Current News
by tim
There were 1,299 new regular benefit claims for Unemployment Insurance last week, an increase of 161 from the week before, as filings followed a trend begun in September. Altogether 10,234 new and continuing claims were filed, an increase of 123 from a week ago and 2,367 more than a year earlier. The Department also processed 4,698 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 96 fewer than a week ago. In addition, there were 1,257 Second Tier claims for benefits processed under the EUC08 program, which is an increase of 37 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
by tim
The two state economists told the Vermont Emergency Board today that state tax revenues were coming in pretty much as expected. While that is relatively good news, Jeff Carr, representing the governor’s office, and Tom Kavet, representing the Legislature, indicated that the budget’s previsouly lowered expectations were more responsible for the results than any expansion in the economy.
"The big change is that there's not a big change (in revenue expectations)," Kavet said. Carr likened the economy to a patient in a hospital who is in stable condition after a traumatic health condition, to which Kavet added that the federal stimulus money the government poured into the US economy earlier this year is like a life-support system.
by tim
Away.com (www.away.com), a leading website for travel planning, has released its annual Ski & Snowboard Guide, which highlights 250 domestic and international ski and snowboard resorts for the 2009-2010 ski season. The new guide also allows travelers to choose a resort based on lifestyle and interest.
"Each ski season we take great care in compiling the most comprehensive list of the top resorts for those planning ski vacations," said Nathan Borchelt, senior editor of Away.com. "This year's guide includes a great mix of bona fide ski institutions and little known but up-and-coming ski and snowboard resorts."
Away.com's Top 10 North American Ski & Snowboard Resorts
by tim
Consultants to the New York State Department of Transportation have concluded that the Champlain Bridge would cost too much money and could be a less safe option and would take longer than razing the vital link between Vermont and New York and building a new one. The cost would likely be in excess of $67 million and take about two years to build.
When construction would begin is unclear. There has also been discussion on whether the new bridge should be located farther south toward Ticonderoga, NY. But for now, the consultants, HNTB New York Engineering and Architecture PC are emphasizing that the existing bridge is in such "fragile" condition that it must be dismantled as soon as possible and carefully. HNTB is warning that high winds and ice from the coming winter could further compromise the structure.
by tim
Rhonda Shippee, Acting State Director for USDA Rural Development in Vermont is pleased to announce the investment of over $130.9 million in rural Vermont during Fiscal Year 2009. “With over 46 programs supporting infrastructure, broadband, homeownership, home preservation, business development, energy conservation and renewable energy, Rural Development’s traditional funding along with Recovery Act dollars, we are pleased to share how these investments will be used in Vermont.” said Shippee.
by tim
In an afternoon press conference today in the Thaddeus Fairbanks Science Wing at Lyndon State College, Senator Bernie Sanders announced a US Dept. of Energy grant to the college in the amount of $32,500. The grant will be used to support the building and installation of a 5 kilowatt solar array on the Lyndon campus. The cost of the project is projected to be about $50,000 and will be undertaken by students in the college’s Sustainability Studies program under the direction of Professor Ben Luce.
In his presentation to students and the press, Sen. Sanders discussed the need to address global warming and greenhouse gasses and the benefits of becoming energy independent. He sees an enormous potential for solar power, from small homeowner installations to larger arrays.
Sen. Sanders believes that projects like the one at Lyndon will serve as models for others in the surrounding area, prompting more experimentation with green energy. “This is the future,” he said.
by tim
Related Company: Green Mountain Coffee Roasters, IncGreen Mountain Coffee Roasters, Inc, (NASDAQ: GMCR) today announced its results for the quarter and year ended September 26, 2009, reporting outstanding top and bottom line growth for both periods. Net sales for the fourth quarter of fiscal 2009 were up 65% to $222.2 million as compared to $134.8 million reported in the fourth quarter of fiscal 2008. Net income for the fourth quarter of fiscal 2009 increased 103% to $14.4 million or $0.34 per diluted share, from $7.1 million or $0.18 per diluted share in the fourth quarter of fiscal 2008.
by tim
Rock of Ages Corporation (NASDAQ:ROAC) today announced net income for the third quarter of 2009 of $1.5 million, or $0.21 per diluted share, on revenue of $12.9 million. This compares to net income for the third quarter of 2008 of $3.1 million, or $0.41 per diluted share, on revenue of $16.6 million.
by tim
Ben & Jerry’s has once again turned a fan’s flavor dream into a sweet reality with the “Do The World A Flavor” competition. Wisconsin resident, Toni Gunnison, concocted a caramel ice cream with praline almonds and a caramel swirl. The flavor, which integrates Fair Trade almonds, was named “Almond Delight” by its creator.
The Mount Horeb, Wisconsin flavor creator was awarded the grand prize on a recent once-in-a-lifetime trip to the Dominican Republic. Fifteen finalists from different countries spent a week with Fair Trade farmers at Conocado, a Fair Trade chocolate cooperative, with co-founders Ben Cohen and Jerry Greenfield, and creating their suggested Fair Trade flavors under the watchful eyes of Ben & Jerry’s research and development Flavor Gurus. They also participated in a local community project, building a playground for the local children of Yabon.
by tim
Secretary of Administration Neale F Lunderville released the October 2009 General Fund Revenues today. General Fund revenues totaled 88.22 million for October 2009, -$0.14 million or -0.16% below the $88.36 million consensus revenue forecast for the month. Year to date, General Fund revenues of $351.22 million were +$5.95 million and +1.72% above the year to date FY 2010 target.
by tim
The Vermont Chamber Hospitality Council recently polled its members about the economy and the upcoming holiday season. Businesses saw a strong foliage season this year and indicated that business was up over the same period last year; a sign that Vermont companies are coming out of the economic recession. Two-thirds said that regional events helped bring in business. Of those businesses that host meetings or events, about two-thirds also said that business was either flat or up over the same period last year, especially for family-related events such as weddings and reunions.
While trends indicate travel to Vermont has continued to pick up through the summer and fall, businesses are still cautious about their expectations for the upcoming holiday season. Businesses located in the Northern and Southern parts of the state are more optimistic than businesses located in Central Vermont about doing more business this holiday season than last holiday season.
by tim
Economic & Policy Resources of Williston, in conjunction with the New England Economic Partnership, has issued its November 2009 economic forecast for the state of Vermont, which indicates that while the economic downturn will bottom out in the fourth quarter of this year, jobs will decline through the second quarter of 2010 and economic growth will not return to normal levels until at least 2011.
Forecast in Brief
The November 2009 Vermont forecast for NEEP expects the Vermont economy to
experience a “bottom” during the fourth quarter of calendar 2009. However, the
pace of recovery will be slow and state labor markets will experience the lingering
effects of the “Great Recession” through the third quarter of calendar 2010.
o As in the May 2009 NEEP forecast update, more “normal” rates of growth
for most of the state’s key macro-variables will not return until at least