Thursday, January 14, 2010

The State of Burlington VT's Business Sector

January 13th, 2010

Burlington VT

What is the future for Burlington Vermont and business development? This and many other questions were raised and addressed recently.

Last week, I attended the 8th annual Business Summit sponsored by the Burlington Business Association (BBA) hosted at Champlain College. The summit brought business people from across the area together to hear three lecturers discuss the past, present and future for our city and to brainstorm in breakout sessions what needs to be done to keep Burlington vibrant, creative and growing.

Several statistics presented at the outset bear repeating and amplification. The unemployment rate in Burlington VT stands at 5.4% compared to the national average which stands at 10%. I found that to be a startlingly positive number. In addition, the vacancy rate for homes and residential rentals stands at 3.08% (amongst the lowest in the USA - AOL Real Estate). These figures are simply outstanding at a time of great difficulty faced by scores of other communities across the United States.

As the keynote speakers concluded, one in particular stood out above the rest for her outspoken and positive take on what is going on at the "street level" in Burlington and in the State of Vermont.

Liz Robert is the CEO of Terry Precision Cycles, a company which has pioneered several innovations aimed at improving the quality of cycling for women. Robert's list of business accomplishments is deep and she spoke with great confidence and reverence for what attracted her to very recently relocate her company from Rochester NY to Burlington VT.

Robert recited in short order a list of reasons why such a relocation at first blush made no sense financially. The costs of doing business in Burlington were significantly higher. She cited higher home prices, medical insurance premiums and tax rates as obstacles yet she continued to ask herself "should I relocate my company to Burlington?".

In the end, Robert concluded that Burlington VT offered a climate of "creative energy" that simply did not exist in Rochester NY. She added "people are passionate in Burlington about what they do both from a work, play and socially concious center. People here like to engage in debate as a community and ask the tough questions to help derive better answers and results. She continued underscoring that there is a "powerful visual aesthetic" that adds to the exceptional quality of life. People here have a greater sense of "purpose, mission, tolerance and an independent mindset" that is lacking in other places.

Lastly, Robert concluded her remarks by saying "moving to Burlington makes you work hard. You end up working more than just for the almighty buck. It makes you willing to defy the odds of taking a startup to success."

When asked about Burlington and the state of Vermont's reputation for lack of incentives for business owners she emphatically decried, "It's simply not true. The business community here has a really well-oiled machine at its disposal. The state of Vermont really steppped up to the plate to help get us here."

All of these factors, she reasoned, would help her attract and retain quality employees much more so than the vibe which existed in Rochester.

"Rebuilding economies is about entrepreneurship," said Robert. "It's about entrepreneurs taking the initiative and working with regulators. It's up to us. It's up to businesspeople like ourselves to step up to the plate to do the hard work."

Stay tuned here at Hurd's The Word for more information from the breakout sessions from the Burlington VT Business Summit as additional details are forthcoming.

As always, please feel free to post your thoughts and any comments about The State of Burlington VT's Business Sector right here on Hurd's The Word

If you are interested in purchasing a home in and around Burlington Vermont, please call me on my direct line at 802.238.5256 or email me at Chris@ChrisHurdVT.com

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