CEO Guide to Site Selection

#40

Vermont

CEO Rank on Best & Worst States for Business

GOING WELL IN THE GREEN MOUNTAIN STATE

No matter how hard it tries, Vermont is unlikely to attract multi-billion projects that create thousands of jobs in one shot. But the Green Mountain State is totally okay with that. Instead, it’s doubling down on its asset as a haven for entrepreneurs and remote workers seeking a high quality of life in charming small towns. In September 2021, the state opened applications for more than $10 million for its Capital Investment Grant program. The new program is funded by the American Rescue Plan Act and leverages federal funds for transformational projects that attract and retain businesses, create jobs and support growth.

“The federal aid we have received over the last year presents a once-in-a-lifetime opportunity to transform our state and create greater prosperity for Vermonters. This capital investment program is yet another step toward that goal, as we work to keep—and expand—good jobs and more economic opportunity in every region of the state.”
Phil Scott
Governor

TAXES

0 %

top corporate income tax

# 0

on the Tax Foundation’s State Business Tax Climate Index ranking

EDUCATION

0 %

of students graduated high school in 2019

0 %

of adults age 25 and older have a bachelor’s degree or higher

UNEMPLOYMENT RATE

0 %

RIGHT TO WORK STATE

No

QUALITY OF LIFE

# 0

POPULATION GROWTH

0 %

increase between 2010 and 2020

KEY INCENTIVES

Vermont Employment Growth Incentive: Offers cash payments to companies that meet milestones for job creation, payroll and capital investments. Enhancements are available for green businesses and those that create jobs in specific labor markets.

Vermont Training Program: Offers grants to cover up to half of the cost of training for new hires and incum- bent workers.

R&D Credit: Offers a state tax credit of up to 27% of the federal tax credit for research and development expenses.

Vermont Brownfields Revitalization Fund: Offers loans and grants to private developers, nonprofits and municipalities for the remediation of brownfield sites.

EDCs

Vermont Economic Development Authority

veda.org

Think Vermont

thinkvermont.com

Montpelier Development Corporation

mdc-vermont.com

Business Resources & Development, City of Burlington, VT

burlingtonvt.gov/CEDO/BusinessDevelopment

HIGHLIGHTED PROGRAM OR INITIATIVE

A new relocation program launched in August 2021 offers up to $7,500 in reimbursement grants for workers who move to the state. Qualifying occupations include childcare workers, registered nurses, cooks, servers, construction workers, elementary-school teachers and those who have “acute” needs and projected openings in the future.

BIG DEALS

  • Vermont-headquartered solar companies joined forces in September 2021 in a deal where iSun acquired SunCommon for $40 million.
  • Tech company OnLogic announced in October 2021 it was expanding its headquarters and operations in Burlington.
  • Darn Tough Vermont opened a new factory and announced 50 new jobs in in Waterbury in October 2021.

BIG COMPANIES

  • NLV Financial (Headquarters)
  • Casella Waste Systems
  • Huber+Suhner
  • Faraday Holdings
  • Mack Group Velan