Organization: Burlington Business Association
Location: 29 Church St, Burlington, VT
Date: August 7, 2017
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10,000 Additional Workers Per Year
Workforce & Talent
- For the last 15 years our population and workforce have grown too slowly to meet demand.
- In the next 20 years, a majority of our current workers will retire.
- VT’s lost nearly 1,000 people in the 25-54 age range in the last decade. (VT Join Fiscal Oﬃce)
- Vermont has many workers over 55, and even strong repre- sentation in the workforce from people over 65.
- Target: By 2040 Vermont is welcoming 10,000 additional new workers per year.
Top 10 for U.S. median household income
- Vermont’s median household income ranks 14th in the U.S. and poverty rates below U.S. averages.
- Vermont has a high cost of living, low wages and growing reliance on unearned income.
- Income Tax revenue increasingly comes from a small base of highly mobile and aﬄuent filers.
- Median household income in 2014 was $60,708. Raising it by 4.5% to $63,408 would rank VT 10th nationally.
- Household income is a measure of general prosperity
- Target: By 2040, VT is ranked in the top 10 for U.S. Median household income.
5,000 New and Retrofitted Housing Units Per Year
Quality of Place
- Vermont needs attractive, affordable and efficient homes.
- By 2014 residential building permits dropped to 1,546, which is half of 2005 levels.
- An aging housing stock, tight supply and rising prices force difficult decisions about how and where to live.
- Building 5,000 new housing units per year would reduce housing as a constraint to economic success
- Achieving this target would pro- duce the homes and communities vermont needs to attract and keep employees.
- Target: By 2040, Vermont is creating 5,000 new and retrofitted housing units per year
+4% Growth in the Grand List Per Year
Infrastructure & Investment
- VT needs a broad, strong and growing property tax base to meet the costs of running the state and reduce our tax burden.
- VT property values* grew almost 9% annually from 2005 through 2009. In 2014 and 2015 gains have been 0.8% and 1.4% respectively.
- Sustaining a consistent, average annual growth of 4% would complete the state’s economic recovery and put annual growth in line with long-term national averages.
- Value can be increased in three ways: new construction, upgrading and expanding existing properties, and gains from rising local and regional markets.
- Target: By 2040, VT’s Grand list is growing by 4% per year.