2020 CEO GUIDE TO SITE SELEC TION
Vermont
ECONOMIC GROWTH IN THE GREEN MOUNTAIN STATE
“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
TAXES
8.5% top corporate income tax rate
#41 on the Tax
Foundation’s State Business Tax Climate Index ranking EDUCATION
89% of students
graduated high school in 2017
36.8% of adults age 25+
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 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.
• Canadian company MITI Manufacturing opened a new facility in St. Johnsbury in October 2019.
BIG COMPANIES
Vermont Agency of Commerce and Community Development accd.vermont.gov/economic-development
“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
Burlington Community and Economic Development Office www.burlingtonvt.gov/CEDO
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66 2020 CEO GUIDE TO SITE SELECTION
• Benchmark Space Systems announced in August 2019 an agreement with Firefly Aerospace in Austin to demonstrate new space technology in 2020.
C-SUITE TESTIMONIALS
UNEMPLOYMENT RATE
POPULATION GROWTH 0.1% decrease between 2010 and 2018
• 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.
EDCS
Montpelier Development Corporation www.mdc-vermont.com
QUALITY OF LIFE
• Amazon announced in February 2019 it will begin hiring several dozen remote workers in the state for positions in Virtual Customer Service.
Vermont Brownfield Revitalization Fund: Offers loans and grants to private developers, non-profits and municipalities for the remediation of brownfield sites.
Think Vermont www.thinkvermont.com
national average of 3.6%
• Canadian firm iSun Energy LLC announced in November 2018 the opening of its first U.S. office in Burlington.
Logic Supply Dealer.com Revision Military WyWebGrocer Keurig Green Mountain
have a bachelor’s degree or higher
2.2%, less than the
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.
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.
“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