Vermont Department of Economic Development
March 2024
Greetings,
It’s mid-March and we are in the throes of the legislative session. At the top of the Scott Administration’s agenda is housing.
The dearth of housing across the economic spectrum is our greatest barrier to affordability and growing our economy. I know some of you have offered jobs to out-of-state candidates who can’t take them because they can’t find adequate housing at a reasonable price in Vermont. We need to increase our housing stock to keep the workers we have, bring in those who want to move here, and to entice our children to stay in the Green Mountains.
We didn’t get here overnight. Vermont has been underbuilding for decades. So, the Scott Administration is offering several ways to ramp up production; reform land use laws and permitting processes to incentivize housing development in areas where we want it, and make targeted investments in programs like the Vermont Housing Improvement Program that has created 535 affordable units since 2020.
Right now, the legislature has two bills that deal with housing and land use. In the Senate, S.311 is in the Natural Resources Committee. Meanwhile, House bill H.687 is a land use bill that doesn’t address housing at all.
As leaders in the business community, your advocacy can help move the needle. Please talk up housing reform with other business leaders, community leaders, and investors. Reach out to lawmakers to let them know where you stand. Anything you can do to help Vermont achieve housing reform is greatly appreciated.
Regards,
Joan Goldstein
Commissioner, Department of Economic Development
[email protected]
Picture includes DED Commissioner Goldstein, Gov. Scott, Sen. Leahy and wife Marcelle, Sen. Welch, Secretary Kurrle, Lt. Gov Zuckerman.
Investing in the Future
On March 1st Governor Scott, Commerce and Community Development Secretary Lindsay Kurrle, and Commissioner Goldstein attended a press conference at GlobalFoundries’ in Essex Junction where GlobalFoundries announced the investment of $125,000,000 at Fab 9 thanks to a CHIPS Act grant from the Biden Administration.
The funding will be used to upscale production of Gallium Nitride (GaN) semiconductors which are more efficient and durable than silicon. Fab 9 is poised to be at the forefront of GaN production in this hemisphere, increasing our national security and self-reliance.
The Department of Economic Development (DED) is contributing to this investment with a $4.5M Vermont Training Program (VTP) grant that will be used to train current and new GlobalFoundries employees on this advanced technology. Learn how VTP can help your business achieve its workforce goals.
GaN is also at the heart of Vermont’s Tech Hub. DED is partnering with the University of Vermont and GlobalFoundries to make Vermont a world leader in GaN. The effort is enlisting existing tech firms and startups as we work to attract designers, developers, and visionaries to help achieve all that GaN makes possible. Learn more at V-GaN.tech.
Vermont FMLI Office Hours
Want to learn more about Vermont voluntary Family and Medical Leave Insurance? Sign up now for Office Hours on Thursday, March 21 at 12:00.
Participants will take questions from The Hartford. They are offering quotes now. Coverage goes into effect July 1.
Eclipse Planning for Municipalities
Work for a municipality? The state of Vermont strongly recommends you attend the next VLCT virtual eclipse planning webinar on Thursday, March 21. Registration required.
NBRC Preapplications
Interested in a CATALYST, Forest Economy Project, or Timber for Transit grant from the Northern Border Regional Commission? The Preapplication period is open now and closes March 22, 2024.
Hazard Mitigation
Over $100 million is available to municipalities via the Vermont Hazard Mitigation Program to lessen the impact of future disasters. Per Governor Scott’s request, the State Flood Recovery Office simplified the application process and increased access to technical assistance for applicants affected by the July storms.
For more information and the Pre-Application Form visit vem.vermont.gov/funding/mitigation.
Property Owners Seeking Buyout or Elevations, the Priority Deadline is March 29. Residential or commercial property owners wishing to sell their flood-prone property or elevate should discuss with their municipal offices. Municipal officials should reach out to: [email protected].
Communities with Flood/Infrastructure/Planning Projects, the deadline is June 21.
SBA Loan Deadline
Federal working capital loans are available for small businesses, small agricultural cooperatives, small aquaculture businesses, and most private nonprofit organizations affected by freeze May 17-18, 2023.
Low-interest disaster loans are available in Addison, Bennington, Caledonia, Chittenden, Essex, Franklin, Grand Isle, Lamoille, Orange, Orleans, Rutland, Washington, Windham, and Windsor Counties.
The deadline to apply is March 21.
Captives Roadshow in Burlington
The Vermont Captive Insurance Association is hosting a road show at the Burlington Hilton on Wednesday, March 27. Hear from three companies that formed a captive in Vermont including Carris Reels of Rutland and the University of Vermont Health Network which consists of six hospitals. Register today.
VEOC Conference
The 22nd annual Vermont Employee Ownership Conference is set for Friday, May 31 at UVM’s Dudley Davis Center. Choose from 24 workshops, panel discussions, and presentations on shared ownership models.
Aerospace Innovation Forum
Aerospace companies are invited to join the Vermont delegation at the 2024 Aerospace Innovation Forum.
Vermont Delegation Benefits:
- Advanced Marketing and Media Assistance
- Space in the shared Vermont Pavilion
- Interpretation Services at the Show
- Registration Pass
- Access to B2B Supply Chain Meetings
If you are interested, please email State Trade Expansion Program Manager Daegan Goodman.
ACCD is Hiring
Have a degree in statistics or economics? The Agency of Commerce and Community Development is looking for an Economic Research Analyst.
Learn more here and please share with whoever might be interested.
Commercial/ Industrial Site Locator
Vermont Department of Economic Development
1 National Life Dr
Montpelier, VT 05620-5001