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Comprehensive Economic Development Strategy (CEDS) Was Born of That Effort

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Comprehensive Economic Development Strategy (CEDS) Was Born of That Effort Vermont 2020 Comprehensive Economic Development Strategy Prepared by the Agency of Commerce and Community Development, The Vermont CEDS Committee and the Garnet Consulting Group. Updated February 2016 Table of Contents Comprehensive Economic Development Strategy .......................................................................... i List of Figures ............................................................................................................................... i List of Tables ................................................................................................................................. i Abbreviations Found in this Document .................................................................................. ii EDA CEDS Requirements Checklist............................................................................................ vii EXECUTIVE SUMMARY ................................................................................................................ 1 I. INTRODUCTION AND MISSION ................................................................................................. 2 The Mission of Vermont's CEDS .............................................................................................. 4 2. AN OVERVIEW OF VERMONT ................................................................................................. 7 How We Got Here ................................................................................................................... 7 The Modern Economy ............................................................................................................. 9 Measuring Our Economy Today ............................................................................................ 11 Geographic Disparities: A Tale of Two Vermonts ................................................................. 14 Sector Strengths .................................................................................................................... 15 Capital Flow ........................................................................................................................... 17 Poverty in Vermont ............................................................................................................... 18 Overall Strengths and Challenges for the Vermont Economy .............................................. 19 Key Action Areas ................................................................................................................... 20 Vermont Today ‐ Benchmarks for the Future ....................................................................... 21 3. GOALS .................................................................................................................................... 22 Goal: Finance and Capital...................................................................................................... 23 Goal: Workforce and Education ............................................................................................ 23 Goal: Business Environment ................................................................................................. 24 Overall Goal ........................................................................................................................... 24 4. ACTION AREAS ....................................................................................................................... 26 Introduction .......................................................................................................................... 26 4A. ACTION AREA: FINANCE AND CAPITAL ........................................................................... 27 4B. ACTION AREA: WORKFORCE AND EDUCATION .............................................................. 35 4C ACTION AREA: Physical Infrastructure ............................................................................. 44 II 5. Telecommunications ......................................................................................................... 55 6. Transportation .................................................................................................................. 57 4D ACTION AREA: BUSINESS ENVIRONMENT ....................................................................... 64 5. UNIQUELY VERMONT ........................................................................................................ 71 Vermont’s Working Landscape ............................................................................................. 74 Vermont: A State of Innovation ............................................................................................ 76 6. Target Economic Sectors ....................................................................................................... 78 Introduction .......................................................................................................................... 78 Advanced Manufacturing ...................................................................................................... 80 Arts and Culture .................................................................................................................... 82 Biotechnology ....................................................................................................................... 85 Clean Energy, Efficiency and Electricity Innovation .............................................................. 86 Education .............................................................................................................................. 88 Environmental Consulting, Green Businesses and Building ................................................. 90 Financial Services and Insurance .......................................................................................... 92 Food Systems ........................................................................................................................ 94 Forest Products ..................................................................................................................... 97 Health Care ............................................................................................................................ 99 Software Development and Information Technology ........................................................ 100 Tourism and Recreation ...................................................................................................... 103 7. VITAL PROJECTS ................................................................................................................... 107 8. BUILDING RESILIENCE .......................................................................................................... 119 Introduction ........................................................................................................................ 119 Preparing for Other Shocks ................................................................................................. 123 Resources for Resilience ..................................................................................................... 128 9. CONCLUSION ....................................................................................................................... 131 APPENDICES ............................................................................................................................ 132 III List of Figures Figure # Figure Title Page 1 Vermont and New England Population Growth 1800‐1950 8 11 2 State and National GDP 3 GDP Per Capita 11 4 Median Household Income 12 5 Population Density by County 13 6 Median Household Income by County 14 7 HistoriGPI Calculation 23 8 VT and US GPI (Per Capita) 23 9 GDP Growth in Vermont 62 10 Manufacturing GDP in Vermont 76 11 Artist Index and State Per Capita Income 78 12 College and University 2012 Enrollment in Vermont and US 84 13 A Model for Resilient Economic Development 113 List of Tables Table # Table Title Page Key Sectors of the Vermont Economy 15 1 Statistical Benchmarks 20 2 3 Major Components of Increased Investment 26 4 Vermont GPD and Wages Goal 33 5 Vermont GDP Growth 62 6 Projects 102 7 Examples of Strategies and Initiatives Which Could Link Economic Development and Economic 114 Resilience i Abbreviations Found in this Document ACCD Vermont Agency of Commerce and Community Development ACT American Council for Technology AIV Associated Industries of Vermont ALB Albany International Airport BDL Bradley International Airport BEA Bureau of Economic Analysis BERC Biomass Energy Resource Center BI Worldwide Business Intelligence BOS BostonLogan International Airport BLS Bureau of Labor Statistics BTV Burlington International Airport BYOBiz Build Your Own Business CAGR Compound Annual Growth Rate CBP County Business Patterns CBR Computer Business Review CCV Community College of Vermont CEDF Clean Energy Development Fund CEDS Comprehensive Economic Development Strategy COPS Hospitality Certificates of Proficiency CSA Community Supported Agriculture DET Vermont Department of Employment and Training II DFR Vermont Department of Financial Regulation DHCD Department of Housing and Community Development DO LL Department of Labor DRTC Dartmouth Regional Technical Center EA Enterprise Architecture EDA U.S. Economic Development Administration EDD Economic Development District EHR Electronic Health Records EMSI Economic Modeling Specialists International EB‐5 Visa program to attract foreign investors ESRI Supplier of
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