#34 Vermont


From the Governor

“Growing Vermont’s workforce and supporting all of Vermont’s 251 communities is a top priority for my administration…As we work together to make employment and training opportunities available to all Vermonters, I’m encouraged to know that global technology leaders like Amazon see the value Vermont workers bring to the table.” —Gov. Phil Scott


Economic Growth in the Green Mountain State

As of October 2019, Vermont had the lowest unemployment rate in the nation. While that’s partly attributed to the fact that the slow population growth is putting a damper on hiring, the small state is seeing new economic opportunities. Companies such as GE Aviation and Beta Technologies have driven aerospace to a $2 billion industry in the state, and Canadian companies such as iSun Energy and MITI Manufacturing have announced investments here in the past year.

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 cash payments to companies that meet milestones for job creation, payroll and capital investments. Enhancements 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 incumbent workers.

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

Vermont Brownfield Revitalization Fund: Offers loans and grants to private developers, non-profits and municipalities for the remediation of brownfield sites.

EDCs

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

Think Vermont: www.thinkvermont.com

Montpelier Development Corporation: www.mdc-vermont.com

Burlington Community and Economic Development Office: www.burlingtonvt.gov/CEDO

Highlighted Program or Initiative

The Remote Worker Grant Program offers workers reimbursement grants of up to $5,000 (and $7,500 in some cases) for relocation expenses incurred in moving to the state and setting up a remote workspace.

Big Deals

  • Chroma Technology Corp completed in November 2018 an $22 million expansion of is facility in Bellows Falls that will add or retain 133 jobs.
  • Canadian firm iSun Energy LLC announced in November 2018 the opening of its first U.S. office in Burlington.
  • Amazon announced in February 2019 it will begin hiring several dozen remote workers in the state for positions in Virtual Customer Service.
  • NuHarbor Security announced in June 2019 it would add employees at its headquarters in Vermont and received a total of nearly $325,000 from the Vermont Training Program and the Vermont Employment Growth Incentive.
  • Benchmark Space Systems announced in August 2019 an agreement with Firefly Aerospace in Austin to demonstrate new space technology in 2020.
  • Canadian company MITI Manufacturing opened a new facility in St. Johnsbury in October 2019.

Big Companies

Logic Supply
Dealer.com
Revision Military
WyWebGrocer
Keurig Green Mountain

C-Suite Testimonials

“Because of the Vermont Training Program and the Vermont Employment Growth Incentive, NuHarbor is expanding our workforce in Vermont: we’re moving to a larger office space and ramping up hiring.” —Justin Fimlaid, Managing Director, NuHarbor

“The team representing the State of Vermont was instrumental in our decision to locate in Burlington… Their persistent and time-sensitive responses to our questions, as well as the encouraging environment that Vermont has set up for its startup constituents, were important factors in our decision-making process.” —Sass Peress, CEO, Renewz Sustainable Solutions

“In Vermont, we have found quality employees as well as professional fabrication partners in a favorable business environment. We are very proud to call Vermont our home. We look ahead to a bright future here for MITI Co.” —Jean-Patrick (JP) Lariviere, owner, MITI Manufacturing

- Advertisement -
- Advertisement -

SUBSCRIBE TO CHIEF EXECUTIVE

Sign Up to Receive Chief Executive Magazine

Chief Executive’s publications are designed to help CEOs do their jobs better and run their businesses more effectively. Subscribe here.

CEO CONFIDENCE INDEX

CEO Optimism Ticks Up In August, As More Businesses Predict A 2021 Recovery

A survey of nearly 500 U.S. CEOs shows an increasing number of companies planning for renewed growth in the months ahead—if the nation comes together to overcome the challenges of Covid.