Business Climate: Recent Headlineshttp://www.understandingvt.org/business-climate-recent-headli/en-US2008-12-03T06:26:29ZSquarespace Site Server v5.0.0 (http://www.squarespace.com/)Forecast predicts New England could lose 250,000 jobshttp://www.understandingvt.org/business-climate-recent-headli/2008/11/24/forecast-predicts-new-england-could-lose-250000-jobs.htmlVCF Staff2008-11-24T22:08:45ZVermont Public Radio reports that "economists at the New England Economic Partnership (NEEP) forecast yesterday that unemployment in the region would rise to its highest level since 1992, hitting more than 8 percent by mid-2010." Notably, "the 250,000 job loss is about 3.6 percent of the region's employment, which will decline for the rest of the decade and then flatten out through 2011." Of the six New England states, "Rhode Island is expected to top the list, peaking at 10.3 percent unemployment, while Vermont and New Hampshire unemployment rates would increase the least."

]]>Culinary Institute cuts jobs to save moneyhttp://www.understandingvt.org/business-climate-recent-headli/2008/11/24/culinary-institute-cuts-jobs-to-save-money.htmlVCF Staff2008-11-24T18:23:44ZVermont Public Radio reports that "the New England Culinary Institute (NECI) is laying off at least seven employees and reducing the hours of others as a way to save money in tough economic times." According to NECI Vice President Richard Flies, "The institute is trying to handle the cuts as humanely as possible." Notably, "The cuts amount to a 2 percent reduction of the institute's 350 employees. An additional 2 percent of employees will have their hours cut by 20 percent."

]]>Rutland company to layoff nearly half its workforcehttp://www.understandingvt.org/business-climate-recent-headli/2008/11/24/rutland-company-to-layoff-nearly-half-its-workforce.htmlVCF Staff2008-11-24T18:18:46ZVermont Public Radio reports that effective November 30, 2008, Rutland Plywood will "lay off 76 employees or nearly half of its workforce." Meanwhile, several other companies have announced layoffs. For example, "just a year ago, Rutland was reeling with the news that Metro Group - a direct mailing company was closing its local plant - taking 250 jobs with it. In Brandon - Vermont Tubbs and Neo EMS closed their doors. The Vermont Store Fixture Corporation in Danby laid off 57 of its 87 workers. And just last week, Omya announced that it would cut ten jobs outright and move an additional 40 jobs from Proctor to its new headquarters in Cincinnati." According to Jamie Stewart, Executive Director of the Rutland Economic Development Corporation, "What's happening in and around Rutland is happening nationwide." Stewart concluded, "We have to recognize that this is an economic cycle. And that there will be bad news. And there really is bad news because they're people losing jobs in this thing. But that the long term picture is not as gloomy as sometimes people feel when they're in the middle of one of these retractions."

Link to article ]]>Non-profits say giving remains steadyhttp://www.understandingvt.org/business-climate-recent-headli/2008/11/19/non-profits-say-giving-remains-steady.htmlVCF Staff2008-11-19T17:44:52ZVermont Public Radio reports that "the state's non-profit organizations say that despite the economic downturn, support from Vermonters remains steady. Peter Espenshade, with the Vermont Community Foundation, believes "there's a good reason people continue to give money when times are bad." He explained, "People want to support non-profits. They want to feel that they have some control and some say in the world." He noted that some non-profits are "still making cutbacks because their expenses are going up. " He concluded by saying that "even when people have to cut back on financial support for non-profits, they find other ways to help out - like volunteering or serving on boards and committees."

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]]>Vt. auto dealers feel effects of downturnhttp://www.understandingvt.org/business-climate-recent-headli/2008/11/19/vt-auto-dealers-feel-effects-of-downturn.htmlVCF Staff2008-11-19T17:37:55ZVermont Public Radio reports that "Vermont auto dealers are feeling the effects of the economic downturn and some auto manufacturers could be facing bankruptcy." Indeed through September, "Vermont vehicle sales were down just under five percent - which isn't as bad as national figures...But this year marks the third straight year of declining auto sales in Vermont and things are likely to get worse." For example, "there's some anecdotal evidence that October sales were down drastically and reports out there that November sales look no more rosy and possibly worse than October was." Notably, in the recent months, three Vermont dealerships have closed and "it's possible more could go out of business as vehicle sales continue to decline."

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]]>More bleak economic news for Vt. lawmakershttp://www.understandingvt.org/business-climate-recent-headli/2008/11/19/more-bleak-economic-news-for-vt-lawmakers.htmlVCF Staff2008-11-19T17:35:26ZVermont Public Radio reports that Vermont lawmakers received news that "another $60 million will need to be cut from this year's budget." Indeed, "economist Tom Kavet told members of the Joint Fiscal Committee that all of the state's consumer taxes are down including: the sales tax, the rooms and meals tax, the purchase and use tax for cars and trucks and the property transfer tax." Kavet added that "he believes the state will face additional revenue shortfalls in the future because he thinks Vermont's unemployment rate, which is currently 5.2 %, is headed for a sharp increase." According to Senate Appropriations chairwoman Susan Bartlett, "The combination of less revenue and additional pressure on social service programs means that another $63 million needs to be cut from this year's budget - this is on top of roughly $25 million that was cut back in August."

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]]>NH fund awards nearly $1 million in grantshttp://www.understandingvt.org/business-climate-recent-headli/2008/11/19/nh-fund-awards-nearly-1-million-in-grants.htmlVCF Staff2008-11-19T14:43:09ZVermont Public Radio reports that "eighteen grants totaling nearly one million dollars have been awarded to northern New Hampshire and Vermont groups on behalf of the Neil and Louis Tillotson Fund." The grants were awarded to organizations that support "economic development, conservation and sustainable forestry, education and basic needs and community safety net." The largest grant totaling $155,000 went to the North County Health Consortium "to develop and implement an initiative to recruit and retain young people in the health care industry."

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]]>Mixer givers Vt. food producers a chance to find new marketshttp://www.understandingvt.org/business-climate-recent-headli/2008/10/31/mixer-givers-vt-food-producers-a-chance-to-find-new-markets.htmlVCF Staff2008-10-31T14:46:01ZThe Burlington Free Press reports that Forty-three purveyors and 75 producers convened at the Three Stallion Inn late Wednesday morning to attend the the Vermont Food Matchmaker event. During the event, "a cowbell rang every 10 minutes, signaling a switch in which Vermont food producers would begin a sales pitch to representatives of stores, supermarkets, restaurants and resorts." By the end of the morning and afternoon "matchmaking sessions," each buyer saw up to 18 food producers. "Buyers covered a wide range, including college dining services, supermarket chains and Wal-Mart Stores Inc. Some were stunned to see a representative of the Bentonville, Ark.-based discount store, which is often vilified by 'buy-local' advocates."

According to Scott McCormick, a market grocery manager for Wal-Mart, "The store is exploring selling maple products, apples, cheese and chocolates from Vermont producers as part of the souvenir section of its Vermont stores. The section could also include items made outside Vermont such as sweatshirts and shot glasses featuring scenes and logos from the Green Mountain State." He said he attended the event to "'to build better relationships with supplier' and let people know local Wal-Mart stores, with corporate approval, can sell Vermont-made products."

The event was sponsored by the Vermont Grocers' Association, Vermont Fresh Network and Vermont Hospitality Council.

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]]>Some high tech companies are hiring, despite shaky economyhttp://www.understandingvt.org/business-climate-recent-headli/2008/10/24/some-high-tech-companies-are-hiring-despite-shaky-economy.htmlVCF Staff2008-10-24T17:47:00ZVermont Public Radio reports that "in the midst of a shaky economy, some high tech companies in Vermont are hiring." For example MicroStrain, a Williston company that designs and manufactures wireless sensors that can monitor the performance of equipment and machines, "has been growing by nearly 40% a year for the last five years." In addition according to the Department of Labor, over the last five years, "software occupations have grown by 6%, and jobs in systems design and development have grown by 20 percent" in Vermont.

Steve Arms, founder and president of MicroStrain, commented, "I think there's plenty of opportunity for Vermont to become a hotbed [for the high tech industry]. For me, it's the local schools that make the biggest difference. If there's great talent coming out of the local colleges and universities it will create a pool of resources that will support technology here in the future." Notably, Champlain College "hopes to contribute to that ‘pool of resources' with its Emergent Media Center, which had an opening celebration this week. The center is focused on electronic games and social media in creating what it calls powerful learning tools."

Meanwhile, "not all [of Vermont's] high tech companies are experiencing such growth." For example the Department of Labor has found that "over the last five years, jobs have declined nearly 30 percent in traditional high tech industries, such as the semi-conductor business."

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]]>Vermont's unemployment rate hits 5.2 percenthttp://www.understandingvt.org/business-climate-recent-headli/2008/10/22/vermonts-unemployment-rate-hits-52-percent.htmlVCF Staff2008-10-22T12:52:06ZVermont Public Radio reports that Vermont's unemployment rate"jumped to 5.2 percent in September," a rise ofthree-tenths of a percentage point. Newport had the highest unemployment rate at 6.3 percent, while Hartford had the lowest at 3.0 percent. "Labor Commissioner Patricia Moulton Powden said Tuesday that the nation's housing and financial services crisis continues to affect Vermont's labor market."

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