercial flights; expanding the apron; new bonded warehouses; upgraded septic and water. The airport is now a Foreign Trade Zone to allow for international commerce.

Vermont Business Magazine The Vermont Economic Development Authority (VEDA) has approved nearly $11.8 million in financing for commercial, agricultural, energy and small business projects totaling $29 million. VEDA approved more than $5.07 million through the Authority’s Vermont 504 Loan Program. VEDA’s Vermont 504 Corporation, with SBA’s approval, makes SBA 504 loans to eligible and qualified borrowers, funding these loans through SBA-guaranteed debentures which are sold to private investors. The proceeds of the debenture are subsequently loaned to the borrower.

“VEDA is pleased to provide financing for projects that will help small businesses grow, strengthen family farms, and increase the availability of renewable energy in Vermont,” said Jo Bradley, VEDA Chief Executive Officer.

Included among the projects approved for financing through the Vermont 504 Loan Program:

by Erin Mansfield vtdigger.org One hundred thirty-two projects worth $1.3 billion. That’s the latest inventory of the information technology projects underway across Vermont state government, according to public documents from the department that provides oversight. The numbers from the Department of Information and Innovation outline the cost to implement, maintain, and operate each project over its first five years. Not all of the projects will be done at the same time. And in the case of Vermont Health Connect, some figures represent the closest estimate the state could come up with as of October 1.

The Department of Vermont Health Access, which oversees Medicaid programs and Vermont Health Connect, is involved in the vast majority of IT projects, $866.1 million worth, to deliver health care and other services to vulnerable populations or replace outdated systems at the Agency of Human Services.

Vermont Business Magazine Vermont Precision Tools (VPT), headquartered in Swanton, Vermont, a manufacturer of high quality precision medical bur blanks for the OEM medical industry, and Vermont HITEC, Inc, a non-profit organization dedicated to high-quality workforce development, has announced an education and apprenticeship program that will bring Machine Operator jobs to Vermont over the next several months. A Machine Operator is responsible for the operation of various cylindrical grinding machines as well as the operation of multiple computer controlled (CNC) equipment.

by Joshua E Brown University of Vermont For decades, phosphorus pollution has been contributing to unwanted algae blooms in many lakes—including Lake Champlain. A raft of recent research has pointed a finger at eroding streambanks, suggesting that their washed-out soils are a major source of this phosphorus flow. But a new UVM study complicates that picture, raising questions about whether, in fact, streambank erosion is a culprit in Lake Champlain’s phosphorus problem. The new research shows that, indeed, eroding streambanks may increase the raw-total amount of phosphorus that ends up in the lake—but, unexpectedly, some of these soils might decrease the amount of phosphorus available for algae to use in their growth.

The Vermont Women’s Fund welcomes Susan Stamberg of National Public Radio as the featured speaker for its annual benefit on November 12, 2015 from 5:30-7:30 p.m. at the UVM Davis Center in Burlington, Vermont. Famous for her 14 years as news anchor for National Public Radio’s All Things Considered, Stamberg was the first female broadcaster to anchor a national nightly news program. She also hosted NPR’s Weekend Edition/Sunday for three years. Her voice is familiar to a nation of listeners, particularly for the interviews she conducted with nationally-recognized figures in fields from arts to politics to entertainment.

“Ms. Stamberg is a trailblazer in her industry,” said Meg Smith, director of the Vermont Women’s Fund. “It is an honor to have her speak in support of women and girls in our state.”

Vermont Business Magazine Fat Toad Farm will be partnering with artisan cheesemaker and certified B Corporation, Vermont Creamery, in order to source a year-round supply of fresh, local goat’s milk, to support the increasing demand for their award-winning Goat’s Milk Caramel Sauces. At the end of 2015, Fat Toad Farm’s herd of goats will be relocated to Ayers Brook Goat Dairy, opened in 2013 by Vermont Creamery. As the country’s first demonstration goat dairy, Ayers Brook Goat Dairy serves to develop and model best practices in dairy goat herd and feed management – with the goal of spurring the growth of the dairy goat industry in Vermont.