Current News

Weekly unemployment claims rose steeply last week continuing an upward trend over the last couple of months. For the week of November 20, 2010, there were 1,401 new regular benefit claims for Unemployment Insurance, an increase of 508 from the week before. Altogether 9,563 new and continuing claims were filed, an increase of 795 from a week ago and 1,847 fewer than a year earlier. The Department also processed 2,385 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 120 more than a week ago. In addition, there were 696 Second Tier claims for benefits processed under the EUC08 program, which is a decrease of 16 from the week before. The Unemployment Weekly Report can be found at: http://www.vtlmi.info/. Previously released Unemployment Weekly Reports and other UI reports can be found at:http://www.vtlmi.info/lmipub.htm#uc

On November 18, Entergy Vermont Yankee officials told the Vermont Health Department that the 300,000 gallon objective for groundwater remediation had been met, and groundwater extraction has been terminated. Radioactive tritium had been discovered leaking into the ground at the Vernon plant last January. Approximately 309,000 gallons had been extracted, and about 9,000 gallons were cleaned and returned for re-use at the plant. The remaining extracted groundwater is being trucked to a licensed radioactive waste processing facility in Tennessee. Final truckloads are scheduled for the end of November.

Stowe Mountain Resort opened for the 2010/2011 winter season today, Wednesday, November 24. Appropriately named ‘Ski Capital of the East’, Stowe is the premiere destination for skiers and snowboarders on the East Coast. Boasting two spectacular mountains including Mount Mansfield and Spruce Peak, Stowe Mountain Resort is home to one of the best ski and snowboard schools in the country, terrain park and half pipe, and the famous ‘front four’ black diamond runs on the face of Mount Mansfield-- the tallest peak in Vermont.
Located in the heart of Stowe Mountain Resort, Stowe Mountain Lodge boasts ski-in/ski-out access to both Spruce Peak and Mount Mansfield while providing guests with the ultimate in luxurious slope side accommodations.

US households are expected to spend an average of $384 on Christmas gifts this holiday season, slightly less than last year’s estimate of $390, The Conference Board reports today. New England had by far the highest average of any
The survey of Christmas gift spending intentions covers a nationally representative sample of 5,000 U.S. households. It was conducted for The Conference Board in November by TNS, the world’s largest custom research company.
‘Consumers are approaching the holiday season in a somewhat cautious mood,’ says Lynn Franco, Director of The Conference Board Consumer Research Center. ‘However, with retailers already enticing consumers with markdowns and bargains, this season could very well match, perhaps even surpass, last year’s.’
(Click here for complete survey data or see below.)

At its recent breakfast celebration and awards ceremony (November 18th - Sunset Ballroom, Burlington) for the Northwest Region (Chittenden, Franklin and Grand Isle Counties), the Vermont Small Business Development Center (VtSBDC) announced the following winners in five categories. Ted Brady from Senator Patrick Leahy’s office and Brent Raymond from Congressman Peter Welch’s office, along with Steve Densham, Area Business Advisor with VtSBDC presented the awards to:
1. ‘Young Entrepreneurs’ - Eric Lavigne and Dana Pontbriand
VT Meat & Seafood Market - Williston, VT - Offering:
Fresh Local Organic Meats, Fresh Seafood - from Boston, Local Produce - from around VT, Specialty Roasts & Marinated Meats and Local Breads & Cheeses
2. ‘Social Responsibility’ - Janice Shade
True Body Products - Richmond, VT - Mission to make products that:
Contribute to a healthy lifestyle: are manufactured, packaged, marketed, distributed,

The US Court of Appeals for the Second Circuit has ruled that a Vermont law restricting the commercial use of information relating to physician prescribing patterns is unconstitutional. Judge John G Koeltl wrote the majority opinion overturning an April 2009 US District Court decision, concluding the Vermont law ‘is a commercial speech restriction that does not directly advance the substantial state interests asserted by Vermont.’
The federal appeals court ruled in favor of IMS Health, SDI and Source Healthcare Analytics, three leading health information companies that jointly filed a lawsuit seeking to prevent Vermont from enforcing the state law enacted in July 2009.

Vermont's foreclosure rate has slowly climbed over the last six months, but is still among the 10 lowest in the nation. Florida continues to be the worst. The October Mortgage Monitor report released by Lender Processing Services, Inc. (NYSE: LPS) shows that accelerated foreclosure referral activity over the last several months has pushed the US foreclosure inventory rate to all-time highs. As of the end of October 2010, foreclosure inventories are 7.4 times historical averages and rising.

Senator Patrick Leahy reports that General Dynamics Armament and Technical Products, which maintains an engineering division in Burlington, has been awarded a $94.6 million order from the US Army to continue production of reactive armor for 440 Bradley Fighting Vehicles.
General Dynamics’ reactive armor system uses special tiles that fasten to the exterior of the Bradley Fighting Vehicles, allowing them to better withstand direct hits from a variety of anti-armor munitions.
As a senior member of the Senate Appropriations Committee and of its Defense Subcommittee, Leahy was instrumental early on in promoting the concept of Bradley reactive armor tiles. He sought funding for the project each year in five successive defense budget bills, securing more than $93 million for the project from 2003 to 2006. The Army offered the current contract for competitive bids, and the contract was won by General Dynamics.

By Ryan Janson. The Vermont Energy Company has been providing heating, air conditioning, and plumbing products and services to homes and businesses since 1984.
According to a new SEC filing, Vermont Energy attracted a $260,000 seed investment in order to grow their environmentally conscious gas station and convenience store business.
The company currently operates a flagship store and four-pump gas station in Burlington. A company spokesperson said their goal is to become a leading supplier of alternative fuels in the long run, and stock their shelves with sustainable items in addition to other packaged goods.
The idea is to offer a friendly alternative to 7-eleven, Mobil, and other leading gas station and convenience stores. Hoovers research shows that the gas and convenience store industry in the United States reaches $200 billion in annual sales primarily selling gasoline.

Fletcher Allen announced today it has signed a non-binding letter of intent to sell its outpatient renal dialysis centers to Fresenius Medical Care North America, a national provider of dialysis services with a clinical site in St Johnsbury, VT. The outpatient centers are located in South Burlington, St Albans, Berlin, Rutland and Newport and serve approximately 290 patients. The sale is subject to the State of Vermont's Certificate of Need (CON) review process. The price will be finalized when a binding purchase and sale agreement is complete, and it will be made public in the CON application.
Key details of the Letter of Intent include:

Mount Snow has announced its plan to open for skiing and riding on Thanksgiving Day. It will have lift serviced terrain for all ability levels including a full terrain park at Carinthia. In all four lifts will run servicing seven trails and two mountain faces.
As well Santa Claus is coming to town. . .more specifically he and Mrs. Claus will be at Mount Snow on November 27th to listen to the wishes of boys and girls. Part of the annual Mount Snow Thanksgiving weekend, Santa and the Mrs. make their way into the base area escorted by the West Dover Fire Department in their ladder truck.

Governor-elect Shumlin announced today that budget veteran Jim Reardon will continue as the Commissioner of Finance and Management. Commissioner Reardon is widely recognized for his ability to resolve longstanding financial reporting problems and for his abilities to develop agency budgets, goals, policies and work with the legislature on crafting the state budget. Reardon has served both Republican and Democratic governors in positions relating to the development and execution of budgets.
‘Commissioner Reardon knows the state budget better than anyone else I know,’ said Governor-elect Shumlin. ‘His ability to keep the state on a steady course in good times and in bad is invaluable and I am deeply grateful for his willingness to continue on in his role as Commissioner.’