Current News

by Joan Goldstein, Commissioner, Department of Economic Development Happy New Year, everyone! I hope you all were able to take a break during the holidays and unwind with family and friends. At the Vermont Department of Economic Development (DED) we kicked off the year announcing the final round of Community Recovery and Revitalization Program (CRRP) grants. This was the latest installment of $50 million allocated by the legislature in federal American Rescue Plan Act (ARPA) money for CRRP and the Capital Investment Program (CIP) to help with projects around the state. Read on for more details about the 4th Round of CRRP at as well as an update on a hotel project in Randolph that was awarded a CIP grant. I recently spoke at an event in Burlington celebrating Vermont’s creative economy. 

by Mike Donoghue, Vermont News First, Vermont Business Magazine The directors of the Woodstock Foundation, who are facing a major civil lawsuit over claims of mismanagement and malfeasance at the Woodstock Inn & Resort and the Billings Farm & Museum, have petitioned a state judge to delay the upcoming trial for another 6 months to allow them to seek a second independent investigation into the allegations. Foundation Directors James S. Sligar, David M. Simmons, Michael D. Nolan, John T. Hallowell, Douglas R. Horne, William S. Moody, Gail Waddell and Angela K. Ardolic say they want an “independent special litigation committee to review the derivative claims” and determine how to proceed, according to a new court filing. Two former top Woodstock Foundation leaders, Ellen R. C. Pomeroy and Salvatore Iannuzzi, filed their lawsuit a year ago maintaining they were privately dismissed from the board during a secret, unauthorized board meeting after they began to look into the employee complaints.

Vermont Business Magazine A new study has found the states in America that are struggling to fill online job postings, with Wyoming being named the worst state for employment. Vermont ranked 10th best in the report. A study by small business consulting organization Venture Smarter analyzed data from Indeed to determine which states have difficulties with recruitment, based on the number of current job postings listed in each area, and the proportion which remain active for an extended period. The data revealed that it was Wyoming that struggles to fill job positions the most, as almost two-fifths (39.7%) of all postings were active for more than three months. In fact, the findings also show that 54.7% of job listings in the state were over a month old. 

Vermont Business Magazine The Vermont Catholic Community Foundation distributed $30,000 in a recent round of grants to organizations that help people in need throughout the state. The mission of the Vermont Catholic Community Foundation is to support and serve apostolic activities of the Roman Catholic Church and make grants to nonprofit organizations in the statewide Diocese of Burlington that reflect the compassion of Christ in service to the community.

Vermont Business Magazine Comcast has announced it is awarding a total of $30,000 to two nonprofit organizations in the Greater Burlington area to help advance digital literacy skills. These grants are part of Project UP, Comcast’s $1 billion commitment to advance digital equity through programs and community partnerships that connect people to the Internet, advance economic mobility and open doors for the next generation of innovators, entrepreneurs, storytellers and creators.

by Timothy McQuiston, Vermont Business Magazine State economists still remain somewhat bullish on the Vermont tax revenue outlook despite what they anticipate to be a slowing of the US and state economies in the next few years and a quieting of the personal income tax, which has been robust the previous few years. Reflecting the economy’s durability, total revenues for the three major funds forecast herein closed the first half of FY24 slightly above July projections (+1.7% and +$25.2M). That generally positive revenue for the first half of fiscal year 2024 was a reflection of generally upbeat receipts in the Personal Income Tax (at +$18.6 million or +3.6% on cumulative consensus first half expectations of $523.9 million) and strong receipts in Net Interest revenues.

Vermont Business Magazine The Working Lands Enterprise Initiative announces 14 awards totaling $652,211 to maintain and grow the agricultural and forestry sectors in Vermont. Another $2.3 million in Working Lands Enterprise Initiative grants to directly to businesses will be announced in the spring. The Working Lands Enterprise Board (WLEB) strategically invests in working lands businesses that can influence their value chain, create jobs, boost sales, increase production or efficiencies, adapt to climate change, improve management of working lands acreage, and contribute to community equity. The WLEB also invests in service providers who work directly with working lands businesses to support them as they grow, pivot, and adapt to an ever-changing marketplace. In 2022, responding to the need to support producer association groups that represent and promote Vermont products, the WLEB introduced a grant opportunity specifically for Vermont’s producer associations. 

Vermont Business Magazine The VT Flood Response & Recovery Fund at the Vermont Community Foundation has committed $12.3 million in grants and awards to help Vermont build back from catastrophic flooding that swept through the state last summer. The funds have helped farmers who lost crops and equipment, communities that saw their downtowns swamped, renters and homeowners who experienced extensive property damage, and businesses that faced costly renovations to reopen. Thanks to the generosity of people all over Vermont and beyond, the Flood Fund has raised $12.7 million as of today to advance Vermont’s recovery from one of the worst weather disasters in state history and develop strategies to mitigate flood damage in the future. Of the $12.3 million allocated from the fund, $7 million has been distributed and another $5.3 million has been committed. 

Vermont Business Magazine As high-tech jobs grow, Vermont Industry increasingly needs maintenance technicians to manage complex processes and maintain advanced equipment. This, coupled with the retirements of many skilled workers, means opportunities for well-paid careers close to home. GlobalFoundries (GF), Vermont’s largest private sector employer, and Vermont State University (VTSU) have partnered to develop the GlobalFoundries Maintenance Technician Apprenticeship Program to educate more students—especially recent high school graduates—for open positions. GF and VTSU have partnered together to market and create interest for GF’s Maintenance Technician Apprenticeship opportunity to students, recent high school graduates, and those looking for a career change.

Vermont Business Magazine Average gasoline price in Vermont is $3.18 per gallon, down 2 cents/g gallon from last week, down 14 cents/g from last month and 26 cents/g lower than a year ago. The lowest price in the state yesterday was $2.85/g in Rutland, while the highest was $3.39/g in Stowe, a difference of 54 cents per gallon. The national average price of gasoline has risen 3 cents per gallon in the last week, averaging $3.10/g today.

Vermont Business Magazine Vermont Electric Co-op is accepting petitions from eligible candidates for four board of directors’ seats that are up for election in May. “VEC board members have a broad range of perspectives and backgrounds, care deeply about the community, and enjoy learning about and influencing energy issues,” said Rebecca Towne, VEC’s chief executive officer. “If this describes you – and you have a passion for safe, reliable and affordable electricity, then consider running for the VEC board this year.” In order to run for the board, a candidate must be a VEC member and may not be employed by the cooperative. Candidates must have a principal residence within VEC service territory and in the district or zone they are running to represent. Directors are elected to serve four-year terms. 

Vermont Business Magazine If your business sells fossil-based heating fuel—including oil, propane, natural gas, coal, and kerosene—into or in Vermont, you must register with the Vermont Public Utility Commission. Complete your registration form online at puc.vermont.gov. Registrations are due by January 31, 2024, and are required by Act 18, which was enacted last year to design a potential Clean Heat Standard to address fossil-fuel emissions from Vermont’s heating sector.