2023 Vermont Economic Conference Provides Outlook for the Year Ahead

February 1, 2023January 31, 2023

2023 Vermont Economic Conference Provides Outlook for the Year Ahead

The Vermont Chamber of Commerce’s annual Vermont Economic Conference made its in-person return with over 200 business and policy leaders gathering at the University of Vermont Dudley H. Davis Center for an in-depth look at national, global, and state perspectives on the economy as well as the latest economic indicators for business growth.

“The Vermont Chamber understands what it takes to help businesses grow and thrive to build strong, vibrant, communities, and our members have trusted us with this work to be stewards of the Vermont economy. Events like the Vermont Economic Conference help ensure a viable future for our state and achieve our mission of advancing Vermont’s economy,” said Vermont Chamber President Betsy Bishop. “This event is one of many we hope to bring back in-person so that stakeholders from all industries, across every corner of the state, can continue to come together to learn from each other, support each other, create solutions, and work together.”

Senator Peter Welch delivered remarks and reaffirmed his commitment to being a champion for Vermont businesses, stating, “My goal in Washington is to help make it possible for Vermont families to do their work, live good lives, and uphold the traditions that make us proud to be Vermonters. I’ll continue to champion the affordability issues I’ve led in the House, while serving as an advocate for our farms on the Agriculture committee and working to protect our democracy as a member of the Judiciary and Rules committees. I’ll do everything I can to help Vermonters thrive and support the state we love.”

Two keynote speakers headlined the conference, Gus Faucher, Senior Vice President, and Chief Economist for PNC Financial Services Group, and Eva McKend, National Political Reporter for CNN. Faucher is a returning favorite at the Vermont Economic Conference, he provided his signature address, entitled, “National Economic Trends: Balancing Inflation, Consumer Spending, and Employment.” McKend, who previously reported for WCAX returned to Vermont to reflect on her time covering the recent midterm elections and the Washington, DC discourse on economic issues such as inflation and immigration in her keynote entitled, “Balance of Power: A Post-Election Economic Outlook.”

The event also provided an international economic outlook from Ken Kim, Senior Economist for KPMG, a presentation on Vermont demographics, population, and workforce data from Mat Barewicz, Economic & Labor Market Information Chief for the Vermont Department of Labor, and a breakdown of the state budget from Commissioners Adam Greshin and Craig Bolio.

The agenda closed with the presentation of the 2022 Outstanding Business of the Year Award to Hickok & Boardman Insurance Group. The award was presented by the Vermont Chamber of Commerce and VermontBiz and accepted by Scott Boardman, CEO, and Paul Plunkett, President & COO, on behalf of the business.

January 31, 2023

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This Has to Stop

January 18, 2023January 9, 2023

This Has To Stop

This commentary is by Megan Sullivan, Vice President of Government Affairs for the Vermont Chamber of Commerce, Tino Rutanhira, Co-Founder and Board Chair for the Vermont Professionals of Color Network, and Kelly Stoddard Poor, Director of Advocacy & Outreach for AARP VT.

In the past year, local news outlets have covered recurring instances of essential housing projects being delayed by one, or a few people. Stories from Jericho, South Burlington, Middlebury, Williston, Castleton, Waterbury, Morristown, Burlington, Winooski, Hartford, Putney, and others, highlight how easy it is to obstruct housing progress in Vermont.

Legislators of all parties, businesses from all industries, and communities across the state, agree that housing is the foundational challenge for Vermont right now. We can no longer allow state and local regulatory processes to be weaponized to derail housing opportunities.

This has to stop.

Over 85 municipalities have adopted a Declaration of Inclusion, an initiative with the intent to attract people with myriad skills and traditions to Vermont to live, work, and raise families in a state that values and encourages diversity in its population. But, when it comes to building housing for new community members, Vermonters in these same cities and towns are discouraging development.

For an economically secure, sustainable, and equitable future, Vermont needs more people of diverse backgrounds to move here to live and work. However, recent graduates and seasoned professionals alike are deterred from coming to Vermont due to the statewide supply shortage of suitable housing.

Additionally, we must better meet the needs of older Vermonters, who are essential members of our workforce and communities. There is a significant misalignment between the housing that is available, and the type of housing Vermonters need and want. For older adults who want to downsize to modestly sized alternatives, the housing supply isn’t meeting their needs. Instead, downsizing often requires leaving their community altogether and parting with the place they’ve called home for years.

Seven years ago, the Vermont Futures Project set a target of bringing 5,000 new or retrofitted units online per year, to keep supply in line with demand. Since then, we have seen hundreds of millions of dollars invested in housing, but the crisis continues to worsen. Since 2016, the annual average of new units permitted has been under 2,000. This means we are moving backwards, rather than forwards. While statewide investments are still part of the equation, a singular focus on investing tax dollars into housing must be broadened to create long-term and sustainable solutions for housing people of all ages and economic backgrounds.

The Vermont housing crisis requires bold leadership at both the state and local levels to reduce barriers to the creation of housing. Communities must take a stand against instances of individuals derailing projects that are in the public interest. Where state tax dollars have funded roadways, water systems, and public buildings and resources, the state has an obligation to maximize these investments, and allow more people to live near these resources paid for with taxpayer dollars.

If housing is the top priority in the legislature, we need to see the issue receive immediate and aggressive attention this legislative session. Legislation that makes real change to address our housing crisis should be the first bill on the Governor’s desk this session.

To address the housing shortage, we recommend the following solutions:

Break Down Barriers– Modernize Act 250 and remove its requirements for housing in areas with state designations and restrict local zoning practices that inhibit the creation of housing options in smart growth areas. Exclusionary zoning and outdated land use regulations are adding prohibitive and often duplicative costs and delays. This hinders the ability of Vermont to welcome a new and diverse population to live, and work, here. It restricts the ability to build age-friendly homes for older Vermonters and to create more housing opportunities for BIPOC Vermonters who want to remain here.

Strategic Investment– Increase the workforce housing supply with a dedicated strategy for middle-income earners to access a progression of housing from tenancy to homeownership. Provide financial incentives to assist communities with the necessary infrastructure and planning resources to create housing opportunities for rural, aging, and historically marginalized BIPOC Vermonters.

Public-Private Partnership– Bring employers, developers, and government/non-government stakeholders together to find and finance housing opportunities in employment hubs. We need more voices with new ideas at the table to find new solutions.

Collect Data– Create a statewide registry of short-term rentals to understand how these operations are impacting the housing market for both rental and homeownership opportunities.

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About the Vermont Chamber of Commerce

The largest statewide, private, not-for-profit business organization, the Vermont Chamber of Commerce represents every sector of the state’s business community. Its mission is to create an economic climate conducive to business growth.

About the Vermont Professionals of Color Network

The Vermont Professionals of Color Network (VT PoC) is an organization built to advance the economic, professional, and social prosperity of all Black, Indigenous and People of Color (BIPOC) in Vermont. With membership across Vermont, the goals of VT PoC remain consistent: to build from within, to create opportunities for BIPOC to climb the economic and professional ladder, and to transform Vermont’s demographic and labor challenges by creating an economically secure, sustainable, and equitable future for BIPOC Vermonters.

About AARP

AARP is the nation’s largest nonprofit, nonpartisan organization dedicated to empowering Americans 50 and older to choose how they live as they age. With nearly 38 million members and offices in every state, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, AARP works to strengthen communities and advocate for what matters most to families with a focus on health security, financial stability and personal fulfillment. AARP also works for individuals in the marketplace by sparking new solutions and allowing carefully chosen, high-quality products and services to carry the AARP name. As a trusted source for news and information, AARP produces the world’s largest circulation publications, AARP The Magazine and AARP Bulletin.

January 9, 2023

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2023 Legislative Session Priorities

June 23, 2023December 6, 2022

2023 Legislative Session Priorities

This commentary is by Betsy Bishop, President of the Vermont Chamber of Commerce, and Megan Sullivan, Vice President of Government Affairs

Each new biennium brings new energy to Montpelier and an invigorated drive for progress. A pivot point in pandemic recovery, 2023 is perhaps a year more anticipated than most. Record-high spending in recent years has been possible due to the influx of federal funding for pandemic relief. As that federal funding is depleted, the ability of Vermonters to absorb the cost of sustained programs will be central to our work.

As Vermont’s most influential business advocacy organization, the historical knowledge of our five-person advocacy team and our record of producing results makes us an essential resource for businesses and policy leaders alike. Our ability to navigate the political ecosystem as an independent non-profit organization while representing the whole of the Vermont business community is unparalleled. We look forward to continuing our legacy of collaboration with the legislature and the Governor’s administration to find common-ground policies that value the contributions of Vermont businesses.

Each year, our legislative agenda is data-driven and cost-conscious. Our advocacy team is determined to ensure the well-being of the Vermont business community and the vitality of the Vermont economy.

In 2023, the Vermont Chamber of Commerce’s top priorities are:

Workforce Recruitment & Retention

Vermont continues to lead the nation in addressing complex issues, but we are also experiencing an aging population and a declining workforce. By elevating our achievements, Vermont can attract more workers and retain our current workforce. To do this, we must utilize creative avenues to capitalize on our strengths and promote Vermont as a great place to live, work, and raise a family. Our social and economic principles are valuable, and we can strategically leverage our brand to include professional opportunities and innovative initiatives like the Declaration of Inclusion. We have incredible workforce development programs, but Vermont needs more people to fill the pipeline.

Increasing Workforce Housing Supply:

Recent graduates and seasoned professionals alike are deterred from working in Vermont due to the statewide supply shortage of suitable housing. The Vermont Chamber will continue our record of advocacy on solutions like land-use regulation modernization, accessible designation programs, the continuation of missing middle development initiatives, regulatory and financial incentives for the conversion of commercial space to housing, and the creation of a statewide registry of short-term rentals. The housing and workforce shortage issues are cyclical. With no single solution, we must make coordinated and strategic efforts to continue doing more than one thing at a time.

Economic Vitality

Amid ongoing economic uncertainty, accumulating costs for Vermonters will only fuel precarious economic conditions. Many businesses that survived the pandemic are deeper in debt and less able to withstand economic turbulence. Inflation, supply chain disruptions, and the rising cost of labor are already wreaking havoc, particularly on our small businesses. We will work to inform policy conversations on the broader impacts of cost increases and communicate that a heightened burden on businesses could ultimately result in fewer jobs, less revenue to the state, and less vibrant communities.

A key issue that will require this balanced discourse on the desire to spend with the ability to pay, will be childcare. While public investments are necessary, the economy cannot bear the full cost of the solutions all at once. The Vermont Chamber will advocate for the repurposing of the remaining federal relief funding for one-time investments, such as facility upgrades to increase the capacity of existing providers, and incentive programs to attract more childcare professionals to the industry.

Amid a nation more divided than ever, Vermont remains a leader in unity, particularly when it comes to agreeing on the top issues facing our state. If we can agree on the problems, we are confident we can find balanced solutions. Vermonters agree on the “what,” and we look forward to working together to find common ground on the “how.”

Betsy Bishop, of East Montpelier, is the President of the Vermont Chamber of Commerce, whose mission is focused on creating an economic climate conducive to business growth while enhancing Vermont’s quality of life.

Megan Sullivan, of Jericho, is the Vice President of Government Affairs at the Vermont Chamber of Commerce, whose mission is focused on creating an economic climate conducive to business growth while enhancing Vermont’s quality of life.

December 6, 2022

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Vermont Restaurant Leaders Meet with Congressman Peter Welch

June 23, 2023November 30, 2022

Vermont Restaurant Leaders Meet with Congressman Peter Welch

The Vermont Chamber of Commerce, in partnership with the National Restaurant Association, facilitated a roundtable discussion with Vermont restauranteurs and Congressman Peter Welch to express gratitude for his ongoing commitment to the hospitality industry and his efforts to secure federal aid throughout the pandemic.

The event, held at Hotel Vermont in Burlington, brought together several stakeholders from the Vermont restaurant industry and are members of the Vermont Independent Restaurants (VTIR) coalition, a partner of the Vermont Chamber of Commerce.

“Congressman Welch has demonstrated an unwavering commitment to the Vermont restaurant industry,” stated Amy Spear, Vermont Chamber of Commerce VP of Tourism. “We look forward to his continued partnership during his tenure in the Senate and ongoing efforts to ensure the vitality of the Vermont tourism sector.”

VTIR has worked with Congressman Welch on several policy initiatives in recent years, including the original passage of the Restaurant Relief Package, and the replenishment of the Restaurant Revitalization Fund. While in the House, Congressman Welch also supported the reauthorization of Brand USA and pushed for the support of the Paycheck Protection Program (PPP). PPP provided businesses in Vermont with more than 21,000 loans totaling upwards of $1.7 billion. The first round of PPP assisted nearly 12,000 Vermont small businesses, helping save as many as 114,000 jobs.

“Local and federal funding allocated to restaurants for pandemic recovery has improved the chances of many of our businesses to survive. While too many of us are still struggling to return to pre-pandemic operations, we are grateful for the Senator-Elect’s representation in Congress and are reassured by his steadfast support of our work,” stated Leslie McCrorey Wells of Pizzeria Verita and Trattoria Delia.

“The hospitality industry is at the heart of our downtowns,” said Congressman Welch. “From beloved local restaurants to the hotels that bring tourists to our towns and villages, these businesses are an essential part of Vermont’s economy, and they need our support. Through the COVID-19 relief packages, we provided critical aid for our restaurants, performance venues, and hotels, but we can do more to help businesses get through these challenging times. I’ll keep working to help our local establishments thrive in the Senate.”

November 30, 2022

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Attracting More Workers for a Successful Future

November 22, 2022November 17, 2022

Attracting More Workers for a Successful Future

Establish ambassador programs to recruit workers in targeted industries
Build on the successful ThinkVT website and create a comprehensive online toolkit to assist in relocation to Vermont
Expand upon relocation testimonials to create promotional materials highlighting diverse Vermont voices

More information on a strategic approach to elevate Vermont’s achievements to address our declining demographics is available, HERE.

November 17, 2022

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Declaration of Inclusion Initiative Reaches Milestone

June 23, 2023November 2, 2022

Declaration of Inclusion Initiative Reaches Milestone

The Declaration of Inclusion initiative is an ongoing effort to raise consciousness about the importance of diversity, equity, and justice and the positive effect that diversity can have on our economy. The Vermont Chamber of Commerce is a proud partner of the initiative, aiding in the grassroots efforts to engage community leaders to reinforce the message that Vermont is a safe and welcoming place for all.

As of November 17, 2022, 80 towns and cities have adopted a Declaration of Inclusion. The Vermont Declaration of Inclusion initiative has now met the milestone of over 50% of Vermont residents residing in a municipality that has pledged itself to welcome and treat all members of marginalized communities who visit, reside, or do business there, fairly and equitably.

With a top threat to the Vermont economy being the severe workforce shortage, this initiative is vital to creating an economically secure future for the state. By amplifying that Vermont welcomes all people, the state can attract workers with diverse skills and traditions to live, work, and raise families here.

In 2021, Governor Phil Scott issued a Proclamation of Inclusion, establishing the second week of May as Inclusion Week. Looking ahead, the goal is to have 100 towns and municipalities adopt a Declaration of Inclusion before Inclusion Week in 2023.

Additional information, resources, and a complete list of municipalities that have adopted the Declaration are available at vtdeclarationofinclusion.org/

November 2, 2022

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Vermont Chamber Announces New Board Members

November 17, 2022November 2, 2022

Vermont Chamber Announces New Board Members

The Vermont Chamber of Commerce welcomed three new Directors to the Board: Chris Karr of The Karr Restaurant Group, Killington, Steve Gagner of 14^th Star Brewing, St. Albans, and Steve Boyer of Sonnax, Bellows Falls.

The Vermont Chamber of Commerce Board of Directors is dedicated to economic progress and the Vermont business community. Their collective expertise ensures that the work of the Vermont Chamber of Commerce is rooted in the diverse perspectives of those with lived business experience.

The Chair of the Vermont Chamber Board Peter McDougall, President of Paul, Frank + Collins P.C., said, “As a state-wide Chamber of Commerce, it is important that the Vermont Chamber’s leadership is made up of individuals who reflect our membership-at-large and the diversity of businesses and business leaders throughout Vermont. It is wonderful to add three outstanding Vermont business leaders from different parts of the state to the Vermont Chamber Board of Directors.”

The Vermont Chamber’s current Board of Directors consists of 40% women, 55% men, 5% gender nonbinary or gender nonconforming individuals, 15% BIPOC individuals, 20% immigrant, refugee, asylee, and/or foreign-born citizens, and 10% LGBTQIA+ individuals. Board members work in varied industries across 7 of Vermont’s 14 counties.

Chair of the Vermont Chamber’s Diversity, Equity, and Inclusion (DEI) Task Force Willie Docto, Co-Owner of Moose Meadow Lodge, said, “The DEI Task Force has worked to ensure that the recruitment of new Board Members is an inclusive process. We continue to increase diversity in the Board to represent a wide cross-section of business leaders from throughout Vermont.”

Vermont Chamber of Commerce President Betsy Bishop said, “At the Vermont Chamber of Commerce, our work to strengthen the Vermont economy depends on a diverse set of voices. We are grateful that our Board of Directors is invested in ongoing diversity, equity, and inclusion efforts as we are motivated to ensure all Vermont businesses are represented by our organization’s leadership.”

November 2, 2022

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April 19, 2024

Tax Revenues Strong, But Can We Afford More Spending?

June 23, 2023October 5, 2022

Tax Revenues Strong, But Can We Afford More Spending?

State revenues in the largest tax sources have recovered since FY19, creating a cushion for budget makers. The “Big Three” – personal income tax, property tax and sales taxes are up from three years ago 45%, 11% and 32% respectively. Each month, the Scott Administration messages caution that due to economic uncertainty, we shouldn’t be eager to spend at these new levels and yet, you can read about the call for more spending daily in the news cycle. Housing, childcare, health care, education, and more.

Why It Matters: With economic uncertainty on the horizon due to inflation, decreased consumer spending, and stock market chaos, higher levels of government spending will set a course for higher taxes on individuals and businesses at a time that everything else is on the rise.

Three Concerns, One Big Question:

Mortgages/rent and food are concerns for individuals while businesses continue to see constrained growth due to a tight labor market, increased wages, inflation, and a disrupted supply chain.
Over the last two years, the state implemented new programs and higher levels of spending for existing programs supported by one-time federal COVID relief. There will be a huge push to continue this level of spending.
If Governor Scott loses the ability to sustain a veto, the Democratic majority will need to manage their caucus’ desire to recalibrate state expenditures based on the ability to pay. Shifting childcare, education, and healthcare costs onto the income/payroll tax are all current discussions with price tags in the hundreds of millions.

Question: Can people and businesses really shoulder more taxes right now?

October 5, 2022

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Vermont Chamber Hosts 9th Annual Manufacturing Summit

November 22, 2022September 22, 2022

Vermont Chamber Hosts 9th Annual Manufacturing Summit

Since 2013, the Vermont Chamber of Commerce has convened manufacturing industry leaders at the annual Manufacturing Supply Chain Summit. In recent years, the pandemic prompted the event to go virtual, increasing accessibility for global buyers, suppliers, and partners to engage with Vermont and New England manufacturers and leaders. Due to the success of the virtual model, the event was once again held virtually this year, bringing together representatives from throughout the United States, Canada, and Europe. The 2022 event was themed “Rebuilding Supply Chains and Workforce through Content, Collaboration, and Contacts.”

85 suppliers and 25 OEMs, Primes, and Government Agencies held 300 meetings between buyers, suppliers, and partners, representing hundreds of new connections between participants. Many of the attendees were leaders in the aerospace, aviation, defense, and naval/marine industries.

The event also offered a rich two-day agenda of seminars and roundtable discussions focused on new and emerging trends in advanced manufacturing for the aerospace, aviation, defense, space, industrial, and naval/marine industries. Sessions were moderated by Vermont Chamber Vice President of Business Development, Christopher Carrigan.

“The Vermont Chamber is proud to continue our legacy of championing manufacturing by hosting an event that is a catalyst for collaboration and innovation. A testament to this is the 26 Canadian, 8 Connecticut, and 8 Ontario suppliers in attendance supporting the Vermont Chamber’s work to build the Vermont – Québec Aerospace Trade Corridor that now extends from Connecticut to Ontario,” stated Carrigan. “We’re already looking forward to celebrating a decade of Manufacturing Summits at next year’s event.“

Senator Patrick Leahy and Governor Phil Scott both delivered virtual remarks at the event, celebrating Vermont’s leadership in the manufacturing and aerospace industries, and addressing some of the top challenges facing businesses.

In response to severe workforce shortages, the event also featured the “Find Your Future Workforce” initiative, a workforce development effort facilitating employer interviews on the virtual platform with University of Vermont and Vermont Technical College students, as well as Vermont National Guard members, interested in careers in manufacturing for the semiconductor and aerospace industries.

The 2022 Manufacturing Summit was made possible by our sponsors:

To join us as a sponsor for the 2023 Manufacturing Summit, please contact Chris Carrigan: (802) 223-0904, ccarrigan@vtchamber.com.

September 22, 2022

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Vermont Delegation Champions International Collaboration, Manufacturing, at Aerospace Innovation Forum

June 23, 2023September 20, 2022

Vermont Delegation Champions International Collaboration, Manufacturing, at Aerospace Innovation Forum

In partnership with the Vermont Agency of Commerce and U.S. Commercial Service, the Vermont Chamber hosted a delegation of Vermont aerospace companies at Aéro Montréal’s 2022 Aerospace Innovation Forum. This work was in support of the Vermont Chamber’s ongoing commitment to building the Vermont – Québec’s Aerospace Trade Corridor to connect Vermont’s combined $2 billion aerospace and aviation industry with an $18 billion Québec aerospace cluster.

Vermont had the most significant state presence, with the largest delegation to date, featuring Governor Phil Scott and several Vermont businesses; BETA Technologies, Dynapower, G.S. Precision, Kaman Composites, Liquid Measurement Systems, North Country Engineering, Stephens Precision, Ten Fold Engineering.

Funding provided in part by the Vermont State Trade Expansion Program grant allowed these companies to participate in the conference and meet with large Canadian buyers, such as Bombardier, CAE, and Héroux-Devtek, as well as suppliers for new international business opportunities. This work is crucial to reconnect and rebuild supply chains following the pandemic.

In reciprocation, Aéro Montréal and a Québec delegation of suppliers will participate in the Vermont Chamber’s upcoming virtual 2022 Manufacturing Supply Chain Summit. Chris Carrigan, Vice President of Business Development, discussed the success of the visit and the upcoming Summit in an interview with former Governor Jim Douglas. Listen here to learn more:

September 20, 2022

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