Current News

by Timothy McQuiston, Vermont Business Magazine Today, the Vermont Department of Labor reported that the seasonally adjusted statewide unemployment rate for March was 2.2 percent. This reflects a decrease of one-tenth of one percentage point from the prior month’s revised estimate. The civilian labor force participation rate was 65.4 percent in March, an increase of one-tenth of one percentage point from the prior month’s revised estimate. All three major metrics showed improvement. The Vermont civilian labor force increased by 795 from the prior month’s revised estimate (see Table 1). The number of employed persons increased by 1,104 and the number of unemployed persons decreased by 309. Vermont has the third lowest rate in the nation, just below North (2.0) and South (2.1) Dakota. California has the highest rate at 5.3 percent. The comparable United States rate in March was 3.8 percent, a decrease of one-tenth of one percentage point from the revised February estimate. 

by Norah White, Community News Service The Senate Committee on Judiciary is hashing out whether a drug dealer who sold illegal, laced drugs that killed another person can plead ignorance in their defense. On top of the policy related to laced drugs, S.58 would require anyone found guilty of selling an illegal drug that killed someone to serve at least two years in prison without the possibility of parole or probation, unless a court decides an alternative sentence will serve equal justice. The bill doesn’t say how judges should reach that finding. But most testimony on the bill has centered on a loosely related provision: The legislation would again delay the rollout of a 2018 bill that moves 19-year-olds charged with crimes from criminal to family court.

by State Treasurer Mike Pieciak, Department of Financial Regulation Commissioner Kevin Gaffney, and Vermont Developmental Disabilities Council Executive Director Kirsten Murphy As the nation reaches the middle of Financial Capability Month celebrations and events, we at the Office of the State Treasurer, Department of Financial Regulation and Developmental Disabilities Council would like to take this opportunity to introduce a program that has helped Vermonters with disabilities achieve their financial goals while gaining smart money-management skills. Administered through the Office of the State Treasurer, ABLE accounts provide a tax-advantaged savings option for individuals with disabilities and their families. 

Vermont Business Magazine The Roxbury Selectboard filed legal action against the Montpelier Roxbury Public School District Wednesday on behalf of its citizens, alleging that as the March 5, 2024, district school budget informational meeting was held after voting began that day and was only available online, voters were prevented from having access to the required information before the polls opened, ultimately resulting in a failed budget vote that day.

Vermont Business Magazine The United States Attorney’s Office for the District of Vermont stated that a federal grand jury returned an indictment today charging Shant Soghomonian (also known as Michael Soghomonian), 35, previously of Northridge, California, with using fire to damage the building at One Church Street – a building used in interstate commerce. He will be arraigned on the indictment before U.S. Magistrate Judge Kevin J. Doyle next week, likely on Tuesday April 23, 2024. Soghomonian also appeared before Judge Doyle today for a continuation of a detention hearing, and Judge Doyle ordered that Soghomonian be detained pending further proceedings.

Vermont Business Magazine At the annual meeting held on April 17, 2024, the Vermont Mutual Board of Directors named Mark J. McDonnell President of Vermont Mutual Insurance Group. McDonnell, the 18th president of the 196-year-old group of companies, succeeds former President and current Chief Executive Officer, Daniel C. Bridge, who is set to retire at the end of the current year. McDonnell joined Vermont Mutual as a Senior Vice President in April 2014 and was promoted to Executive Vice President and Chief Operating Officer in July 2015. Prior to joining Vermont Mutual, he held senior leadership positions at several regional and national insurance companies. As President of Vermont Mutual, McDonnell takes the role that Dan Bridge has held for the past 9 years at the Company.

Vermont Business Magazine The Vermont Chamber of Commerce and the Vermont Department of Tourism and Marketing have announced the winners for the 2024/25 Vermont Signature Events program. These signature events offer experiences that fuel the Vermont visitor economy. Each year, 13 million visitors contribute $3 billion in spending and support over 35,000 jobs totaling 11.5% of Vermont’s workforce. 

Vermont Business Magazine The Vermont Housing Finance Agency (VHFA) Board of Commissioners announced on Monday April 15, 2024, that its annual award of federal housing tax credits will support the construction of 156 homes in perpetually affordable apartment buildings in five communities across the state. The sale of this year’s tax credits to investors is expected to yield over $40 million in funds, covering an estimated 60 percent of total project development costs.  These housing construction projects will take place in a uniquely challenging environment. Elevated development costs, interest rates and housing needs among Vermonters heavily influenced project planning. The cost of developing a unit of rental housing in Vermont has increased by approximately 50% since 2020. 

Vermont Business Magazine Average gasoline prices in Vermont are $3.53 per gallon, up 14 cents per gallon from last week, up 23 cents/g from last month and are the same as last year at this time. The lowest price in the state yesterday was $3.18/g in Colchester, while the highest was $3.79/g in Westminster. The national average price of gasoline has risen 3 cents per gallon in the last week, averaging $3.67/g today. The national average is up 19 cents per gallon from a month ago.

Vermont Business Magazine The Agency of Natural Resources Department of Environmental Conservation (DEC) announced today that New England Kurn Hattin Homes, the owner and operator of a public water system in Westminster, was fined $6,750 for violations of the Vermont Water Supply Rule (VWSR) and has been directed to bring the water system into compliance. Many Vermonters use public community water systems for safe, reliable drinking water. These systems range in size from small condominium associations to large cities. Owners of public community water systems are responsible for managing and maintaining the systems in accordance with the VWSR. 

Vermont Business Magazine Rick Bibens has agreed to sell Bibens Ace Hardware, with seven locations in Vermont in Springfield, Colchester, South Burlington, Burlington, Essex, Brattleboro, and Woodstock, to the Aubuchon Company, the oldest and largest group of family-owned hardware stores in America. The stores will continue to operate as “Bibens Ace Hardware,” “Brown & Roberts” in Brattleboro, and “Woodstock Home & Hardware” in Woodstock. After closing in April, the Aubuchon Company will operate 119 stores in 9 states. Financial terms of the sale were not disclosed. 

Vermont Business Magazine Alice Marie Ann Boutin, 98, died on Friday, April 12, 2024, under the loving care of her two daughters, Suzanne Boutin and Elizabeth McGrath DNP, and her husband, John McGrath, in Rochester, NH, where she lived the remaining three years of life. Alice's family was with her the week before she died. Alice was born in 1925, the daughter of William and Celanaire (Blais) Boucher of Laconia, NH where she grew up in a strong and loving family. There she learned about unconditional love, the foundation of her being throughout her life. The ninth of ten children, she was educated at École du Sacré-Cœur and Laconia High School. She met Bernard (Bernie) while he was a student at Saint Michael's College in Colchester, Vermont. They married soon after his graduation in April of 1945. What followed was a 67-year love affair producing eleven children. Her family was her greatest joy. When did she find the time for all her volunteer work as a Cub Scout leader, costume maker for stunt night at Rice Memorial HS, and all those hours dedicated to the craft committees at Sacred Heart (Laconia), St Charles (Meredith), and St Joseph's (Belmont, where she made rosaries).