Top Menu

Menu

Burlington Business Association Workforce Forum Summary

Organization: Burlington Business Association
Location: 29 Church St, Burlington, VT
Date: August 7, 2017
Download a PDF of this article
 

Presentation Takeaways

 

Group 1: Workforce & Talent Target:
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.

 

Group 2: Demographics Target:
Top 10 for U.S. median household income

 
Vermont Demographics

  • 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.

 

Group 3: Quality of Place Target:
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

 

Group 4: Infrastructure Target:
+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.