Current News

Vermont Business Magazine Vermont Gas Systems today announced that it has selected Michels Corporation, a Wisconsin-based family-owned company, for mainline construction on its Addison Rutland Natural Gas Project (ARNGP). Michels was founded in 1959 and has been in the Michels’ family for more than 50 years. Vermont Gas said it selected Michels Corporation for its expertise and the culture it brings to this important expansion project.

Vermont Business Magazine According to a recent survey by AARP Vermont of registered voters across the state, most Vermonters feel that ratepayers should not bear the costs of a gas pipeline nor be subject to higher rates to fund Vermont Gas System’s (VGS) Addison Natural Gas Project. Furthermore, most of those surveyed said they would be more likely to support a candidate who committed to ensuring that regulators advocated for affordable residential utility rates. Most felt they needed better representation from regulators at the state level regarding utility costs and that there should have been far more transparency on the increasing costs of the VGS pipeline project.

Highlights of the survey are detailed below:

-80% feel VGS customers should not pay for the pipeline.

-Only 7% knew that ratepayers were funding the project.

-94% believe VGS should have disclosed cost increases as soon as they were discovered.

by James Douglas Moving Vermont’s economy forward requires investments in both innovation and infrastructure. There’s no shortage of innovation in Vermont – we’re fortunate to have legacy industries and cutting edge entrepreneurs eager to contribute to our economy and provide good jobs. It’s not easy for them, however. Costs are higher here than in many other places. And too many areas of our state lack critical energy and telecommunications infrastructure necessary to compete in the 21^st Century economy.

Many of the challenges our employers face also exacerbate the trials of working families. As the cost of living in Vermont continues to rise, Vermonters in the middle struggle to keep pace.

Vermont Business Magazine Weekly unemployment claims in Vermont fell by more than 100 last week. Despite a spike in June, claims are typically low during the summer. There were 363 new, regular benefit claims for Unemployment Insurance in Vermont, a decrease of 133 from the previous week's total and 41 fewer than they were a year ago. Generally, claims have been running below last year's totals.

Altogether 4,394 new and continuing claims were filed, a decrease of 196 from a week ago, and 569 fewer than a year ago. The Department processed 0 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08). The total for all programs was 4,394 claims, 196 fewer than last week, and 576 fewer than the same time last year.

Berkshire Hills Bancorp, Inc (NYSE: BHLB), the holding company for Berkshire Bank with branches in Vermont, reported $0.51 in core earnings per share in the second quarter of 2015, which was a 16% increase over second quarter results in the prior year. Profit growth reflects positive operating leverage from ongoing business development. Second quarter core EPS also increased at an 8% annualized rate compared to the prior quarter. GAAP EPS totaled $0.35 in the most recent quarter and reflected net non-core charges primarily related to the Hampden Bancorp acquisition, which was completed on April 17.

SECOND QUARTER FINANCIAL HIGHLIGHTS (comparisons are to prior quarter unless otherwise stated):

by Mike Smith Is Bruce Lisman considering a bid for governor? That’s what some are saying Lisman is telling them. In fact, one local businessman said Lisman told him he is definitely running. Lisman is a native Vermonter who made a fortune on Wall Street, returned to Vermont and started the non-partisan watchdog group Campaign for Vermont. As we all know, nobody is in until they are a declared candidate, but Lisman’s first decision would be whether to run as a Republican or Independent. If he runs as a Republican, it is likely he would be beaten in the primary by Vermont’s moderate and well-liked lieutenant governor, Phil Scott. But most Democrat insiders are openly hoping he runs as an Independent so he will draw votes from Scott and enhance their chances of retaining the governor’s office.

Vermont Business Magazine The Thomas Thompson Trust awarded Brattleboro’s Winston Prouty Center $30,000 toward its capital campaign. The Center is expanding to better provide community-based services. The award was a matching grant for Winston Prouty Center’s two spring fundraisers, “Storytellers on a Mission” and its inaugural Indoor Mini-Golf Tournament.

Winston Prouty board member Chuck Cummings and executive director Chloe Learey accepted $30,000 check from The Thomas Thompson Trust for its capital campaign.

Vermont Business Magazine The Green Mountain Care Board today praised Vermont's hospitals for achieving historically low rates of growth in their budget submissions for the third year in a row, submitting budgets with 3.6 percent overall net patient revenue growth. The GMCB also highlighted the proposed aggregate 4.3 percent weighted average rate increase for fiscal year 2016 – an indicator of prices passed on to consumers – which is the lowest in the last 15 years.

“Both of these numbers are important indicators of the hard work that all of our hospitals are doing to keep costs down, and to reduce costs to Vermonters,” said VAHHS CEO and President Bea Grause.

The initial submission of 3.6 percent growth for 2016 follows last year’s growth rate of 2.7 percent, the lowest in 40 years.

Vermont Business Magazine The parent company of Vermont Castings, HNI Corporation (NYSE: HNI), based in Iowa, announced on Wednesday sales for the second quarter ended July 4, 2015, of $568.2 million and net income of $23.9 million, or $0.52 per diluted share. Profits suffered less than expected due to charges resulting from plant closures. Non-GAAP net income per diluted share improved 35.9 percent from the prior year quarter to $0.53, which excludes restructuring, impairment, transition costs and gain on sale of assets. HNI reported last year that it would close and consolidate plants in Alabama and Illinois. Following its acquistition of Vermont Castings last fall, it announced in March 2015 that it would close the Bethel, Vermont, plant, with the loss of about 40 workers. It also has a hearth manufacturing plant in Randolph.

Vermont Business Magazine Governor Peter Shumlin issued the following statement after the US House of Representatives passed legislation today that would block Vermont from enforcing its mandatory GMO (Genetically Modified Organisms) labeling law. Shumlin said Vermont is serving as "ground zero in the fight to institute GMO labeling," and in 2014 the Vermont legislature passed a law to require labeling starting in July 2016.

The House passed, 275-150, The Safe and Accurate Food Labeling Act of 2015, which instead creates a federal standard for the voluntary labeling of foods with GMO ingredients. A law, if ultimately signed by the president, would trump any action to require mandatory labeling by the FDA.

The governor signs Vermont's GMO bill in May 2014.

Vermont Business Magazine In the first half of 2015, the Vermont Community Loan Fund (VCLF) loaned $2,883,650 to Vermont's small businesses, early education and child care programs, affordable housing developers, and facilities providing vital community services. VCLF Executive Director Will Belongia said, “For nearly three decades, the Loan Fund has been committed to creating opportunity and building healthy communities throughout Vermont.”

“So far this year, our lending activities have advanced our mission to create and preserve quality Vermont jobs, safe and affordable homes, early care and community facilities, improving the quality of life for all Vermonters and the communities we call home,” Belongia added.

Projects financed include:

247 Pearl St., LLC, Burlington

Vermont Business Magazine More land in Western Addison County will soon be available to the public, and protected for wildlife. The public is invited to attend a celebration of the Lemon Fair Wildlife Management Area in Cornwall, and the 330 acres being added to it, on Tuesday, July 28, from 10 am to 12:30 pm.

Several new parcels of land will soon be open to the public as additions to the Lemon Fair Wildlife Management Area in Cornwall and Bridport, Vermont. F&W photo

The celebration will include a reception with refreshments and speakers, followed by a short tour of the lands. Speakers include Agency of Natural Resources Secretary Deb Markowitz and Fish & Wildlife Department Commissioner Louis Porter, among others.