Vermont Governor Outlines 2nd Job Creation & Economic Growth Plan

Building on the his first economic plan, Vermont Governor James Douglas has announced a second set of proposals to retain and create jobs in the state. The governor's eight-page Creating Jobs for the 21st Century embodies several tech-based economic development elements within the four primary goals outlined below. Some of the highlights include:

Campaign to Retain: Providing a Competitive Environment for Vermont Businesses to Prosper and Grow

• Create a training curriculum and network of expertise in entrepreneurial education on seed investing and commercialization; and,
• Organize a Vermont venture capital consortium.

Thinking Ahead: Empowering the Next Generation of Manufacturing

• Establish the Vermont Center for Emerging Technologies as an incubator facility to commercialize University of Vermont research;
• Support development of a statewide incubator strategy, led by a newly established Vermont Incubator Investment Advisory Board and the Department of Economic Development, to include grants, low interest loans, networking and business service assistance; and,
• Identify and support technology business clusters throughout the state.

Wired VT: Building a Robust Technological Infrastructure

• Work to ensure 100 percent of the major transportation arteries within the state have wireless coverage and 90 percent of homes and business have broadband access by 2007;
• Expand a Vermont Rural Development Council program that organizes and aggregates community demand for broadband and telecommunication services; and,
• Expand the computer sales tax holidays to include two additional peak sales periods.

Open for Business: Aggressive Recruiting Across America & Around the Globe

• Double the marketing and recruitment budget of the Department of Economic Development;
• Designate two Green Mountain Zones in each regional development corporation service area to provide tax exemption and low interest loans for re-development;
• Vermont Opportunity Centers will be identified for targeted incentives to encourage business recruitment and expansion; and,
• Work with higher education institutions through the Tap Alumni Program to retain and draw back graduates to work in the state.

Gov. Douglas used a furniture manufacturing facility as the site for his announcement. The plant had been one of the first beneficiaries of the governor's first economic plan, which passed the legislature in May and authorized up to $105 million in tax credits and venture capital investments (see the June 13, 2003 issue of the SSTI Weekly Digest: http://www.ssti.org/Digest/2003/061303.htm). The furniture manufacturer used the program to secure additional investors and save 80 high wage jobs for the community.

Several elements of the plan will require legislative approval. Creating Jobs for the 21st Century is available at: http://www.vermont.gov/governor/