From major corporate headquarters to small companies with a global reach, Vermont’s economy is diverse, full of innovation and propelled by a world-class workforce.
Vermont is home to some 25 institutions of higher education and, while it ranks 49th in population, it remains one of the best educated in the nation. In fact, Vermont ranks 7th in the nation for percentage of residents with a Bachelor’s Degree and 6th for residents with an advanced degree. This highly-educated citizenry translates into a very strong workforce. Some particularly well-known companies rely on this talent, including IBM, Keurig Green Mountain and United Technologies – each of which has a large presence in Vermont.
TECHNOLOGY AND INNOVATION
In Vermont, technology is not only important for residents and businesses that need to connect, but also is a critical part of our economic base. Over 99% of Vermont locations have access to high-speed broadband and the remaining few will be connected very soon. This is an impressive feat for a state with varied geography and also essential for Vermonters that work in our metropolitan and rural areas.
Vermont is also a leader when it comes to high-tech employment. With roughly 63 out of every 1000 private sector workers employed in the computer and electronics industry, Vermont ranks 15th in the nation in percentage of its workforce being engaged in high-tech businesses.
Vermont is home to a vibrant environmental technology sector, including thriving renewable energy firms like All Earth Renewables and wind turbine maker Northern Power Systems. Vermont’s largest electric utility, Green Mountain Power, is known internationally for its innovative approach to facilitating solar and wind development and is leading the effort to make one of our cities, Rutland, VT, the solar capital of the north eastern US.
Watershed planning, hazardous site investigation/remediation, waste management and the environmental engineering sectors are also growing.
Biotechnology is another growth sector, anchored by the University of Vermont Medical School and biotech companies such as Haematologic Technologies Inc., Mylan Technologies and Biotek.
Vermont is the undisputed onshore leader in the captive insurance industry. The state was an early innovator in this field and began licensing captive insurance companies in 1981.
Vermont is the largest captive insurance domicile in the US and the third largest in the world in terms of numbers of active captives, but with $25.5 billion in gross written premium in 2014, Vermont writes more premium volume than any other domicile in the world.
The state has licensed over 1000 captive insurance companies, and 48 of the companies that make up the Fortune 100 and 18 of the companies that make up the Dow 30 have Vermont captives.
ECONOMIC DEVELOPMENT ASSISTANCE
Vermont’s small size means that you can easily access all levels of government to help start, expand, or grow your business in Vermont. It is not unusual to have high level cabinet officials as well as the Governor working directly with businesses.
Vermont is in a unique position as a federally designated regional centre for the EB-5 immigrant investor programme. Through Vermont’s EB-5 programme, the state has received over $600 million in foreign investment, making it one of the most success regional centres in the country. This programme sets aside permanent resident visas (green cards) for immigrants who make qualified investments into a new commercial enterprise.
The investment must be in a business sector that has been approved, and must create at least 10 full-time direct and indirect jobs. Normally, the investment must be a minimum of $1 million, but in most of the State of Vermont, the required level is half that amount.
The Vermont Training Program promotes the creation and retention of jobs, particularly those in manufacturing, by funding customised employee training for new and existing businesses. The programme also supports ISO, LEAN manufacturing and innovation programmes.
Additional financial assistance is available through state funded financing programmes and cash incentives for new job creation.
For more information, contact:
Vermont Department of Economic Development
National Life Building
One National Life Drive
Montpelier VT 05620
Tel: +1 802 828 3211