Current News

by Timothy McQuiston, Vermont Business Magazine Today, the Vermont Department of Labor reported the state's seasonally adjusted unemployment rate had fallen one-tenth to 2.8% in February 2023. The rate has fallen the last two months, after the annual revision reset the 2022 data upwards. The revision in particular indicated more growth in the Labor Force than originally reported. The Labor Force is up 900 from January and up 5,090 from a year ago. The number of Employed also grew by 1,169 from January, while the number Unemployed fell by 269, indicating that all the major metrics showed improvement. The civilian labor force participation rate was 63.6 percent in February, an increase of two-tenths of one percentage point from the prior month. The comparable United States jobless rate was 3.6 percent, an increase of two-tenths of one percentage point from the revised January estimate. Vermont is tied for the 12th lowest rate in the nation. North and South Dakota are tied for the lowest at 2.1% and Nevada has the highest at 5.5%.

Vermont Business Magazine Vermont Law and Graduate School’s Entrepreneurial Legal Laboratory (VLSell) helps Vermont’s small businesses find legal support to launch, transition, and grow. As part of the Small Business Administration’s Community Navigator Pilot Program (CNPP), VLSell received grant funding to provide education and legal services to Vermont small businesses owned by traditionally disadvantaged individuals – BIPOC, LGBTQ+, disabled, veteran, rural, and women. Since the program launched in December 2021, VLSELL has helped over 60 Vermont small businesses learn about the law, and find a lawyer to help them with their legal needs.

Vermont Business Magazine The Office of the United States Attorney for the District of Vermont stated that Jose Alvarez, 31, of Trenton, NJ, was sentenced to 14 months of imprisonment today in United States District Court by United States District Judge Christina Reiss. Alvarez previously pleaded guilty to conspiracy to transport foreign nationals in furtherance of their illegal entry into the United States. Judge Reiss also ordered that Alvarez serve three years of supervised release after he serves his term of imprisonment. According to court records, at about 3 am on September 25, 2022, Alvarez was arrested near East Berkshire, Vermont after he had picked up four Guatemalan citizens who had just entered the United States illegally. Three of the foreign nationals stated each expected to pay $2000 to $3000 to Alvarez or his associates as a fee to be smuggled into the United States.

Vermont Business Magazine Today the Vermont Senate gave final approval to S73, a bill that would strengthen workers compensation coverage for all firefighters by expanding the types of cancer presumed to be a result of on-duty exposures. Cancer is a leading cause of death among firefighters and research shows that firefighters are at higher risk of developing certain types of cancers when compared to the general population. By expanding the types of cancer included in the presumption, we are demonstrating a commitment to supporting all firefighters by decreasing the likelihood their workers' compensation claims will be denied.

Vermont Business Magazine The housing market has been on a rollercoaster ride, and it just took another big turn. For the first time in more than a decade, year-over-year home prices in the US fell in February. Amid such an unpredictable housing market (and a hike in mortgage rates), national mortgage broker SmartAsset presented the results of their annual survey today and maintains that it is increasingly important to buy a home in a place that is both poised for long-term growth and stability. The Burlington metro area ranked 17th best, out of 400 nationally, and was the only metro area in the Eastern Time Zone. Burlington metro home prices have grown 192.8 percent over the last 25 years with no historic loss in value.

Vermont Business Magazine The Future of Vermont Action Team is launching a statewide Youth Opportunity Initiative, facilitated by the Vermont Council on Rural Development, to embark on a deep engagement process to draw input from youth, community members, parents, advocates, municipal leaders, educators, school administrators, business owners, policy experts, and more to identify strategies and action to advance youth opportunity, aspiration, and community connection. In 2021, the Vermont Council on Rural Development (VCRD) built The Vermont Proposition which outlines a bold proposal to set our state on a trajectory toward success, vitality, and prosperity for the next 30 years based on input from thousands of Vermonters. A diverse group of 20 leaders convened and facilitated by VCRD, known as the Future of Vermont Action Team, have been further defining and implementing the ten elements of the Vermont Proposition.

Vermont Business Magazine Senator Peter Welch (D-Vermont) on Wednesday questioned Norfolk Southern CEO Alan Shaw during a Senate Committee on Commerce, Science, & Transportation hearing. The hearing was convened in response to the February 3rd derailment of a Norfolk Southern train carrying hazardous chemicals through East Palestine, Ohio. The derailment resulted in substantial air, water, and soil contamination, damaging the local environment, and putting the people of East Palestine at risk of adverse health effects. During the hearing, Welch urged Shaw to take responsibility for the derailment and make a substantive pledge to avoid future derailments.

Vermont State Police The Vermont State Police is investigating the death of a man whose body was found Tuesday evening, March 21, 2023, in the town of Jay. The victim in this incident is identified as Byron M Camber, 27, of North Troy. An autopsy was performed Wednesday, March 22, 2023, at the Chief Medical Examiner’s Office in Burlington. The cause and manner of death remain pending toxicology testing, which can take several weeks to several months. The investigation into this death is active and ongoing. State police will release additional details as the investigation proceeds.

Vermont Business Magazine Senator Bernie Sanders (I-Vermont) on Thursday introduced legislation to block bank executives like Silicon Valley Bank’s Gregory Becker from serving on regional Federal Reserve boards that regulate the banks they run. Today, two-thirds of the directors of the 12 regional Federal Reserve boards are hand-picked by the same bankers that the Federal Reserve charged with regulating. Moreover, five CEOs of financial institutions with over $150 billion in assets currently serve as directors of Federal Reserve banks. For example, the CEO of State Street, which has nearly $300 billion in assets, currently serves as a director of the Boston Federal Reserve.

Vermont Business Magazine Addressing the challenge regarding the next generation’s captive workforce, several rising captive professionals have partnered with the Vermont Captive Insurance Association (VCIA) to formalize the Vermont Captive Insurance Emerging Leaders (VCIEL), a group that will be a platform not only to recruit students to the industry, but also to cultivate the emerging talent already working in captives. VCIEL holds regular meetings and welcomes more captive professionals to bolster its group. It will provide student outreach and networking opportunities, as well as build out a roster of talented speakers to infuse the captive conference circuit with fresh energy. A launch party occurs on April 12th from 5:30-7:30pm at Pizza44 in Burlington, and the broader captive community is invited to support this initiative.