Current News

National and regional economists will explore the 2010 economic environment in the coming year with a special focus on what the economic recovery will look like in 2010 and beyond.
The 19th annual Vermont Economic Conference will be held on Friday, January 8, 2010 at the Sheraton Burlington Hotel and Conference Center and is hosted by The Vermont Economy Newsletter and sponsored by TD Banknorth, KPMG, and Entergy Vermont. The times and topics for the speakers follow:
9:10 a.m. Gus Faucher, Director of Macroeconomics for the national economic consulting and forecasting firm Moody’s Economy.com will speak on The Economic Outlook for the U.S. and Vermont. Dr. Faucher has appeared on CNBC, Fox Business Network, The CBS Evening News, All Things Considered, and Marketplace.
10:10 a.m. Dick Heaps, publisher of The Vermont Economy Newsletter, now in its 20th year of publication, will speak on What Kind of Recovery? Vermont’s Economy in 2010.

US Rep. Peter Welch on Monday unveiled legislation to help Vermont businesses, workers and taxpayers confront the growing fiscal crisis caused by the depletion of the state’s Unemployment Insurance (UI) trust fund.
Alongside business, labor and state government leaders at a Montpelier press conference, Welch introduced a new bill, H.R. 4282, which would extend for two years an American Recovery and Reinvestment Act (ARRA) provision allowing states to avoid paying interest on loans to cover shortfalls in their UI trust funds.
“This common sense legislation provides critical federal support to Vermont and other states struggling to assist unemployed workers,” Welch said. “By extending the delay in interest accrual, Vermont businesses, workers and taxpayers will be spared an additional burden during tough economic times.”

Green Mountain Power today announced results of a customer survey indicating strong support for wind power among Vermont business leaders.
The telephone survey took place this fall among GMP's largest commercial customers. Fifty-four of 85 customers contacted completed the survey.
The survey sought customers' feedback on a variety of issues including Vermont's current energy picture, energy challenges facing the state in the next few years, the business and economic climate, Vermont Yankee and wind and solar power. It also gave customers an opportunity to rate GMP on its performance, its vision and its ability to successfully manage the state's energy challenges.
Most significant among the findings was respondents' support for wind energy in Vermont, and specifically for GMP's plans to build, own and operate a wind plant in northern Vermont.

Executive Vice President Thomas S Leavitt is pleased to announce that the newest office of Merchants Bank will have its Grand Opening Celebration on January 15 from 10 am until 1 pm. The new facility, located at 92 Woodstock Avenue in Rutland, replaces and doubles the capacity of the previously operating branch at that same location.
The new full-service ADA-compliant branch includes four lobby teller stations; two drive-up service lanes; an additional ATM drive-up lane; and offices for Community Banking, Corporate Banking, Government Banking and customer service.

The Vermont Public Service Board has authorized a 5.58 percent rate increase under the company’s alternative regulation plan. This still leaves CVPS’s rates among the lowest of the major utilities in New England. The change took effect with bills rendered starting in January. The PSB issued their decision late New Year’s Eve day.
The bill for a residential customer who uses 500 kilowatt-hours of electricity per month will rise from $73.49 to $77.57, a difference of $4.08 Despite the increase, CVPS rates represent a good comparative value, as the same customer would pay as much as $105.33 elsewhere in New England, according to the Edison Electric Institute.

In the wake of our country's economic downturn, people are moving away from states with high unemployment, according to the 2009 Atlas Van Lines Migration Patterns study. Atlas' annual study has tracked the nation's moves since 1993. The Vermont unemployment rate was 6.4 percent in November and the New Hampshire rate was 6.7 percent, both well below the 10.0 percent national rate. Both states have been in-migration states over the last decade, including last year.
Residents of Rust Belt states continue to relocate in large numbers, as steel and manufacturing industry jobs decline. And while historically the nation has moved westward, heavy job losses, particularly in construction, manufacturing and tourism in California, Nevada and Oregon, have made these states less popular destinations than in years past.

The Vermont Agency of Transportation (VTrans) and the New York State Department of Transportation (NYSDOT) have been informed that the Ticonderoga (Ti) Ferry has suspended service effective today. According to the Ti Ferry operator, the reason for the suspension is that the company currently was not been able to secure marine insurance beyond yesterday, January 3.

The New Hampshire Department of Transportation (NHDOT) and the Vermont Agency of Transportation (VTrans) announce the planned closing of the Connecticut River bridge carrying Bridge Street between Stewartstown, New Hampshire, and Beecher Falls, Vermont, for four days to allow for a detailed inspection of the bridge.
This daytime bridge closure will be in effect beginning Monday, January 4 through Thursday, January 7, 2010 from 8:30 AM to 3:30 PM each day. Emergency response vehicles from the Beecher Falls Fire Department will be allowed to cross the bridge if necessary during the closure periods.
A signed detour will be in place on both sides of the Connecticut River during the bridge closure periods, directing motorists to the bridge crossing the river between Stewartstown, New Hampshire and Canaan, Vermont.

The Vermont Agency of Transportation (VTrans) and the New York State Department of Transportation (NYSDOT) will hold a public meeting in Vermont at 6 pm on Monday, January 4 to present the six possible designs for the new Lake Champlain Bridge. The meeting will be held at the Addison County Eagle building at 67 New Haven Road in Vergennes. The new bridge is expected to be built in 2011, according to transportation officials.
The meeting provides those who were not able to attend the series of meetings held December 12 in Ticonderoga with an opportunity to hear and discuss details about the six possible bridge designs and offer feedback on which design they like best. VTrans and NYSDOT are taking public input on the various designs. An announcement is expected in mid January as to which design will be built.

Governor Jim Douglas today announced he appointed Butch Shaw to serve as State Representative from the Rutland-6 House District. Shaw will fill the seat vacated by Peg Flory, who was recently appointed to the State Senate, and represents the towns of Pittsford and Sudbury.
“I look forward to working with Butch as we address difficult fiscal challenges and work to strengthen our economy," the Governor said. “I am confident that he will represent the people of Pittsford and Sudbury thoughtfully and with dedication.”
“It’s a great honor to represent the hardworking people of Pittsford and Sudbury in Montpelier,” said Shaw. “As a volunteer firefighter, it’s my instinct to run toward a problem, and that’s what I intend to do in the Legislature.”
Shaw is a resident of Pittsford, where he serves as Assistant Fire Chief, Chairman of the Board of Civil Authority and a Justice of the Peace. He is a former wrestling coach at Otter Valley Union High School.

State officials are hoping members of the public will turn out to give their input about Vermont’s plans for spending millions of dollars in federal housing and economic development funds.
The state is holding a series of Community Meetings as it drafts a 5-year Consolidated Plan required by the federal Department of Housing and Urban Development (HUD) for the approximately $12 million of federal funds Vermont receives from HUD annually.
“We’re asking Vermonters to share their views on how these dollars should be spent,” said Tayt Brooks, Commissioner of the Vermont Department of Economic, Housing and Community Development. “The grants that we award from these funds go to both housing and economic development projects for low-income Vermonters around the state.”

Sen. Bernie Sanders (I-Vt.) today announced that $5.7 million in emergency support to more than 1,000 Vermont dairy farmers has been released. The assistance, coming at a time when dairy farmers have experienced the lowest prices in 40 years, is part of a $350 million dairy assistance measure sponsored by Sanders.
The U.S. Department of Agriculture began processing payments under the Dairy Economic Loss Assistance Payment program just prior to Christmas. Farmers have already begun seeing deposits.
Sen. Patrick Leahy (D-Vt.), a senior member of the Senate appropriations committee, and Rep. Peter Welch (D-Vt.), cochairman of the Congressional Dairy Farmers Caucus, helped guide the measure through the congressional appropriations process.