The Caledonian Record reports that "four-dollar-a-gallon gas is apparently no match for the allure of the Northeast Kingdom." Indeed, "fuel prices have done little to dampen tourism in the area. And, in some cases, travel-related business is actually up." For example, the Fairbanks Inn and the Moose River Campground in East St. Johnsbury have both experienced high occupancy rates. Mary Lunderville, owner of the Moose River Campground, explained, "Our reservations are up about 50 percent" and "even Canadian reservations are way up, about 30 percent."

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The Burlington Free Press reports that the "Vermont Economic Development Authority (VEDA) has approved "more than $8.3 million in business development financing to support commercial, agricultural and small business projects throughout Vermont." Supported projects will include:

• "Bolton Valley Resort, Bolton: Mountain Operations Development, LLC will invest in capital improvements at Bolton Valley Resort with $400,000 in VEDA-approved financing.
• Hawkeye International, Ltd., North Hyde Park: To support the plans of an established California manufacturer to expand operations into Vermont.
• Franklin County Industrial Development Corporation, St. Albans: $700,000 in VEDA financing related to the purchase of 93 acres adjacent to the St. Albans Town Industrial Park.
• And Springfield Printing Corporation, North Springfield: More than $2.2 million in tax exempt industrial revenue bond to support a major equipment upgrade at the long-established printing facility."

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The Burlington Free Press reports that a new report by Allen & Brooks, a South Burlington-based real estate analysis firm, has found that the "vacancy rate for Chittenden County office space has hit a record high" at 10.4 percent. This means that "708,000 square feet of office space sits idle in Chittenden County." Six months ago, 7.4 percent of office space was vacant. "The vacancy level is well above the 15-year average of 6.4 percent -- mostly because of underused space in Burlington's suburbs and departures of companies like Qimonda, the report said. The office vacancy rate in the city's suburbs is 12.7 percent, a record high." The report also concluded that this rate will continue to rise.

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Vermont Public Radio reports that "there are new signs that an economic slowdown has hit the state of Vermont." According to the state's revenue report for May, "virtually every important source of revenue showed a decline last month. For instance, revenues from the personal income tax were down almost 13 percent; receipts from the sales tax were down just over six percent; the property transfer tax was also down about 6 percent and the motor vehicle purchase and use tax was down 4 percent." In addition, the state will likely "have to downgrade its projections for transportation-related taxes next month." Mike Smith, Administration Secretary, said there is some good news: "The state's General Fund is likely to record a small surplus at the end of June because the state economy was in pretty good shape during the first half of the year."

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Vermont Public Radio reports that "the state of Vermont is making a new round of low-interest financing available to businesses as of next month." Indeed, "the Economic Recovery and Opportunity Program will use $1.25 million approved by the Legislature to make loans to business with rates as low as three percentage points below the Wall Street prime rate." Recipients can "can use the money to buy land and buildings, finance construction or renovation, or purchase other capital goods like machinery and furniture."

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