Economic Strengths: Recent Headlines

VEDA sees drop in loan requests

VCF Staff — Wed, 07 May 2008 21:05:54 +0000

Vermont Public Radio reports that the Vermont Economic Development Authority (VEDA), Vermont's leading economic development lender, says that "business has dropped dramatically this year." Indeed, this year, "VEDA budgeted more than $10 million in direct loans," but with less than two months remaining in the fiscal year, "only $3.5 million has been loaned." In response, VEDA executive chief Jo Bradley said she "hopes to drive a turnaround" over the next few weeks by providing economic stimulus loans. Recently, "the Legislature approved an economic stimulus package that includes one million dollars for VEDA." VEDA "will use that money to leverage 18 million dollars in loans" and will have "interest rates well below prime."

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Vermont Courting Floridians for Summer

VCF Staff — Tue, 06 May 2008 19:03:58 +0000

The Times Argus reports that in hopes of boosting tourism this summer, "inns and hotels across Vermont are planning to offer Florida residents special package deals — ranging from discounted room rates to complimentary cheese farm tours [and] gift baskets." In addition, "the state is touting deals for Floridians on its website and has launched a media campaign, hoping newspapers and Web sites will publicize the deals." The state will also launch a nationwide "advertising blitz [that] will promote Vermont in TV ads." Notably, "in 2005, the most recent year for which figures are available, Vermont had an estimated 68,560 visitors from Florida and 71,120 from Texas."

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Senate doubles limit on raw milk sales in state

VCF Staff — Thu, 10 Apr 2008 14:47:37 +0000

The Brattleboro Reformer reports that the Senate gave final approval to a bill that will raise the limit on the number of quarts of raw, unpasteurized milk that a farmer may sell from the farm from 25 to 50 quarts a day. Currently, "state law restricts the sale of unpasteurized milk for fear that milk can become contaminated and pose a health threat if unpasteurized." Proponents of unpasteurized milk contend that raw milk "is more nutritious than pasteurized milk and can help guard against the development of allergies." According to Amy Shollenberger, director of the farm advocacy group Rural Vermont, the legislation will not allow raw milk to be sold in stores. Notably, "the decision was made after an informal agreement among advocates and officials from the Agency of Agriculture and state Health Department that they would meet informally in the coming months to try to develop a certification system" for unpasteurized milk next year.

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Rising fuel costs means pricier maple syrup

VCF Staff — Mon, 31 Mar 2008 14:29:08 +0000

The Burlington Free Press reports that according to Bruce Martell, agricultural development coordinator at the Vermont Agency of Agriculture, this year's average consumer price for one gallon of maple syrup is $40. This prices represents a 25 percent increase in cost over the past five years. The increase is driven mostly by rising fuel costs, but also by higher labor costs, because "workers battled a harsher than usual winter."

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Business registrations down in 2007

VCF Staff — Wed, 19 Mar 2008 14:55:38 +0000

Vermont Public Radio reports that according to the Secretary of State's Corporations Division, "Five-hundred fewer businesses registered with the state of Vermont in 2007 than in previous years." Indeed in 2006, 9,900 businesses registered, while in 2007, 9,400 businesses registered. "Secretary of State Deb Markowitz says it's too soon to tell if the numbers reflect a downturn in the economy or if the numbers are an anomaly." Markowitz also stressed the importance of "tak[ing] a longer view." Duane Marsh, president of the Vermont Chamber of Commerce, said "he's not too alarmed about the numbers and says the drop in business registrations may simple be part of a natural business cycle."

Other notables about the state's business climate include:

"The state saw a downturn in the number of new trade names and corporations registered"
"The number of Limited Liability Corporations - or LLCs - in the state continued to grow."
"Vermont had fewer new non-profits registered in the state last year."

Markowitz added that these signs "may be an indication of less money being available to starts-up, whether they are non-profit or for-profit entities."

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Raw milk cheesemakers work to sustain their ways

VCF Staff — Wed, 05 Mar 2008 15:15:42 +0000

The Rutland Herald reports that "concerns about the safety of some soft cheeses, including those made from unpasteurized milk, have prompted a federal review of the production and sale of mold ripened cheeses such as domestic Bries and Camemberts." More specifically, the "Food and Drug Administration is looking at how to prevent listeria contamination in certain cheeses, including those processed from raw milk." Notably, listeria can "kill infants and people with weakened immune systems" and cause miscarriages.

Producers of raw milk cheese contend that while pasteurization destroys listeria bacteria, it "produces cheeses that lack much of the nuance and flavor of those made with raw milk." In turn roughly 170 raw milk cheesemakers have founded the Raw Milk Cheesemakers' Association in "hop[es] of heading off regulatory changes that could harm business." Currently "the group, which says it shares the same goals as federal officials, is developing a standardized process for regulating the production of raw milk cheeses similar to those used in the European Union, which are based on milk quality and environmental monitoring."

Part of the FDA review will "focus on how long raw-milk cheeses must be aged before being brought to market." Current regulaions require 60 days, but some officials think that that time is not long enough. Catherine Donnelly, the co-director of the Vermont Institute of Artisan Cheese at the University of Vermont, disagrees. Donnelly, who has studied the safety of raw-milk cheeses, says that "longer aging could actually make soft-ripened cheeses more, not less, hospitable for pathogens such as listeria." Donnelly argues that "FDA policy is outdated" and that it is "more important to focus on raw milk quality and keeping production facilities clean."

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New study gives Vermont worst economic rating

VCF Staff — Fri, 11 Jan 2008 16:07:26 +0000

WCAX News reports that a new study by the American Legislative Exchange Council (ALEC) gave Vermont the "worst economic rating in the country." The study examined sixteen different variables that "impact the migration of people and investment capital." ALEC noted that "Vermont has some of the highest taxes in the country," including personal income, business, estate and property taxes; "a high minimum wage"; and "rising workers compensation costs." Critics of the study argue that ALEC is a "right wing, pro-business group" and that "liberal groups typically put Vermont first when it comes to state rankings-- like the most livable, or the best place to raise kids." Economist Art Woolf noted that the study will "bring attention to the fact that Vermont is a high-tax state" but will not impact "new businesses or the expansion of existing businesses."

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Vermont one of 50 places no traveler should miss

VCF Staff — Sun, 16 Sep 2007 20:02:14 +0000

The Atlanta Journal Constitution reports that the National Geographic Society has selected Vermont as one of fifty places no curious traveler should miss. According to the Society, some of Vermont's highlights include, leaf-peeping around Lake Champlain; the historic towns of Ticonderoga, Crown Point, and Plattsburgh; hiking in and around Lake George; and canoeing and kayaking along thirty-two miles of clean waterways.
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Promoting our state to tourists and meeting planners helps keep Vermont’s econonmy well fed

VCF Staff — Sun, 01 Jul 2007 13:42:25 +0000

According to the Business Travel Guide, spending by Vermont tourists supports 36,250 Vermont jobs; adds $196.4 million in tax and fee revenues to general, education, and transportation funds; and is responsible for sixty-seven percent of Vermont's lodging, food, and beverage sales. For this reason, the Department of Tourism and Marketing promotes Vermont to meeting planners across the United States.
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