ChiefExecutive.net

Strategizing by Sector

Vermont 2020, a statewide comprehensive economic development strategy, identified 12 target sectors to grow in the economy and laid out high-level strategies to make financing accessible, educate the workforce and nurture a culture of innovation. One issue that continues to challenge the state is its aging workforce. A report by the Vermont Futures Project says 10,000 more people are leaving the workforce than entering it each year.

From the Governor

“Innovation spaces are an important way for Vermont to encourage business growth from within as we work to grow our economy and create more opportunities for Vermonters.” —Gov. Phil Scott

Key Contacts

Agency of Commerce and Community Development

Joan Goldstein, Commissioner, DED
joan.goldstein@vermont.gov
802-272-2399
1 National Life Drive
Davis Building, 6th Floor
Montpelier, VT 05620-0501
http://accd.vermont.gov

Key Incentives

Vermont Employment Growth Incentive: Offers a cash payment to companies based on qualifying job creation, payroll and capital investments, with enhancements for green businesses and job creation in specific labor markets.

Vermont Training Program (VTP): Offers grants to cover up to 50% of the cost of training for new hires and incumbent workers.

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

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

EDCs

State of Vermont Agency of Commerce and Community Development: accd.vermont.gov/economic-development

Think Vermont: thinkvermont.com

Burlington Community & Economic Development Office: burlingtonvt.gov/CEDO

Highlighted Program or Initiative

The state’s Talent Pipeline Management Program uses supply chain management strategies to expand the role of employers as end customers of education and workforce systems. The program’s efforts are improving the employability of the state’s students and better aligning employer needs with education and workforce programs.

Big Deals

• GW Plastics announced in November 2015 an expansion of its Royalton manufacturing facility and technology center.
• G.S. Precision announced in December 2015 a $17 million expansion and 100 new jobs over the next five years.
• BHS Composites announced in January 2016 it would create 75 new jobs and locate a manufacturing facility in St. Johnsbury.
• Chroma Technology announced in July 2016 an $18 million, 40,000-square-foot expansion at Bellows Falls with the creation of 26 new jobs.

C-Suite Testimonials

“When building a new business—specifically for early-stage technologies—network is crucial. Places like Vermont, where the community is committed to building businesses and supporting local entrepreneurs, already have a strong network in place.” —Aaron Pollak, CEO, VENTURE.co